What Type of Insurance Does Your Maryland Business Need?
Maryland is home to nearly 3 million employees, which is almost half of the state’s labor force. If you’re a small business owner in Maryland, you need to make sure you have the right insurance to protect your company from any unexpected events.
If you’re unsure about whether your business needs insurance or the type of insurance you need—you’re in the right place! Luray Insurance provides every type of insurance necessary for business owners to thrive. Read on to find out more about how you can protect your business.
What Policies Are Required for Small Businesses?
Maryland state laws require small businesses to provide:
1. Worker’s Compensation Insurance
Every employer with one or more employees (full or part-time) is required to obtain worker’s compensation, which covers medical bills for work-related injuries, accidents, and illnesses. Worker’s compensation not only helps employees who need expensive medical care but also protects your business from fines.
2. Commercial Auto Insurance
All company-owned vehicles should be covered by commercial auto insurance, in the name of the business. If your business owns and operates five or more vehicles, you should consider a fleet policy with Luray Insurance which can have substantial savings.
What Policies Are Recommended For Small Businesses?
Although not required by law, insuring your business can help protect you and your clients from common risks.
1. Business Insurance
Also known as Business Owners Policy (BOP)—all Maryland businesses would benefit from business insurance as it gives you the protection and peace of mind to easily conduct your business. There are several types of business insurance—property insurance, business income and extra coverage, liability insurance, and more. Considering factors such as potential risk, industry, and size of your company are important when it comes to getting your business insured.
2. Professional Liability Insurance
Professional liability insurance is also called errors and omissions insurance, as it protects professionals from claims of professional negligence, retention errors, or mistakes. For small businesses, negligence claims can end up in expensive lawsuits. Especially in fields such as accounting, law, real estate, sales, etc., professional liability insurance will help protect you in the long run. In the case of a lawsuit, a professional liability policy can help the business settle out of court or provide a legal defense.
How Much Does Business Insurance Cost?
Several factors influence the cost of small business insurance in Maryland.
2. Routine Risks
3. Policy Limits
5. Number of Employees
How Can I Save Money When Insuring My Business?
The simplest way to reduce your insurance costs is by comparing different carriers. Luray Insurance has over 20 years of experience in various industries and provides access to multiple carriers and products, so your business saves as much as possible. Call us at 410-602-2636 or request a quote to get started!