Get the right commercial insurance for your Baltimore business
Which insurance policies are recommended for Baltimore businesses?
Baltimore is consistently ranked as a fantastic destination for starting a small business. Protect your Baltimore business with these insurance products.
General liability insurance
A general liability policy pays for legal costs from customer accidents, along with defamation and copyright infringement claims. Commercial leases in Baltimore often require this coverage.
- Customer accidents at your business
- Damage to a customer's property
- Slander and other advertising injuries
Professional liability insurance
A professional liability policy covers legal costs related to claims of negligence, such as advice that caused a client to lose money. It's sometimes called errors and omissions insurance (E&O).
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber liability insurance
Cyber insurance helps small businesses in Baltimore recover after a data breach or a cyberattack. Every business that handles customer information should have this coverage.
- Data breach notification costs
- Fraud monitoring services
- PR campaigns after a breach
Business owner’s policy
A business owner's policy, or BOP, is an affordable way to buy general liability coverage and commercial property insurance together. It's recommended for low-risk small businesses in Baltimore.
- Customer slip-and-fall injuries
- Damaged business property
- Theft and vandalism
Workers’ compensation insurance
Workers' comp insurance is required for all Maryland businesses with one or more employees. It also covers work-related injuries for sole proprietors, which health insurance may deny.
- Medical bills from job-related injuries
- Disability benefits
- Legal fees from workplace injuries
Commercial auto insurance
All vehicles owned by Baltimore businesses must be covered by commercial auto insurance. This auto policy primarily covers injuries and property damage caused by your vehicle.
- Injuries from an auto accident
- Damage caused by your vehicle
- Lawsuits from an auto accident
Errors and omissions insurance
E&O insurance protects consultants and professional services against legal defense costs from dissatisfied clients. It's also called professional liability insurance.
- Errors and oversights
- Breach of contract
- Professional negligence
Commercial property insurance
This policy covers physical damage to a Baltimore business's building and its contents, including any computers and equipment. You can bundle it with general liability in a BOP.
- Burglaries
- Fires
- Storm damage
Commercial umbrella insurance
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
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Which business insurance policies are required in Baltimore?
Workers' compensation insurance
Most Maryland businesses with full-time or part-time employees are required to provide workers' compensation insurance for their employees. Baltimore small business owners who fail to obtain workers' comp may be fined up to $10,000.
Workers' compensation protects small businesses and helps cover legal and medical expenses in the event that an employee is injured while at work.
Commercial auto insurance
All commercial vehicles owned by Maryland small businesses must be covered by commercial auto insurance. This policy protects businesses if they are involved in an accident or incident while driving for company purposes, such as retail store deliveries or landscaping.
Maryland's minimum auto policy requirements include:
- $30,000 per personal injury liability
- $60,000 per accident bodily injury liability
- $15,000 per accident property damage liability
Higher limits may provide additional benefits and coverage in the event of an incident or lawsuit resulting from an accident. If you or your employees use a personal vehicle for work purposes, you'll need a hired and non-owned auto insurance (HNOA) policy.
How much does business insurance in Baltimore cost?
Small businesses in Baltimore don't have to pay a lot for commercial insurance. Here are a few average costs for Maryland businesses, based on policy data from Insureon customers:
General liability: $42 per month
Workers' comp: $51 per month
Professional liability/E&O: $93 per month
The cost of business liability insurance depends on factors such as:
- Type of business
- Business operations
- Number of employees
- Policy limits and deductibles
- Claims history
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FAQs about Baltimore business insurance
How do I get a certificate of insurance for my business?
Getting insurance for your Baltimore small business is quick and easy with Insureon. Just follow these three steps:
- Complete this easy online application to get free business insurance quotes from the nation's leading insurance companies.
- Pick the policies that meet your needs and pay for them online.
- Download a certificate of insurance (COI) by logging into your account.
Our licensed insurance agents are here to help you determine the best coverage options for your Baltimore business. Most small business owners receive their certificate of insurance within a few hours.
Can my business be held liable for a data security breach?
Yes – that's why cyber insurance is so crucial. Small businesses are a common target of cyberattacks since they often have fewer security measures in place.
A data breach occurs when criminals obtain personal information through phishing scams, ransomware, and other means. Small businesses are often targets because they generally have fewer resources to prevent them than large corporations.
If a data breach occurs at your place of business, you can be held financially liable for tracking down and informing affected customers, which can get quite expensive. A cyber insurance policy can help your business navigate and recover from a data breach.
Does my industry affect Baltimore insurance requirements?
Yes, your industry can determine the types of insurance you should carry for your Baltimore small business. Some industries have additional business insurance coverage requirements set forth by their licensing and regulatory bodies.
Examples of industry-specific insurance requirements include:
- Contractors often must carry a commercial contractor general liability insurance policy or surety bond to obtain certain contracts.
- Real estate agents may need errors and omissions insurance to obtain their license in Maryland.
- Baltimore trucking companies and those with freight vehicles must carry additional coverage of up to $5 million, depending on the type of cargo.
- Maryland physicians and nurses typically need malpractice insurance to work at hospitals and other healthcare facilities.
- Lawyers and notaries are not required to carry errors and omissions insurance, but should consider it to protect their business.
- Cannabis dispensaries in Baltimore should consider business interruption insurance to navigate potential closures due to the changing legal status of marijuana.
- If you're a retailer or other business with a physical storefront, you may need commercial property insurance in order to sign a rental agreement.
How can I get help starting a small business in Baltimore, MD?
If you're interested in starting a new business in Baltimore, the following resources can help you find funding, training, business planning support, and more.
- Baltimore County Small Business Resource Center provides assistance for new businesses and startups in the Baltimore area.
- The Baltimore Public Library has an Entrepreneur Academy where they provide legal, marketing, and tax events for business owners.
- Mayor’s Office of Small and Minority Business Advocacy & Development connects Baltimore women and minority business owners with resources, contract help, and directories.
- Maryland Small Business Center has locations in Baltimore and all around Maryland. They provide consultation and training services for Maryland business owners or prospective owners.
- The Baltimore County government has tools such as business planning outlines, license guides, counseling, and workshops available for Baltimore business owners.
- Maryland's Small Business Administration helps with funding, federal contracts, and resources for navigating natural disasters.
- The Maryland CASH Academy provides no-cost small business consultations and training for prospective and current small business owners.
Some programs may require small business insurance or a surety bond in order to obtain a small business loan.
How can I save money on Baltimore business insurance?
Saving money on small business insurance is simple. To compare quotes and pick the best policies from the nation's leading insurance agencies, simply complete Insureon's easy online application.
A few other tips to save money on your small business insurance:
- Pick the right policies. Not all businesses need all types of insurance. Evaluate your industry's risks and liabilities before selecting the best policies for your needs.
- Choose a policy bundle. Policy bundles, such as a business owner's policy, can help you save quite a bit each month.
- Stay safe and compliant. The fewer accidents and lawsuits your business has to manage, the lower your premiums will be.
Learn more about how to find cheap business insurance.