There are more than 531,000 businesses operating in Maryland, with over 5,200 in the city of Glen Burnie. The business community in Glen Burnie is diverse, with health care, hospitality, and professional and technical services playing a big role in the city’s economy. All Glen Burnie business owners need business insurance to protect their assets and their employees.
A comprehensive business insurance program can help you repair and rebuild damaged property after a fire or a storm, and it can help you stay in business and pay for your defense if you are faced with a lawsuit. Because every business is different, every business owner needs an independent insurance agent who can help them understand the unique risks they face and find the right policies and coverage to shield them from financial harm when the worst happens.
Liability Insurance for Small Businesses in Glen Burnie, MD
If you are sued for causing injury or harm to a third party, you could be sued for extensive damages above and beyond simply paying for the injured party’s medical expenses. Many liability lawsuits reach settlements of over $1 million. How would you pay for your legal defense? Could you afford to pay if a million-dollar judgment were levied against you?
Your Glen Burnie business needs liability insurance. A commercial general liability (CGL) policy offers broad protection from lawsuits, covering your legal costs, medical expenses and other damages for the injured party, and any settlements or judgments that you must pay. A CGL policy has two major coverage components:
- Premises liability insurance: Covers third-party damage, injuries, or illnesses that occur due to an accident on your business property.
- Product liability insurance: Covers third-party damage, injuries, or illnesses caused by a defect in a product your company produces, sells or promotes.
Most CGL policies have very specific exclusions for certain types of lawsuits. Depending on the unique risks you face, you likely need additional liability policies or endorsements that supplement your CGL policy and eliminate any gaps in your liability protection. Ask your agent about your need for employment practices liability insurance, professional liability insurance, or any other tailored business liability policies designed for your unique exposures.
Cyber Liability Insurance for Glen Burnie, MD Businesses
If a breach of your computer systems leads to identity theft or other privacy concerns for your customers, you’ll likely have to notify your customers of the breach, provide them with credit monitoring services, and undertake extensive public relations efforts to repair your image. What’s more, you’ll likely be sued for additional damages.
- Number of identity theft complaints in Maryland per year: 5,734
- Ranked 10th highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
Cyber liability insurance is becoming increasingly important for all kinds of businesses, large and small. While policy specifics are evolving and vary among insurance companies, cyber liability insurance typically pays for legal defense, financial damages to injured parties, and even PR and other expenses related to the incident. Be sure to ask an independent agent about how cyber liability insurance can help you protect your Glen Burnie business.
Property Insurance for Small Businesses in Glen Burnie, MD
Commercial property insurance is essential to protect any business from damage or destruction of physical assets. It covers your buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs due to fires, severe weather, theft, vandalism, and other covered perils.
- Number of federally declared disasters in Maryland since 1953: 32
- Most common reasons for declared disasters in Maryland: Floods and Hurricanes
It doesn’t take a major disaster to damage your commercial property. Damage from hailstorms, windstorms, and even small, contained fires can cost thousands of dollars to repair and can interrupt your ability to operate. Commercial property insurance is the coverage you need when these types of incidents happen. An independent insurance agent can help you assess and evaluate your property insurance needs. Purchasing appropriate coverage limits is important; if your limits are too low, you could be prevented from making a full recovery after a disaster.
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Business Interruption Insurance for Glen Burnie Businesses
If you experience some type of covered property damage, you could be unable to operate for some time while you make repairs or rebuild. How can you stay in business during this time, pay your employees, and recover your lost income? Business interruption insurance, or business income insurance, pays for certain ongoing expenses and allows your company to stay afloat if you must close to make repairs or rebuild due to a covered loss.
It helps you pay certain expenses, such as employee salaries, and it reimburses you for lost income while you make repairs, helping you to stay in business. Business interruption insurance is usually a part of your commercial property policy or a business owners policy (BOP). An independent insurance agent can help you assess your risks and help you get the coverage you need.
Workers’ Compensation Insurance for Glen Burnie, Maryland Businesses
Workers’ compensation insurance covers medical treatment, lost wages, and other miscellaneous expenses for injured employees. Without it, you would have to find a way to compensate employees for their injuries, and you would likely be sued for extensive damages. Every employer in Maryland with one or more employees is required by law to provide workers’ compensation coverage for their employees, with very few exceptions. Certain owners and officers (sole proprietors and partners) may elect to exclude themselves from coverage, but must still provide coverage for their employees. Your independent insurance agent can help you learn more about the workers’ compensation laws in Maryland.
Employee Benefits for Small Businesses in Maryland
Most employers choose to offer an employee benefits plan because programs like group health insurance, group life insurance, vacation time and sick time help attract and retain good employees. While employee benefits are often complex and expensive, they are a necessary part of keeping employees healthy and satisfied.
- Average amount spent per year on healthcare coverage by Maryland businesses: $944,612
- Ranked 33rd for highest medical insurance costs in the US
- Average annual cost of health care in Maryland: $5,654/person or $15,820/family
There are many different health and life insurance policy types and options available for you to choose from, as well as numerous laws and regulations that you must comply with. It’s important to get expert advice and to shop around for quality, affordable coverage.
Why Work with an Independent Agent?
Glen Burnie business owners have a lot of options when it comes to business insurance. That’s why it’s best to work with an independent insurance agent who can help you assess your risks, evaluate your coverage needs, and obtain competitive quotes from insurance companies that specialize in your line of work.
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