Maryland Business Insurance
Customized protection for your Maryland business
Business insurance is vital for Maryland business owners who want to protect their livelihood from the financial hardships that often result from a variety of accidents, such as a customer slip and fall or an employee injury.
The majority of Maryland’s workforce is employed by one of the state’s 604,176 small businesses, according to the US Small Business Administration (SBA). These employees are required by Maryland law to be protected by their employer’s workers’ compensation policy.
Get the business protection you need through the Progressive Advantage® Business Program. Whether you need a BOP, general liability policy or a combination of coverages, our experts can help you customize a policy to match your unique situation.
Types of MD business insurance
This is the most common business insurance coverage and nearly all businesses in Maryland should have it. It protects against third-party bodily injury and property damage, as well as personal and advertising injury.
This coverage protects against damage to your vehicles and trailers, as well as injuries or property damage related to their use. Your personal auto policy doesn’t cover vehicles while they’re being used for business reasons.
Businesses in Maryland are required to have workers’ comp insurance if they have one or more employees. Workers’ compensation insurance helps pay for expenses related to employees becoming injured or ill while working for you.
Business Owners Policy (BOP)
A BOP combines property and liability coverage into one easy-to-manage policy. It’s a great option for small to medium-sized businesses that rent or own commercial property such as a storefront, warehouse or office building.
Maryland businesses that offer professional services should consider this coverage. It protects businesses from claims of professional negligence, both actual or alleged, and helps pay for defense costs. It’s also known as errors and omissions insurance (E&O).
This protects against incidents like data breaches and cyber attacks. It includes first-party and third-party protection for things like investigative services, data recovery and legal costs. Businesses that store or manage customer data, like credit card information, typically need this coverage.
How much does business insurance cost in Maryland?
The cost of business insurance in Maryland depends on a variety of factors, from the size of your business to its location. For example, a business with three employees in Baltimore will have a different cost than one with twenty employees in Silver Spring.
One of the most important cost factors is the type of work your business specializes in. For example, a tree trimmer who works with dangerous tools high off the ground is exposed to more risk than a landscaper who works with less complex tools at ground level. In this case, the tree trimmer can expect to pay more for coverage.
Learn more about how business insurance rates differ.
Maryland business insurance requirements
Maryland law requires businesses with employees to carry workers’ compensation insurance. This requirement applies to nearly all businesses, however, there are a few exceptions. Agricultural businesses with less than three employees and businesses with an annual income of less than $15,000 per year are exempt. View Maryland’s workers’ compensation laws to learn more.
While other coverages like general liability aren’t required by law, you should probably consider them for your business. Many employers and prospective clients will require that you carry certain coverages before you can begin working with them.
Resources for Maryland small business owners:
Maryland professions we insure
We help small business owners from a wide variety of industries, including these common professions:
- Retail shops
- Technology / IT specialists
- Cleaning services
- Massage therapists
- Real estate agents
Browse more examples of professions we insure.
Why choose Progressive?
Options – We can help you secure coverage at any stage of your business’s development with the flexibility to adjust your policy as your business changes. Our agents will work with you to make sure you’re getting protection that meets both your needs and budget.
Experts – As the #1 Commercial Auto Insurer in America*, you can trust us with all your business insurance needs. Our team of specially trained, in-house agents can assist you every step of the way to make sure you’re getting the best coverage for your business.
Convenience – There are several ways to get a quote whether you need a single Maryland policy or a combination of business insurance coverages. Simply start a quote online or call us to speak with an agent.
Business insurance for all Maryland cities
We can customize business insurance in all Maryland cities, including, but not limited to:
- Silver Spring
- Ellicott City
- Glen Burnie
*No. 1 commercial auto insurer from SNL Financial’s 2019 national written premium data.