Business Insurance in Maryland

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Business Insurance in Maryland

Maryland has over 600,000 small firms, making up 99.5% of the state's businesses. Small businesses are causing the Maryland economy to boom. Local jobs ballooned 2.5 percent in 2020 compared to the United States increase of 2.1 percent. Your small business needs to have adequate insurance protection.

Business insurance packages in Maryland can be utilized by your business if:

  • You have been accused of causing damage or injury.
  • Someone accused you of doing an abysmal job, failing to meet a deadline, or failing to complete the assignment.
  • Employees are hurt on the job.
  • You or other workers are involved in an accident while driving for your job.

Workers' Compensation Insurance is required in Maryland for your employees to receive related medical care if they are injured or on the clock. Workers' compensation plans can help you cover the costs of injured or ill employees:

  • Medical payments
  • Cost of prescriptions
  • Lost wages

Workers’ Compensation insurance can protect a business owner from a lawsuit for a work-related injury or illness if their employees or family members file such a claim.

Some Maryland residents who insure most frequently include those in the insurance, cleaning, photography, personal training, and business consultation industries.

Types of Commercial Business Insurance Offered in Maryland

Maryland small business insurance generally includes these provisions:

1. General Liability insurance

The cost of claims from damage or injury can quickly add up. For that reason, it's recommended that business insurance policies in the state include general liability coverage, which will come in handy if unexpected medical bills or property replacement and repair expenses arise.

If your company is named in a lawsuit, this cover can cover legal fees, court costs, and damages you are liable for.

Tools and equipment insurance plans are general liability options for companies within the construction and cleaning industries that reimburse costs for thefts, damages, and losses.

2. Workers’ Compensation Insurance

Businesses in Maryland must acquire workers' comp coverage by law for all agencies. Staff members who suffer a job-related injury may require costly medical treatment and physical therapy. Workers' compensation insurance helps protect your company from fines while employees receive medical care and physical therapy.

For instance, a Columbia-based painting company employee slips and breaks his left arm while using a ladder at a job. The Maryland workers' compensation insurance coverage allows the victim's family to purchase medical bills and acquire therapy. Workers' compensation insurance may also assist a painter in recouping lost earnings during recuperation. Maryland law determines the sum the worker is entitled to based on the average weekly wage for the 14-week prior period.

3. Commercial Auto insurance

Businesses that own commercial vehicles need commercial auto insurance, because personal insurance usually does not cover vehicle damage arising from work-related incidents.

In Maryland, commercial car insurance liability coverage is required to be at least $60,000 for multiple-cause accidents. If your company owns several vehicles and frequently transports them, increased automobile insurance limits may be worth considering. Commercial automobile insurance pays for the loss or damage to a commercial vehicle; the amount the business owner pays for repairs is based on the coverage limit and deductible.

Maryland business insurance may contain hired and non-owner-occupied car insurance. If you sometimes ask employees to rent vehicles or drive their personal automobiles for business purposes, this insurance will cover accident costs.

4. Professional Liability (E&O) insurance

Business by third parties can cost you a substantial amount of money if you are falsely accused of inadequate job results, late or missed deadlines, and unfinished projects.

Professional liability insurance, which is also referred to as errors and omissions insurance (E&O), helps protect businesses if an individual brings a claim as a result of work inefficiency. This insurance helps cover court costs, legal fees, and settlements.

Maryland Small Business Insurance Requirements

Laws on the state level typically determine which kinds of business insurance you must be protected by. These rules apply throughout Maryland, including the city of Baltimore and Lexington.

1. Workers' compensation insurance

Full-time or part-time employees working for a single employer are legally required to provide workers' compensation insurance in Maryland. This plan covers work-related medical bills, as well as disability benefits, for Maryland workers who've been hurt on the job.

2. Commercial auto insurance

All commercial vehicles in Maryland must be covered by commercial auto insurance. This policy covers the cost of accidents involving company-owned 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 insurance coverage to meet federal regulations.  An employee-owned or non-owned vehicle used for business reasons must be covered by the employee and non-owned car insurance policies because it has a higher percentage of personal usage. Business general liability insurance or a business owner's policy (BOP) can ensure this use.

Cost of Business Insurance in Maryland

The costs associated with your small business insurance in Maryland will depend on the type of business you run. Some of the things that will impact how much you pay include:

  • Industry
  • Property owned
  • Number of employees
  • Claims history

Business insurance in Maryland is valued at about $40 per month.

Get a Quote For Maryland Business Insurance

If you need to get a quote for your Maryland business, please visit us at Choose your state, then choose from General Liability, Commercial Property, Business Auto, and Workers’ Compensation insurance and answer the application questions. Once we receive your request, we will provide you with a quote as quickly as possible.

Why Choose Insurance Advisor for Commercial Insurance in Maryland?

We are licensed to provide insurance in Maryland and can provide your business with quotes from different insurance carriers. You can request quotes for your business from the comfort of your home, office, or anywhere by visiting us at Once you create an account, your business information is stored, and you can come back at any time to request quotes for other lines of insurance, get a certificate of insurance, renew, and update your information.

Frequently Asked Questions (FAQ) about Maryland Business Insurance

1. How much is business insurance in Maryland?

Business insurance in Maryland is valued at about $40 per month.

Commercial insurance is somewhat more accessible for small businesses in Maryland. The factors that determine the cost are the following:

  • Type of business and its risks
  • Business revenue and location
  • The number of employees
  • Types of insurance purchased
  • Coverage options, such as policy limits

2. Where can I get inexpensive business insurance in Maryland?

The old saying, “You get what you pay for,” is very true with all types of insurance. If you want more incidents to be covered, you will pay more for insurance. The cheapest insurance is never the best insurance. Get more than one quote from the same or different agents so you can see how one insurance company’s rates compare to another’s. Always read the exclusions in the policy. This is where you find what is NOT covered. Get an affordable option with the most common mishaps likely to happen to your business insured and not listed under exclusions.

3. What types of business insurance are required for businesses in Maryland?

Recommended business insurance options for businesses in Maryland are:

  • General liability insurance
  • Professional liability insurance
  • Workers’ Compensation Insurance
  • Cyber liability Insurance
  • Business owners’ policy
  • Commercial auto insurance

4. Which insurance companies are best in Maryland?

As a Maryland-licensed commercial insurance agency, we will determine the best insurance company for your business. Insurance companies often specialize in specific business industries which can vary from state to state. An independent insurance agent matches your business with carriers that can fulfill your company's insurance needs. Visit us at to request a quote.

5. How to find out if a business has liability insurance in Maryland?

Make an appointment with your vendor to request a copy of their public liability certificate, which will provide the policy number with information and documentation related to this insurance. Call the insurance provider and request confirmation of the insurance's validity by calling the reference number given on the certificate.

6. What is the cost of essential business liability insurance in Maryland?

The cost of general liability insurance, subject to your business's operations policies and limits, may vary. Small businesses typically pay about $42 per month for this policy.

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