Insurance companies in Maryland paid out more than $7.5 billion in commercial claims in one recent year. The right business insurance can help businesses recover from expensive claims and unexpected disasters. The more than 594,000 small businesses throughout the state may want to consider getting coverage if they haven't already.
An independent insurance agent in Potomac, MD can help your business get protected by the proper coverage. They'll get you covered before disaster ever strikes. But up first, here's a look at business insurance in Potomac, MD.
How Much Does Business Insurance Cost in Potomac, MD?
Average business insurance premiums depend on specific factors about your business, like its size, type, and unique risks. These premiums also depend on:
- Your annual revenue
- Your annual payroll
- The number of employees you have
- Your location
- Your coverage needs
Though it's hard to offer you an estimate here, an independent insurance agent in Potomac, MD can provide you with several quotes for coverage in your area.
Is Business Insurance Required in Potomac, MD?
Businesses in Potomac, MD that have one employee or more must carry workers' compensation insurance. However, there are a few exceptions, including:
- Agricultural employers with three or fewer employees
- Businesses with an annual payroll totaling less than $15,000
- Sole proprietor businesses
- Partners in business partnerships
- Independent contractors
Workers' comp is an essential coverage to protect your team against injury, illness, or death due to the job. Having this coverage also means that your employees can't sue you for related incidents. An independent insurance agent in Potomac, MD can help your business get covered with this mandatory insurance.
What Does Business Insurance Cover in Potomac, MD?
Though your business has its own specific coverage needs, your business insurance policy will often include these core protections:
- General liability insurance: Protects against third-party claims of bodily injury or property damage by your business.
- Cyber liability insurance: Protects sensitive data like employee records and credit card information against phishing, data breaches, and more.
- Commercial auto insurance: Protects company vehicles against collisions, fire, theft, and more.
Common add-on coverages under business insurance include:
- Pollution liability insurance: Protects against cleanup costs and claims of environmental pollution by your business.
- Employment practices liability insurance: Protects against employee claims of wrongful termination, discrimination, sexual harassment, and more by your business.
- Premises liability insurance: Protects against third-party claims of bodily injury or personal property damage on your business's premises.
If you're unsure which types of coverage your business requires, your Potomac, MD independent insurance agent can help.
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What Does Small Business Liability Insurance Cover in Potomac, MD?
Without small business liability insurance, your company is vulnerable to lawsuits filed by third parties. If you get hit by a lawsuit for bodily injury or property damage, having small business liability insurance can reimburse you for attorney, court, and settlement fees.
Though this coverage isn't mandatory by state law, having it can mean the difference between success and failure in your business when it comes to recovering financially. Just one lawsuit could cause bankruptcy without the right coverage. Talk to your Potomac, MD independent insurance agent about adding small business liability insurance today.
Are There Any Small Business Health Insurance Plans in Potomac, MD?
The Maryland Health Connection offers small business health insurance plans in Potomac and across the state. Qualifying small businesses may even receive tax credits on their coverage if they meet certain requirements, such as having fewer than 50 employees. You can browse available plans online or with the help of your Potomac, MD independent insurance agent.
What Are the Best Small Business Insurance Companies in Potomac, MD?
You can find small business insurance offered by many different carriers in Potomac, MD. However, we'd suggest starting by checking out some of these top companies.
|Best Small Business Insurance Companies in Potomac, MD||Star Rating|
Why Work with an Independent Insurance Agent in Potomac, MD?
There's no such thing as a one-size-fits-all business insurance policy. With a wide variety of products and options at your disposal, you can put together a solid business insurance package that's custom-built for your company.
An independent insurance agent can help you choose the right policies and options to meet your company’s specific coverage needs. Because they're independent, these agents can work with several of the best business insurance companies in Maryland to find you the right coverage at a great price.
TrustedChoice.com Article | Reviewed by Paul Martin
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