Maryland Insurance License: 100040465

Maryland’s appealing business climate is one of strength and diversity. According Maryland’s Department of Business & Economy website, Maryland has the “highest concentration of employed doctoral scientists and engineers” in America. It also is the state with the second-highest number of professional and technical workers in the country.

New business owners have a skilled workforce to draw from – but they also have an ambitious group of colleagues to learn from. Maryland has the highest percentage of women-owned businesses and the second highest percentage of African American-owned businesses of any state.

Small businesses know how to get it done in Maryland. They received over $94 million from the Small Business Administration in 2011 through highly competitive Small Business Innovation Research Awards. Whether you’ve already joined the ranks of Maryland’s motivated small-business owners or you’re still testing the waters, make sure you build a solid small business insurance plan to mitigate some of the risks of your venture.

Maryland Business Insurance Savings Tips

  • Want to save money on your Workers’ Compensation Insurance premiums? Look into excluding yourself from coverage. Maryland state law usually allows business owners to opt out of your own coverage.
  • Consider adding ">Umbrella Insurance to your insurance plan. It boosts the coverage limits on multiple policies, including General Liability and Commercial Auto. That way, if an unexpected incident maxes out your primary policy, you won’t have to pay out of pocket to cover the remaining costs.
  • If you decide to start your business from home, protect your business property with a Commercial Property Insurance policy. Your Homeowner’s Insurance likely excludes your business equipment from coverage. That means if someone breaks in and steals your equipment, you’ll have to pay for it yourself.

Dram Shop Laws in Maryland

Most states have dram shop laws, but Maryland does not. An injured person in Maryland cannot seek damages from the business that served the intoxicated person who caused the injury. However, owners of bars, restaurants, and other businesses that sell or serve alcohol should still consider liquor liability insurance. Though it’s likely you would win a lawsuit, this policy would help pay the cost of defending yourself in court.

Maryland Business Insurance Licensure Information

In Maryland, insurance agents, agencies and brokers are licensed by the Maryland Insurance Administration. Insureon is licensed in Maryland as BIN Insurance Holdings LLC (NPN 15752926) for Property & Casualty Insurance (License #100040465) and for Surplus Lines (License #100040465). Verify our licensure with the Maryland Insurance Administration Licensee Look-up.

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