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Which insurance policies are recommended for Maryland businesses?
Small businesses in Maryland most often buy these types of insurance.
General liability insurance
A general liability policy covers the most common business risks, including customer property damage and injuries. Most commercial leases require this business liability insurance.
BEST FOR
- Customer bodily injuries
- Damaged customer property
- Libel and other advertising injuries
Workers’ compensation insurance
Workers’ comp insurance is required for Maryland businesses with one or more employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Lawsuits from employee injuries
Commercial auto insurance
This policy is required for business-owned vehicles in Maryland. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
BEST FOR
- Accidents involving business vehicles
- Theft of a business vehicle
- Damage to a company vehicle
Business owner’s policy
A BOP bundles commercial property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for a Maryland business.
BEST FOR
- Third-party injuries and property damage
- Business property damage and theft
- Business interruption coverage
Professional liability insurance
This policy, also called errors and omissions insurance (E&O), protects Maryland businesses that provide professional services. It covers lawsuits related to work performance.
BEST FOR
- Work mistakes and oversights
- Professional negligence lawsuits
- Late or incomplete work
Errors and omissions insurance
E&O, sometimes called professional liability insurance, is common with professional services in Maryland. It can cover the cost of lawsuits related to your work performance.
BEST FOR
- Missed deadlines
- Accusations of negligence
- Errors and oversights
Cyber insurance
A cyber liability insurance policy covers financial losses from data breaches and cyberattacks. It's recommended for Maryland businesses that handle credit cards and other sensitive data.
BEST FOR
- Customer notification expenses
- Fraud monitoring services
- Data recovery
Commercial umbrella insurance
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
BEST FOR
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Commercial property insurance
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
BEST FOR
- Fire
- Theft and vandalism
- Weather damage
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Which business insurance policies are required in Maryland?
State laws can affect which business insurance coverage you need. These policies are required everywhere in Maryland, from Baltimore to Columbia.
Workers' compensation insurance
Barring a few exceptions, every employer with one or more employees, full-time or part-time, is required by Maryland state law [PDF] to provide workers' compensation insurance.
This business insurance policy covers medical bills for work injuries and illnesses, and provides disability benefits to injured Maryland workers.
Commercial auto insurance
All business-owned vehicles in Maryland must be covered by commercial auto insurance. This policy covers the cost of accidents involving work vehicles.
Maryland's minimum requirements for auto liability insurance are:
- $30,000 bodily injury liability per person
- $60,000 bodily injury liability per accident
- $15,000 property damage liability per accident
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
How much does MD business insurance cost?
Commercial insurance can be affordable for small business owners. Average costs in Maryland are:
General liability: $33 per month
Workers' comp: $39 per month
Professional liability/E&O: $61 per month
Factors that affect business insurance costs include:
- Your industry and risks
- Business operations
- Number of employees
- Policy limits and deductibles
How to get insurance for your Maryland business
View video transcript.
We're on top of your small and medium-sized business insurance needs. We'll help you find policies that protect what you've worked so hard to build. Start here.
Tell us about yourself. Questions? We've got your back. The info you share is secure. We'll double-check it and a pro with experience in your field will be in touch.
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When you are ready to get insurance for your Maryland business, you can complete Insureon's easy online application to get quotes from top-rated insurance companies.
FAQs about Maryland business insurance
Review answers to frequently asked questions about Maryland insurance.
How do I get a certificate of insurance for my business?
Insureon's licensed agents can help you find policies that fulfill Maryland's requirements and match your business insurance needs. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.
Can my company be held liable for a data security breach?
Yes – that's why cyber insurance is so crucial. Hackers are three times more likely to target small businesses, as they often have fewer resources to combat a threat.
Maryland's data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Does my industry affect state business insurance requirements?
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Contractors often need to carry commercial general liability insurance or surety bonds to perform certain types of work. Having the right insurance and bonds helps you comply with state licensing requirements.
Real estate agents and brokers and other professionals who offer advice or services sometimes need errors and omissions insurance to get licensed in their state.
Note that cities and counties may have their own laws, in addition to state laws.
How can I save money on Maryland small business insurance?
As with any purchase, shopping around is one of the best ways to find an affordable option. With Insureon, you can compare quotes from top-rated providers by filling out a free online application.
Other ways to save include bundling insurance products for a discount, and choosing less expensive policy options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.