Maryland Small Business Insurance

Maryland is the home of 546,917 small businesses within a wide range of industries, with construction, health care and social assistance, and real estate being among the top trades here. And though most of the businesses with employees in Maryland are small, they employ 1.1 million people as of 2012. (Source: SUSB). Regardless of your industry or the number of people you employ, you need a Maryland small business insurance policy. More specifically, you need a policy that includes the coverage below.

Maryland Small Businesses Need The Following Insurance

Protect your business (GL): Unless you happen to have a small fortune set aside to pay for the medical bills of anyone who gets hurt while visiting your business, you need general liability coverage when you get a Maryland small business insurance policy. This will pay for a range of expenses, from the ambulance ride to the hospital to the doctor’s bills that will no doubt start adding up after someone is injured at your workplace. Even if someone simply notices damage to their belongings that occurred while at your business, general liability will kick in and pay to made any repairs.

Insure Your Property (BPP): No matter what kind of business you run, if you have a physical location, you need business personal property coverage when you get Maryland small business insurance. This will pay to make repairs when the building is damaged in nearly any way, such as by fire, vandalism, or heavy storms. Even if your sewer backs up or you lose electronic data when a computer malfunctions, BPP can help by paying for the related costs. Considering that some businesses have to close down completely after experiencing property damage that they owners cannot pay for, it’s important that you get BPP added to your Maryland small business insurance policy.

Employee Protection (WC): Whether your business is one of the 91,215 small firms in Maryland with 1 to 19 employees, or you have many more than that, you need workers compensation when you get Maryland small business insurance. The point of this is to make sure neither you nor your employees have to pay for their medical bills or missed wages when they are injured at work. Even if they become seriously ill, their medical expenses should be covered, as long as it’s clear that the workplace was the reason for the illness.

Umbrella/Excess Liability: If you want to make sure you and your business are fully protected, you should consider getting excess liability. This extends the general liability limits, making it less likely than ever that your liability coverage will run out in the middle of paying a claim.

Cyber Crime Liability: If you want to reduce the chance that your firm will be adversely affected by cyber crime of any kind, you will be glad to know that Maryland small business insurance can include coverage that protects you from it. Just add cyber crime liability to your policy and you can breathe a sigh of relief.