Best Business Insurance in Maryland

Read our Advertiser Disclosure.
Contributor, Benzinga
June 23, 2020

Maryland is well-known for its crabbing and sailing industries, but the state is home to nearly 600,000 businesses that span every area of commerce. The Old Line State offers opportunity, but every business venture brings risk.

Business insurance offers a cost-effective way to plan for the unexpected. Without the right coverage, a single liability judgement or weather-related event can set back your business plans by years. In some cases, a single incident can threaten your business itself.

Take a look at our guide for everything you need to know about Maryland business insurance.

Best Business Insurance in Maryland Near You:

Best Business Insurance Options in Maryland

Business insurance can be an intimidating topic because there are so many types and coverage variations. We selected Maryland’s best business insurance providers that offer flexible coverage for the state’s diverse business landscape.

Best Overall for Business Insurance: The Hartford

From workers’ comp insurance to data breach coverage, you can count on The Hartford for a full range of business insurance options. The Hartford has grown from a simple fire insurance company to a multi-line insurer with global reach. You’ll find customizable options to protect against liability risks and business property perils. 

The Hartford’s business owners’ policy (BOP) combines the broad coverage of a general liability policy with business property insurance to protect buildings, equipment, inventory and more.

Best for Tailored Coverage: Simply Business

Simply Business offers a comprehensive suite of business insurance that specializes in making it easy to insure your business. Whether you’re looking for construction workers' insurance or insurance for your startup, Simply Business helps you find the right coverage at the right price. 

Tell Simply Business a little bit about your business and you'll get almost-instantaneous affordable quotes from top insurance providers. You can look into workers’ comp insurance, liability plans, business owner’s plans, commercial auto, etc. that will cover everyone on your team, and you can get covered in accordance with Maryland law without overspending. 

Building your business is hard enough. Let Simply Business make it easier. Get a quote from Simply Business today.

Best for Small Businesses: Hiscox

  • securely through Hiscox's website
    securely through Hiscox's website
    Best For:
    Small businesses with both part and full-time employees
    Read Review

With a long history dating back to 1901, Hiscox specializes in business insurance and invites Maryland businesses of all sizes. 

Hiscox makes choosing the right coverage types a breeze. For example, for an HVAC business, Hiscox recommended a general liability policy. It also offers options to cover cyber liability for customer data and standard coverage for injuries and property damage.

Additional available coverages make Hiscox a solid choice regardless of business size or industry. Getting started is easy with flexible payment options that allow you to pay monthly without additional fees. Same-day coverage means you can bind your policy and get right back to business worry free. 

Best for Self-Employed: State Farm

Self-employed business owners and professionals have varying insurance needs. Professional liability insurance and general liability insurance are among the coverage types most often sought. State Farm combines wide coverage options and a nationwide network of experienced agents. Start your quote online and work with your local State Farm agent as your Maryland business grows.

State Farm offers business auto, errors and omissions, BOPs and workers’ comp insurance. You can even combine your coverage with a business life insurance policy.

Best for Business Auto Insurance: Progressive

As America’s leading commercial auto insurer, Progressive offers customized coverage for your business vehicles. Progressive offers a handy tool to help you understand whether you need a commercial auto insurance policy or a personal auto policy. Progressive customers pay about $180 per month for customized business auto coverage.

While commercial auto insurance is Progressive’s standout feature, you can also choose from several other insurance types. The 80-year-old insurer also offers standard business coverages such as general liability or business owners’ policies. Customize your coverage further with professional liability insurance or workers’ comp insurance if you have employees. For many coverage types, Progressive lets you compare rates from up to 4 carriers.

Best for Buying Insurance Online: biBERK

  • securely through biBERK's website
    securely through biBERK's website
    Best For:
    Staying compliant with state and federal regulations
    Read Review

Business owners are busy people. biBERK streamlines the buying process so you can get your Maryland business insured fast. 

If you need a hand, biBERK’s experienced team can walk you through to be sure you have all the coverage your business needs. biBERK insures your business directly, so you can save up to 20% over other providers.

biBERK’s platform suggests insurance types based on the kind of business you have, what your business does and whether you have employees. Expect a complete range of insurance products suited for most Maryland businesses, including general liability, commercial property, workers’ comp coverage and umbrella policies.

Types of Business Insurance

Which types of coverage you need depends on your industry and business structure. For example, businesses with employees require additional insurance types. Here are some of the small business insurance coverages you may need to protect your Maryland business.

General liability: As the base coverage for most businesses, general liability can protect against losses due to several types of business liability. Covered risks can include accidental bodily injury to guests or customers, as well as advertising injury or damage to the property of others.

Many insurers offer general liability insurance as a stand-alone policy or as part of a BOP. General liability also provides your legal defense, potentially saving your business thousands or tens of thousands in legal fees. 

Product liability: Businesses that manufacture goods can use product liability coverage to protect the business against lawsuits due to defective products and similar claims. However, other businesses in the supply chain may have risk as well, so product liability makes a wise choice for distributors and sellers. 

Commercial property: Business property might be real estate but can also include equipment, supplies, computers and point of sale equipment, furnishings and improvements and inventory. Even businesses that rent space often have a significant investment in items necessary to run the business. A commercial property policy protects several types of business property against common risks such as fire, vandalism, theft, and more. 

Commercial property insurance as a part of a BOP can also include business interruption coverage. This feature protects your income if you have to close the business temporarily due to a covered claim.

Workers’ compensation: With few exceptions, Maryland businesses with employees must carry workers’ comp insurance. The workers’ compensation system creates a safety net for both employees and employers by defining a benefit structure for workers injured on the job. For businesses with employees, workers comp isn’t just the law, it’s a good business decision. Rates based on industry and payroll keep costs predictable while workers’ comp coverage shields businesses against many lawsuits due to work injuries.

Professional liability: Professional liability insurance becomes a must-have coverage for businesses that advise clients. It offers tailored coverage for dozens of professions ranging from accountants to physicians and protects your business if human error causes financial injury to others.

Also called errors and omissions coverage, professional liability insurance is available to both businesses and individuals.

Cost of Business Insurance in Maryland

Insurance costs depend on a number of factors including your industry, claims history and business size. Which insurance types you choose and your coverage limits also play a role. For example, Progressive reports an average cost of $46 per month for professional liability insurance for new customers. Workers’ comp coverage for new policies averages $85 per month.

Most  businesses need more than 1 type of coverage, but there are ways to save. Bundling your insurance may be the most effective way to save on your overall insurance costs. Bundling refers to buying more than 1 type of coverage from the same insurer. A BOP combines general liability insurance with business property insurance. Some insurers also offer discounts for bundling commercial auto insurance with other policies.

Ask which other discounts are available. Some insurers offer discounts for members of approved trade groups or those that maintain a claims-free record.

Choose the Best Business Insurance in Maryland

Your Maryland business is a significant investment both in money and in time. Part of good business planning includes planning for the unexpected. That’s where your business insurance policy shows it value — waiting quietly in the background until you need a helping hand.

Get a few quotes to compare policy features and coverage limits when you shop for business insurance. Taking time to get the details right might save you thousands if you have a loss.