Commercial Insurance in Maryland
If you are running a business in Maryland, you will need commercial insurance. Rules vary from state to state, so it's important to know what is specific to Maryland.
Maryland is a vehicle insurance required state. Any vehicles you use in your business have to carry automobile liability insurance, uninsured/underinsured motorist and personal injury protection insurance. You should make sure to purchase a commercial auto insurance policy - they provide higher liability limits and cover vehicles not owned by the company (for example, rentals during travel or employee-owned vehicles being used for business purposes).
You should also get property and liability insurance. Commercial property insurance also covers intangible property. You can choose actual cost value or replacement cost coverage - the latter tends to be more expensive, but will cover you for full replacement cost, without deducting depreciation. You might also consider business continuation insurance, which will cover your expenses if you have to curtail operations after property loss.
The other major area of coverage is liability insurance, officially called Commercial General Liability. You need to get a policy written for your specific business type rather than being more general. CGL policies automatically cover the cost of defending yourself against a suit, and will pay at least part of any damages owed. Most of these policies do have a maximum amount, which should be balanced against the cost of premiums. Independent insurance agents can help you work this out.
Maryland, like all states, also requires any business that has employees to have Workers Compensation Insurance. This is always a separate policy. Misclassifying employees as contractors to avoid higher premiums can, and will, get you into trouble with both the state of Maryland and the Federal government.
To help understand your insurance needs, a skilled broker is vital. Contact Lebherz Insurance for advice on exactly what you need today.