Maryland, nicknamed the “Old Line State” and the “Free State” provides small businesses with a magnificent coastline and some of the most prized rivers and estuaries in the nation. As the state with oneof the longest waterfronts in the country, Maryland businesses related to fishing, agriculture, minerals, and tourism thrive. Maryland business owners and fisherman have access to some of the best oysters,crabs and clams on the east coast, and Chesapeake Bay and Harpers Ferry bring a wide variety of tourists. Households in Maryland are among the wealthiest in the country, according to the U.S. Census Bureau. The success of businesses in the affluent state of Maryland attest to the vital importance of business insurance, not just what is required by law, but additional supplemental policies.
Standard Business Insurance Coverages in Maryland
A business owner’s insurance policy, frequently referred to as BOP, is an all-inclusive package for small companies that contains multiple coverages in one contract. A BOP combines two primary coverages in one policy: property insurance and general liability. By covering a variety of areas of liability, including buildings, gear, and legal liabilities, business owners insurance transfers risk away from the Maryland employer to the insurance company. Common claims that business owners insurance in Maryland coverage protects you from include: legal liability claims, personal harm, specialized liability claims, financial loss, equipment failure, fire, worker deceit, money and securities, valuable papers, and property claims. Additional components can be added to the original BOP policy, depending on the risks a Marylander business owner might face.
General liability insurance in Maryland is intended to provide organizations with protection from monetary loss arising from inattentive acts, omissions, or both, caused by you or your workers that results in physical injury or damage to property. Some of the exposures typically covered under general liability insurance include from merchandise sold, accidents on the premises of the insured business, and contractual liabilities. The damage or injury may be as a result of carelessness and not deliberate. General liability insurance in Baltimore or other cities in Maryland can either be a single policy or combined with other commercial policies.
A package policy is an insurance policy that benefits small business owners of Maryland and combines two or more types of insurance into a single policy, or bundle. Generally, the package policy in Maryland will combine general liability insurance (discussed above) and commercial property (discussed below); although a package policy may be intended to include almost any type of coverage, which depends on the individual needs of the organization. A package policy is practical for business professionals of small companies because it makes room for tremendous flexibility to tailor a policy exclusively for the unique needs and risk exposures of the business.
Commercial Property Insurance in Maryland is beneficial to several types of establishments as it provides coverage for commercial property, and includes building, inventory, gear, supplies, furniture, important papers, and personal property. Commercial property insurance provides protection against a number of alarming events, such as fire, explosion, theft, windstorm, hail, lightening strikes, vandalism, and natural disasters. Commercial property insurance is recommended for different types of small organizations, including store owners, manufacturers, not-for-profit entities, and service-type businesses.
If you have employees working for your company, workers’ compensation insurance can provide protection against employee occupational illnesses and injuries suffered on the job. Workers’ compensation insurance in Maryland is a no-fault, state-mandated insurance system intended to reimburse wages to employees who received injuries or an illness while performing their duties. The state of Maryland requires organizations with employees to carry workers’ compensation, therefore, if they are found without it, they can be subjected to harsh fines and civil penalties; occasionally, they may also be liable for the cost of injuries suffered by their workers. Through workers’ compensation insurance in Anapolis, Maryland — and other cities in the state — employees receive medical care and lost salary coverage in exchange for the promise that they will not sue their Maryland business owner.
Whether your business owns a single vehicle or several vehicles, it’s necessary to obtain commercial auto insurance in Maryland. Commercial auto insurance provides financial protection to owners or Maryland companies and their employees by offering coverage for a company’s use of trucks, vans, cars, or other vehicles for work-related duties such as deliveries. Commercial auto insurance covers damages and medical costs resulting from vehicle accidents, as well as vandalism and hail damage. Coverage for your Marylander business may include vehicles owned, rented, leased, or hired by the company, as well as vehicles owned by the worker who uses it for business operations. For this latter reason, it’s recommended that entities acquire a commercial auto insurance policy if drivers use their own vehicle for duties related to the business; this is referred to as non-owned commercial auto insurance.
