According to the SBA's 2016 Maryland Small Business Profile, small businesses account for over 97% of all state employers. Regardless of what type of business you own, having the optimum insurance plan in place is crucial. While the state of Maryland doesn't require small business owners to carry commercial liability insurance, your business could take a significant financial hit if an unanticipated issue arises and you don't have coverage.
Common Insurance Policies for Small Business Owners in Maryland
From the moment you start a business, you're exposed to specific risks. Fortunately, you have access to multiple types of insurance options to protect yourself against these uncertainties. While each small is unique, most business owners have these common types of insurance policies:
- Business Owner's Policy - Combines the basic coverage a small business requires into a single policy.
- General Liability - Designed to cover injuries or accidents that occur on your property as well as copyright infringement claims.
- Professional Liability - Designed to cover against negligence claims that stem from mistakes you or an employee make while on the job.
- Property insurance - Designed to cover your business' building, equipment, inventory, signage, and any other assets in the event of fire, vandalism, theft, or any other covered cause of loss.
What Does Workers' Compensation for Businesses in Maryland Cover?
This type of insurance is designed to provide coverage if an employee becomes injured at work. It provides financial coverage for hospital bills, any medical expenses that aid in diagnosing and treating the injury, and replacement income for lost wages during the recovery period. It also covers permanent and long-term injuries. If an employee collects workers' compensation benefits, it can also protect your business from liability in connection with the claim.
What Does Maryland BOP Cover?
A Business Owner's Policy is a practical necessity for any business that:
- Conducts business from a physical location
- Has assets that could become damaged or stolen, such as computers, equipment, machinery, furniture, or inventory
- Faces the possibility of being sued for any reason
Maryland BOP insurance combines liability and property insurance into one simplified policy and offers broad coverage for theft, vandalism, legal fees, lawsuits, loss of income, and more. It also allows the flexibility of being able to add other vital coverages in the future as your business grows.
Optional Insurance Coverages for Maryland Small Businesses
There are other insurance coverage options your business may or may not need. For example, if you own a fleet of vehicles that you use for business purposes, you'll need a suitable commercial auto insurance policy. And, if you employ even just one individual, you'll need workers' compensation insurance, which covers employee workplace accidents.
Get Coverage to Help Protect Your Business
Your insurance needs are unique to your line of work, and AmVenture is here to help you with business solutions that are designed to help ensure the security of your business in case the unexpected happens. Contact us today to see how much you can save with our affordable small business policies.