Choose The Hartford for All Your Maryland Business Insurance Needs
The state of Maryland has a large number of small businesses, in 2016 there were a total of 561,837 small businesses making up 97.5% of the Maryland business population.1 As more small businesses get started, the Maryland economy continues to grow. It 2015 the Maryland economy grew at 2.4% which was faster than the United States growth rate of 1.9%.2 It is critical that these new small business owners be aware of the various insurance options available to them. Business Insurance with The Hartford can help prepare and protect your business from the potentially ruinous costs of an accident. To learn more about the types of Small Business Insurance we provide, read on.
Types of Small Business Insurance Offered in Maryland
General Liability Insurance in Maryland
General Liability Insurance is one of the most critical policies a business owner can purchase. It protects your business from bodily injury claims, property damage claims, and reputation harm claims. If you are the focus of one of these claims your business assets could be at risk in the event a customer sues you. To help protect your business, consider a General Liability Insurance policy with The Hartford. GL insurance can help protect your business when for example:
- Your employee is accused of violating a customer’s right to privacy, and you are found liable in a $200,000 lawsuit.
- A customer claims your business caused damage to their property
- A customer gets injured while in your store and requires an ER visit and sues you to cover the medical bills.
Professional Liability Insurance Maryland
Professional Liability Insurance, also known as Errors & Omissions Insurance, is valuable for business owners across industries however, for those small business owners that are in the professional services those in providing professional services like accountants and business consultants, professional liability may be essential. This policy is so important because it helps protect your business if you are found negligent in the services you provide. Certain professions where a Professional Liability Insurance policy may be especially helpful include; Photography & Videography, Interior Designers, Law, Accountants and Tax Preparers, Professional Consultants and many more. Insurance from The Hartford can help protect your business from claims against your company if for example:
- While keeping a client’s books, you make a clerical error that costs them thousands of dollars.
- You are a wedding videographer and accidentally lose a client’s wedding footage, and it can’t be recovered.
- You are an interior designer and accidentally install the wrong fixtures in your client’s home
Maryland Home-Based Business Insurance
It is becoming more and more popular for new small businesses to be based out of business owners’ houses in order to keep start-up costs down. For business owners who are conducting business outside of their homes, it is critical to consider Home-Based Business Insurance solutions. Business insurance for your home-based business helps safeguard your business from the potentially devastating costs of claims of employee and client injuries, customer property damage, various lawsuits and more. If you have employees who work out of your house, customers who meet you at your home, inventory stored at your home, or if you keep sensitive client information at your house, consider The Hartford’s Business Owner’s Policy (BOP) which combines Commercial General Liability and Commercial Property coverage in one convenient and cost effective policy. Home-based business insurance coverage from The Hartford is also available with the following stand-alone solutions:
- General Liability Policy: A General Liability Policy helps protect you if you are sued for negligence, personal injury, or a faulty service/ product.
- Business Owners Policy (BOP): A Business Owner’s Policy helps protect you if there is damage to your property or inventory or against claims your business caused property damage, bodily injury, or advertising injury to others.
Maryland Commercial Flood Insurance
It is critical to consider Commercial Flood Insurance before a disaster hits rather than when one is emerging. The Hartford provides commercial flood insurance through the National Flood Insurance Program and the government requires a 30-day waiting period for new policies. A Commercial Flood Insurance policy with The Hartford helps protect your business from damage to your office, store, warehouse, equipment, furnishings and inventory that is caused by a flood. Consider a Flood Insurance policy with The Hartford if:
- Your business is located in an area with regular flash flood or hurricane warnings.
- You run your business in an area that has heavy snow in the winters and warm springs with rapid snowmelt that could cause flooding.
- The area your business is in has heavy rainfall seasons that could cause flooding.
Maryland Minimum Business Insurance Requirements
Maryland business owners are required to have a Workers’ Compensation Policy for their employees; this is to protect their employees if they receive an injury or illness from work.3 Workers’ Comp policies with The Hartford provide your employees help accessing medical professionals, covering the cost of prescriptions, covering lost wages, and ensuring your employee can heal and get back to work as quickly as reasonably possible. Workers’ Compensation Insurance also helps protect business owners in the event their employee or family sues them for a work-related injury or illness. Call The Hartford today to learn how to protect your business in the event of a work-related accident.
Additional Maryland Business Insurance Links
- Commercial Auto Insurance
- Business Income Insurance
- Commercial Flood Insurance
- Commercial Property Insurance
- Commercial Umbrella Insurance
- Data Breach Insurance
- General Liability Insurance
- Surety & Fidelity Bonds
- Home-Based Business Insurance
- Employment Practices Liability
Get a quote on Small Business Insurance for your business today.