Small Business Insurance Maryland – Your small business is vulnerable not only to competition, but also to natural disasters and lawsuits by employees, customers or other businesses.
A 2017 study showed that at least one-third of small business owners will experience a situation that could lead to a claim in a given calendar year. This does nothing for small business insurance.
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Our guide will help you understand the differences between coverage types and insurance providers and help you find solutions specific to your situation or industry.
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This is changing how businesses handle insurance. The best option is to visit a physical location or spend a long time on the phone trying to find coverage. Instead, the industry has been transformed by the rise of on-demand or online business insurance providers, which allow you to select your coverage and purchase a policy instantly without contacting a broker or agent.
Online insurance agencies usually offer comparable coverage as traditional insurance companies at a lower cost. As a result, more and more small businesses are choosing to use online business providers to find individual insurance products and save costs. They also offer other benefits:
Use our dedicated small business insurance provider to generate a fast and accurate online quote for your small business.
Want to talk to someone before buying insurance? Representatives are online from 8:00 am to 8:00 pm. ET, Monday through Saturday, to help answer your questions and find the best coverage.
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We have written insurance policies for over 650 small businesses. We know that every business has different security needs, so we’ve collected the types of policies each business needs in one place to make your research a little faster.
Small businesses are estimated to pay $14-$124 per month for any insurance plan. Below is a chart showing the average cost of popular coverage types:
Use our guide to the best small business insurance companies in the country to find the best providers and start looking for the best coverage.
Below are the most common types of insurance that a small business needs. Each offers different protections based on the different needs of your business.
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Although they are not the only types of insurance available, they are very necessary for different businesses.
Liability insurance is the most common type of business insurance because it covers the basic requirements shared by all types of businesses. This policy covers bodily injury to company property and bodily damage caused by employees. If you’re not sure what type of insurance your company needs, you should start here.
Professional liability insurance, also known as errors and omissions (E&O) insurance, is insurance to protect professionals in the workplace. Expert advice given to the client by you or your staff may not always yield the desired result. This holds them accountable if the customer suffers financially and blames your company. This coverage protects against this liability.
Workers’ compensation insurance is there to protect the interests of your employees if they are injured on the job. It can also protect your business from lawsuits if you need compensation for employee injuries. If you have employees, most states require workers’ compensation. Please refer to this page for your state requirements.
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Commercial property insurance is similar to home insurance for your personal home. It protects your building and its contents against “named perils” such as fire, theft and inclement weather.
Car insurance works just like your car insurance. If your company owns a vehicle, the state requires that you carry at least the state’s minimum coverage for driving on public roads. If you drive your personal vehicle for business use, there are some issues that may and may not be covered, so be sure to do your research to make sure you’re fully covered.
A business owner’s policy is a group of insurance policies aimed at small businesses. Typically, these policies include liability insurance, business property, and business interruption insurance. Because they are sold bundled into a single policy, you can manage your coverage easily and at a discounted rate.
When starting a new business, the easiest way to protect your personal assets is to form an LLC. Forming an LLC separates your business activities from your personal assets, so LLC insurance is recommended. The biggest benefit of this section is that if your business is sued, your personal assets (like your home and savings account) are protected. But what about the assets of the business? If your business is sued, the LLC does not protect your business assets (business bank accounts, property, inventory, etc.). What will protect your business in the event of a lawsuit? Company Liability Insurance for Your LLC
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For-profit corporations are considered corporations and are therefore subject to the same lawsuits and liabilities as for-profit corporations. In fact, nonprofits often work with volunteers who don’t perform thorough background checks or operate without formal contracts or agreements, putting them at greater risk of contract disputes and/or being sued for harassment. Non-profit insurance is generally a good protection measure for most liabilities.
Commercial umbrella insurance, also known as commercial umbrella insurance, supplements your liability coverage and is not a stand-alone form of coverage. This protects you from liability for exceeding the applicable coverage limit. For example, a customer was injured using your product and sued for $500,000 and won the case. However, your current liability insurance only protects your business for $300,000 of liability. Commercial umbrella insurance will cover the difference.
We’ve put together a guide to help you understand business insurance in any of the 50 states. Select your state to get started:
It’s difficult to predict every crisis that could affect your business, but according to the Insurance Information Institute, the most common policy for small businesses is the business owner policy (BOP).
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A BOP includes several types of coverage to cover most property, casualty, and liability coverages in one package that provides comprehensive coverage for a small business. Not all businesses qualify for BOP; If you do, your premium will depend on the nature of your business, safety and security features, the location of your business and your financial stability.
Our recommended insurance provider uses your business information to recommend a coverage option that best suits your business type.
Business insurance covers businesses against losses incurred in the normal course of business. This can come from a variety of situations such as property damage, lawsuits, loss of business income, personal injury, fire and more.
What you choose to insure depends on your industry and the different types of insurance you choose for your business.
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Businesses need insurance for a variety of reasons. Depending on the state in which they operate, businesses may be required to obtain specific types of insurance, such as workers’ compensation and unemployment insurance, as well as insurance for specific areas of business.
Additionally, some businesses may refuse to work with you if you don’t have your own insurance.
When you start your business, especially if you plan to start operating immediately, you should get business insurance. This way, you can be protected from lawsuits, property damage, personal injury costs, and anything else that could happen to your business right from the start.
Commercial insurance for a small business typically costs between $700 and $3,800 per year, but it depends on the type of insurance your business needs.
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We recommend that you research the risks your business is exposed to and obtain a business insurance quote from a trusted source. No one fails, but sometimes a mishap can ruin all the hard work you’ve put into building your business. Can you really afford to replace expensive equipment in the event of an accidental fire, or cover all the legal costs associated with a frivolous lawsuit?
Northern Chesapeake Insurance Services, Inc. We can help you with the business insurance you need to protect your company’s assets so you can continue to grow into the successful company you envisioned.
No two businesses are the same, and you may need specialized coverage that a “one-size-fits-all” policy doesn’t fit.
North Chesapeake Insurance Services works with some of the most respected insurance companies in the country, and we have the expertise to tailor a policy to fit your company’s specific needs.
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At Northern Chesapeake Insurance Services, Inc. you can find our clients in Bel Air and throughout Maryland; We pride ourselves on understanding your unique needs.
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