Your Quick Guide to Commercial Insurance in Maryland

Small businesses are an intricate part of the Maryland economy. A survey from 2011 found that more than 50 percent of private-sector jobs are made possible by companies having less than 500 employees. With so much riding on the success of small businesses, it is crucial that entrepreneurs protect themselves against tragedies and unexpected legal costs that could bring about financial hardship. 

Commercial insurance is the best way to reduce out-of-pocket risks and do better business in Catonsville, MD. The agents at HBW Insurance Group can help you find the right plan.

Is business insurance required in Maryland?
Commercial liability insurance is not required for small business owners operating companies out of the state of Maryland. It should be noted, however, that the region is a pure contributory negligence fault state, which means that a plaintiff must be 100 percent free of negligence to recover damages for accidents. It is not difficult for a customer to prove that you are fully at-fault if she slips on spilled coffee in your store and breaks her hip. You stand to lose a lot if you do not have commercial liability insurance. 

Small business employers are required to obtain workers compensation insurance even if they only have one employee on the payroll. You are also required to maintain auto insurance if your company has cars. It is highly recommended that you obtain an assurance plan, especially for business vehicles and fleets. 

What does a typical commercial insurance policy cover?
The average business indemnity plan pays for:

  • Bodily Injury 
  • Personal Injury 
  • Property Damage 
  • Advertising Injury
  • Legal Defense

The agents at HBW Insurance Group can help you sort through the details of commercial insurance in Catonsville, MD so that you are fully covered and ready for the unexpected. Contact us today for a quote!