There are more than 540,000 businesses currently operating in Maryland. More than 2,600 of these businesses can be found in the coastal city of Salisbury. Businesses in the manufacturing and retail trade industries do especially well in this city, but companies in a wide range of industries have found success here. If you own a business in Salisbury, you will want to be sure to protect your investment with a comprehensive commercial insurance plan. A local independent insurance agent can help you identify the various risks your company faces and can recommend the appropriate business insurance products to cover against them. Talk to an agent near you to learn more.
Liability Insurance for Small Businesses in Salisbury, MD
As a business owner in Salisbury, you can benefit from the liability coverage that is included in your commercial insurance policy. Liability insurance is designed to absorb the various costs — such as court costs, legal defense fees, and damages — that are associated with covered liability lawsuits. All business insurance policies include commercial general liability insurance (CGL). It 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 product your company produces, sells, or promotes.
Frequently, businesses have liability risks that go beyond what CGL insurance can cover. Fortunately, several different types of commercial liability insurance are available. This enables business owners to customize their coverage to meet the specific needs of their companies. Examples of some of the liability products you may want to consider are:
- Employment practices liability insurance: Covers your business against accusations of illegal business practices such as discrimination and wrongful termination.
- Commercial vehicle liability insurance: Covers third-party property damage and injuries if caused by your employees when they are driving company-owned vehicles.
- Environmental liability insurance: Covers your businesses if an accident results in your company polluting the land, water, or air.
- Professional liability insurance: Covers individuals in professional positions if errors in judgement or other professional mistakes cause third-party damages.
Let an independent insurance agent help you determine which liability products are right for your Salisbury business.
Cybercrime Insurance for Salisbury, MD Small Businesses
Cyber liability insurance is a new liability product. Given its relevance to many businesses, it merits more detailed attention. This insurance was created to shield companies from financial losses related to the growing threat of cybercrime.
- 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
Many businesses collect and store their customers’ personal and financial data electronically. Unfortunately, even with firewalls and passwords in place, hackers can sometimes find a way to access this information and then use it to commit identity theft and fraud. Companies that experience such a data breach are liable for the expensive cost of the resultant damages. If your Salisbury business uses computers to manage sensitive customer data, it is at risk. Be sure to ask an independent agent for more information about how cyber liability insurance can help.
Property Insurance for Small Businesses in Salisbury, MD
Commercial property insurance is another important part of your business insurance policy. It is designed cover your company’s assets, including merchandise, inventory, tools, computers, furniture, and more. Some commercial property requires specialized coverage in order to be fully covered. Your independent agent can advise you if other property coverage like inland marine insurance or boiler & machinery insurance is appropriate.
- Number of federally declared disasters in MD since 1953: 32
- Most common reasons for declared disasters: Floods and Hurricanes
Major disasters, like structure fires or hurricanes, can cause extensive damage to your business property. It is therefore important that your coverage levels are high enough to enable you to repair, replace, or rebuild without incurring a large financial loss. Some businesses in Salisbury are also prone to flood damage, particularly in the wake of a hurricane. Fortunately, your independent agent can ensure that you are protected against this costly hazard by helping you secure a commercial flood insurance policy through the National Flood Insurance Program (NFIP).
Business Interruption Insurance for Salisbury, MD Businesses
Damage to your business-owned property isn’t the only peril you need to be concerned with during a catastrophic event. In some cases, a major disaster can force businesses to remain closed for weeks—or even months—while repairs are made. This can be financially devastating for small businesses, and could even lead to bankruptcy. Business interruption insurance protects against this risk. It provides a continuation of income during the times that your company is forced to temporarily close down because of damage caused by a covered event. This insurance enables you to continue to pay your key employees’ salaries as well as expenses like loan payments until you are able to resume normal business operations.
Workers' Compensation for Salisbury, MD Businesses
Employees are sometimes injured on the job. From physical injuries, like concussions and back strains, to illnesses, such as those caused by exposure to toxic fumes, your company is responsible for covering the costs associated with these ailments. Workers’ compensation insurance, often referred to as “workman’s comp,” is designed to cover your workers’ medical treatment, lost wages, and other miscellaneous expenses if they are hurt on the job. It can even provide benefits to surviving family members in the unfortunate event that an injury is fatal. Most businesses in Maryland are required carry workers’ compensation insurance. Exceptions are made for:
- Sole proprietors
- Agricultural employers with fewer than three full-time workers or an annual payroll below $15,000
- Agricultural office workers
- Independent contractors on farms (other than migrant laborers)
- Owner-operators of large tractor-trailers
Your independent insurance agent can help you obtain suitable coverage either through Maryland’s state-administered fund or through a commercial provider, whichever is the better choice for your particular business.
Employee Benefits for Small Businesses in Salisbury, MD
Salisbury businesses that employ at least 50 full-time workers are required to provide these employees with subsidized health insurance.
- Average amount spent on healthcare coverage by MD businesses: $944,612
- Ranked 33rd for highest medical insurance costs in the US
- Average annual cost of health care in MD: $5,654/person or $15,820/family
Health insurance is expensive, but providing it to your employees has benefits. Studies by human resource professionals have demonstrated that workers with health insurance take fewer sick days, and that offering a good benefits package (that includes vacation time, sick time, and health, dental, and life insurance) can help companies attract and retain ideal personnel.
There are many different policy types and options for you to choose from, so you may find it beneficial to have the guidance of a local insurance professional when you are shopping for employee benefits products. An independent agent can help you find suitable coverage at a competitive price.
Why Work with an Independent Agent?
There is no such thing as a one-size-fits-all business insurance policy. The wide variety of insurance products and options available to you makes it possible to fully customize your coverage. That way, you can build a comprehensive commercial insurance plan that is designed to meet the specific needs of your business. Independent insurance agents can work with several different insurance companies to help you build a solid business insurance plan at a competitive price.
Find an agent with an office in Salisbury to get started.
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