Speak with a licensed insurance agent: 1-866-283-7545
Monday – Friday, 7am – 10pm ET M–F, 7a –10p ET
Protecting small businesses in the Old Line State
Maryland has more than 581,000 small businesses that make up 99.5% of all businesses in the state. These businesses employ 1.1 million employees—or just over half of the state's private workforce—and with more than 21,000 net jobs created in 2015, that number is growing every year.
Maryland also boasts a high percentage of minority-owned small businesses—more than 200,000, or over a third of all small businesses in the state—and owners of incorporated businesses enjoy a median income of $53,626, the eighth-highest earning state in the nation. But with strict workers compensation regulations and costly fines for failure to comply, it's essential for small business owners in Maryland to safeguard their investments with a comprehensive small business insurance plan.
Top covered industries in Maryland
Maryland's small businesses are found in a wide range of industries, and Hiscox has the in-depth knowledge needed to tailor small business insurance policies for businesses in many different fields. Some of the Maryland business owners who most frequently insure with Hiscox include those who work in the insurance, cleaning, photography, personal training and business consulting industries.
More professions we insure in Maryland
Maryland Small Business Insurance
If you have a professional services business in Maryland, you’ve come to the right place. We currently offer a range of small business insurance coverage, which includes professional liability insurance and general liability insurance. Hiscox small business insurance products include:
Key Maryland laws and conditions driving increased business liability rates
Across the United States, the federal government guarantees a baseline level of protection for employees. Businesses with at least 15 employees must guarantee freedom from discrimination against employees based on race, color, national origin, sex, religion and disability. Employers with 20 or more employees must guarantee freedom from age discrimination, and employers with four or more employees must guarantee freedom from discrimination based on citizenship status.
Maryland's employment discrimination regulations also prohibit discrimination based on ancestry, genetic information, marital status, gender identity, and sexual orientation. These additional protections open the door for additional employment discrimination lawsuits and a growing number of retaliation lawsuits in which plaintiffs claim that an employer has disciplined them, fired them, or unfairly passed them over for a promotion because of their involvement in a discrimination complaint.
Like most states, Maryland is an "at-will" employment state, meaning that employers can terminate employment at any time and for any reason, but fired employees can still sue for breach of contract if, for example, they have a written contract promising job security. Maryland also recognizes implied employment contracts, such as if an employee handbook states that employees will only be fired for good cause.
These laws are in place to protect employees, but they also represent a litigation risk for employers. While all business owners will do their best to mitigate these risks through careful management practices, all small business owners can use the additional peace of mind obtained through a comprehensive insurance policy.
Maryland workers compensation laws
In Maryland, every business owner with one or more employees must obtain workers compensation insurance. There are a few exceptions. Sole proprietors can choose to exclude or include themselves in their policy, and agricultural employers who have fewer than three full-time employees or whose annual payroll for full-time employees is below $15,000 are exempt. Other exempt employees include agricultural office workers, independent contractors on farms (other than migrant laborers) and owner-operators of large tractor-trailer vehicles.
Maryland businesses can obtain workers compensation insurance through a commercial provider, like Hiscox, or through Maryland's state-administered fund, the Chesapeake Employers' Insurance Company. Businesses can also apply to become a self-insured employer with approval from the Workers' Compensation Commission. Self-insuring employers must provide a security of, at minimum, $100,000 (usually higher), and assessments include a percentage of the employer's annual payroll, among other fees. If self-insured businesses file for bankruptcy, they are still required to pay compensation for injuries or death sustained by an employee while their self-insured policy was in place.
Employers who fail to secure required workers compensation insurance are subject to a fine of up to $10,000, and if the business is a corporation, the corporation's officers can be held personally liable for the fine.
How can Hiscox help your Maryland business?
At Hiscox, you'll never be stuck with a one-size-fits-all insurance policy. We make sure each client's coverage meets their unique needs, whether it's liability insurance, a business owner's policy, workers compensation insurance or beyond, and we offer a range of benefits:
- Flexible payment options: Our no-added-fee monthly payment schedule can help you manage a growing business's cash flow.
- Tailored insurance: With Hiscox, you'll never pay for coverage you don't need.
- Claims responsiveness: When a covered claim is reported, Hiscox will immediately assign a dedicated claims representative to assist you.
- Coverage for contracts: Our insurance coverage satisfies most standard contract insurance requirements.
- Worldwide Coverage: A Maryland business insured through Hiscox is covered for work done anywhere in the world, as long as the claim is filed in the U.S., a U.S. Territory or Canada.
- Passion for service: Agents knowledgeable about your business concerns will provide you with excellent service—4.7/5 people surveyed recommended us.
Get a fast, free quote now, and get the protection you need for your Maryland business. If you have questions, you can call us at 1-866-283-7545 and speak with a Hiscox licensed agent, Monday – Friday, 7am – 10pm ET.
Hiscox Customer Reviews
Michael, District Heights, MD
"I applied for Commercial insurance directly from my desk. I did not have to leave work or take extra time. Excellent. Convenient and easy. Price was excellent.”
Charles, Baltimore, MD
"Get fast same day service from Hiscox. The agent went over everything on the phone. She listened to me, and helped me to get the best coverage for my business without having a great number of forms to fill out. I did not need to wait for days to get coverage, and I saved money."
Sherman, Baltimore, MD
Hiscox is a great company. They were very helpful when I got my personal training insurance.
Joshua, Bethesda, MD
"I've been shopping around for my business insurance. There's very little to look for once I've tried Hiscox."
Prompt and precise as always. I'm glad I went with Hiscox.
Tammy, Upper Marlboro, MD
“Fast and Easy. It was easy and very accurate.”
"Hiscox makes it easy to independently evaluate their services and just as easy to follow up and close the deal. I found their information clear and to the point and easy to follow up on."
Our products have been approved by the Maryland Insurance Administration and are underwritten by Hiscox Insurance Company Inc., a Chicago, Illinois, insurance company whose license number is 1614.
This information is provided to assist you in understanding the coverage we offer and does not modify the terms and conditions of any insurance policy, nor does it imply that any claim is covered. Coverage is subject to underwriting and may not be available in all states.
Administered by Hiscox Inc., a Delaware corporation that is a licensed insurance producer in all states and Washington, D.C. 5 Concourse Parkway, 21st Floor, Atlanta, GA 30328.