Commercial umbrella insurance starts where your general liability, commercial auto insurance, or other liability coverage stops. Because your existing liability policies may have coverage limits, and likely do not cover all expenses in the event of a devastating or unanticipated disaster. Commercial umbrella insurance in Maryland is a source of security that fills in the gaps and may cover specific exclusions in your main business liability coverage. Umbrella insurance is a fantastic way to secure additional protection against property damage, bodily harm, or certain other liabilities.
Some Additional Business Insurance Coverages in Maryland to Consider
Errors and Omissions insurance policies offer protection to companies in Maryland and their employees from lawsuits and claims made by clients or customers for insufficient work, inattentive acts, errors, and oversights made through business operations that ended up causing a loss of income or output on the part of the client or customer. Errors and Omissions insurance in Maryland covers the cost of legal defense and court expenses, along with settlements as detailed on the insurance contract. Just like medical practitioners need malpractice insurance, small business owners in Maryland who provide services or consulting advice, either straightforwardly or with subcontractors, need errors and omissions insurance.
Professional liability insurance assists business owners in Maryland, such as auditors, financial analysts, and attorneys, with avoiding the legal cost of defending against a claim of negligence, mistakes, failure to perform, or omission made by a client as well as damages awarded in that claim. The coverage’s main focus is on monetary loss on the part of the client from these types of assumed claims with respect to a product or service sold by the employee. Professional liability insurance in Maryland may provide claim coverage, even if the legal actions turn out to be unsupported. Professional liability insurance is required by law in the state of Maryland in certain types of professional practices, including the law and medical communities, but is also required by contract in other professions.
Employers in Maryland can receive added protection against claims like wrongful termination, discrimination, breach of contract, violations of wage laws, sexual harassment, false imprisonment, libel, slander, emotional anguish, mental distress, careless hiring and promotion decisions, and claims of defamation with Employment Practices Liability Insurance, also known as EPLI. Employment practices liability insurance in Maryland focuses on laws, acts, and protection brought under Title VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act, and Family and Medical Leave Act — all of which the Equal Opportunity Employment Commission (EEOC) in Maryland enforces.
Fidelity Bonds in Maryland
Fidelity bonds in Maryland are a form of insurance that can be obtained by a business professional to protect against losses, such as fraud, theft or embezzlement by one or more workers. Because repayment from employee fraudulent practices is probably unlikely due to the cash already being spent, fidelity bonds represent a vital safeguard for a small business owner in Maryland who would otherwise be responsible for the financial burden. While it’s important to have security measures such as employee screening, internal controls, and close supervision, sometimes it doesn’t suffice. Losses suffered from employee dishonesty and thefts of money, property, or securities are all covered under fidelity bonds insurance. The three most frequent types of fidelity bonds in Maryland are business service bonds, standard employee dishonesty bonds, and ERISA bonds.
Surety Bonds in Maryland
A surety bond is a obligatory agreement or contract among three parties: the principal, obligee, and surety (insurance company). It represents the guarantee to pay a precise amount if a party fails to meet an obligation, such as fulfilling the terms of the agreement. A surety bond protects the receiver against loss should the contract not be fulfilled, while the surety company assumes the liability for nonperformance. A surety bond in Maryland is typically required to obtain financial reimbursement. Firms in Maryland may need a surety bond to ensure payment of utility bills or state sales taxes, while a contractor may need to post a bond to secure work or meet the requirements for licenses. While surety bonds are most commonly used in the construction industry, they are also used by mortgage brokers, car dealers, medical suppliers, notary publics, health club establishments, and others. Because of how many types of small organizations use and need bonds, there are a variety of types and features of surety bonds in the state of Maryland that provide a number of guarantees.
Small business owners in Maryland will want to protect their assets and therefore require supplemental business insurance coverage that goes above and beyond standard business insurance policies. Whether you own a local grocery store in Baltimore or a gift shop in Gaithersburg, safeguarding your business and assets from potential accidents, fraudulent acts, unforeseen events, or other types of risk exposures is crucial. Marylander business owners may choose from a range of insurance policies such as professional liability insurance and commercial auto insurance that will provide additional coverage to better protect your Maryland-based business from potential loss or financial burdens.