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Small Business Insurance in Maryland

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Recommended insurance policies for small businesses in Maryland

These insurance policies defend Maryland small business owners against common lawsuits and other top risks.

General liability insurance

General liability insurance icon

A general liability policy covers common third-party risks for small businesses in Maryland, including slip-and-fall injuries. Commercial leases often require this coverage.

BEST FOR
  • Accidental customer injuries
  • Damaged customer property
  • Slander and other advertising injuries

Errors and omissions insurance

Errors and omissions insurance icon

This policy is also called E&O insurance or professional liability insurance. It helps pay for legal defense costs related to mistakes, missed deadlines, and oversights.

BEST FOR
  • Work errors and oversights
  • Professional negligence lawsuits
  • Late or incomplete work

Professional liability insurance

Professional liability insurance icon

This type of insurance protects Maryland businesses against lawsuits related to the quality of their professional services or advice. It's sometimes referred to as errors and omissions insurance.

BEST FOR
  • Mistakes and oversights
  • Breach of contract
  • Missed deadlines

Business owner’s policy

Business owner’s policy icon

A BOP bundles commercial property insurance and general liability coverage at a discount. It's often the most cost-effective type of commercial insurance.

BEST FOR
  • Accidents that harm customers
  • Damaged business property
  • Business interruption coverage

Workers' comp insurance

Workers’ compensation insurance icon

Workers’ compensation insurance is required for all Maryland small businesses with full-time or part-time employees. It can cover medical costs for work injuries.

BEST FOR
  • Employee medical expenses
  • Disability benefits
  • Legal fees from workplace injuries

Cyber insurance

Cyber liability insurance icon

This policy protects Maryland businesses against financial losses from data breaches and cyberattacks. It’s also called cyber liability insurance or cybersecurity insurance.

BEST FOR
  • Data breach investigations
  • Client notification costs
  • Ransomware attacks

Commercial auto insurance

Commercial auto insurance icon

This policy is required for vehicles owned by Maryland small businesses. It helps cover the cost of an accident involving your commercial vehicle, including lawsuits from other drivers.

BEST FOR
  • Injuries caused by your vehicle
  • Property damage caused by your vehicle
  • Vehicle theft and vandalism

Fidelity bonds

Fidelity bond icon

A fidelity bond reimburses your clients in the event of employee theft. Your clients may ask you to secure a bond before they will work with your business.

BEST FOR
  • Illegal electronic funds transfer
  • Forged signatures
  • Theft of cash or property

Commercial umbrella insurance

Umbrella / excess liability insurance icon

An umbrella policy boosts the coverage of your general liability, commercial auto, and employer's liability insurance. It can help your small business comply with requests for higher liability limits.

BEST FOR
  • Personal injury lawsuits
  • Auto accident lawsuits
  • Workplace injury lawsuits

Looking for different coverage? Check out our other policies.

What are the small business insurance requirements in Maryland?

State laws can affect which policies you need for your small business. These insurance products are required in the state of Maryland.

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Workers' compensation insurance

Maryland state law requires businesses with one or more employees to carry workers’ compensation insurance.

Workers' comp covers medical bills and disability benefits for employee injuries and occupational illnesses. Most insurance carriers include employer's liability insurance with this coverage, a policy that helps pay for lawsuits from injured Maryland workers.

Because personal health insurance policies won't cover work-related injuries, sole proprietors sometimes choose to buy this coverage to protect against costly medical bills.

Orange check mark.

Commercial auto insurance

Vehicles owned by limited liability companies (LLCs), startups, and other businesses in Maryland must be covered by commercial auto insurance. This policy covers legal costs when your delivery truck or company car is involved in an accident.

Maryland law requires auto liability insurance coverage in the amount of:

  • Bodily injury liability per person: $30,000
  • Bodily injury liability per accident: $60,000
  • Property damage liability per accident: $15,000

Personal, rented, and leased vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.

How much does small business insurance cost in Maryland?

Small business owner calculating their business insurance costs.

Business insurance policies can be affordable for sole proprietors and small companies with low risks. Average costs for TechInsurance customers in Maryland include:

General liability: $35 per month
Professional liability / E&O: $73 per month
Business owner's policy: $58 per month

Factors that influence the cost of business insurance include:

Why Maryland business owners choose TechInsurance

Gain financial protection

The costs from a lawsuit or data breach can overwhelm a small business. Protect against common risks with the right business insurance coverage.

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Gain financial protection
The costs from a lawsuit or data breach can overwhelm a small business. Protect against common risks with the right business insurance coverage.
Win contracts and new clients
Clients want to know your small business can handle a lawsuit or disruption. Buy a policy and get a certificate of insurance fast with TechInsurance.
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Consult an expert
Our licensed agents know Maryland insurance and small businesses like yours. Get expert advice about business liability insurance for your unique risks.
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Find insurance policies for your small business in Maryland

Whether you need coverage to sign a contract, rent an office, or get a license, TechInsurance can help you find the right policies. Our insurance agents are licensed in Maryland and can help you find affordable coverage from top-rated insurance companies.

Get started today by filling out our easy application. You can chat with an agent about your business insurance needs and get answers to any questions. When you're ready, pay for a policy online and get a certificate of insurance (COI) immediately to show clients that your business is protected.

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