Maryland General Liability Insurance – MD
Maryland General liability insurance is must-have coverage to have for any businesses big or small.
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This kind of insurance shields your business against different claims stemming from damage to third parties or your customers.
The fact is that most businesses face some form of risk, which is why they require general liability insurance.
This form of coverage can help shield your business against claims related to malpractice or bodily offenses.
General liability insurance in Maryland can be had in many types of coverage, and the one you must have will depend on the type of business you have.
For example, if you have a construction business, then you will opt for a higher level of general liability insurance coverage.
5 Important Reasons Why You Must Have General Liability Insurance in Maryland
One of the several common questions business owners ask is do I really need general liability insurance? And the short answer is Yes!
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As a business operator, you should already know that operating any type of business is already risky.
General liability insurance in Maryland not only covers your business against claims arising from injury and property damage, but also from any liabilities as a tenant if you are renting a property.
Further, it provides coverage for not only your business, but also your staff against claims resulting from injury or property damage to third parties.
Apart from being an essential part of your business, here are 5 excellent reasons your business requires general liability insurance.
Workers’ Compensation Insurance in Maryland
If you are a handy worker, you already should be aware of the cash you can miss if you fall ill.
As a handyman, you are not protected by government workers’ compensation perks, therefore you should explore MD handyman insurance.
Research reveals that injuries to independent workers in Maryland were on the rise by a whopping 12 percent.
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When you invest in Maryland general liability insurance, you are protected financially for medical costs related to the injury at the job.
Depending on the general liability insurance policy you opt for, you may also be eligible for pay for the days you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most important reason to invest in general liability insurance in Maryland.
If your company offers services that can cause injury to others including pets, then getting general liability insurance should not be an option.
One good example of this is MD dog walker insurance, which covers your pet sitting business if the dog causes hurt to others.
Another example is when you are repairing your client’s drywall, and they slip over your tools, then you will be liable for their injury.
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If you buy general liability insurance in Maryland, your policy will pay for the penalties of these claims.
Third-Party Property Damage
Another important reason to get general liability insurance in Maryland is to shield your business from third-party property damage.
For example, you are fixing your customer’s roof, and you mistakenly damage an expensive vase, then you will have to pay for the damages.
Depending on the cost of what you break, you may have to pay for these claims from your own savings, that is if you do not have a general liability insurance policy.
Maryland General liability insurance can help cover your business against any lawsuits stemming from claims that you failed to deliver services as promised.
Things such as negligence can be included under a general liability insurance policy.
General liability insurance can also oftentimes include professional liability insurance, so speak to your insurance provider to check if they provide this type of insurance.
While general liability insurance covers your business against myriad different sorts of claims, professional liability insurance is more geared towards errors you make in your business services.
If you are manufacturing and selling things under your own company, then it is crucial to have general liability insurance in Maryland, and here is why!
If a person claims bodily hurt due to the use of your company’s products, then general liability insurance will cover you against these kinds of claims.
And if you sell your products on the web, then it is a smart idea to check out MD eCommerce insurance to better safeguard your interests.
Take, for example, your organization is selling facial creams, and a person has an allergic reaction to your offering, then general liability insurance can help cover costs if you get sued.
What is Not Protected Under General Liability Insurance?
Depending on the type of general liability insurance you choose, there are few things that may not be covered under your insurance policy.
The first thing that may not be covered is against incidents not related to your services. Employee accidents may also not be covered under your general liability insurance contract.
As a business, you may be carrying several expensive tools in your vehicle or even at your end user’s property.
If these accessories do get stolen, you will require specialized general liability insurance.
In the incident of theft of your personal tools, your auto insurance policy will not protect these items against theft.
Another area where general liability insurance may not offer coverage is if you make mistakes in your services.
When investing in general liability insurance, you should choose your coverage limit wisely. Because your general liability insurance policy will not pay costs that exceed your policy limit.
Different Forms of General Liability Insurance
General liability insurance is a widely used term for many types of insurances, most notably:
General Liability Insurance
Also known as CGL commercial liability insurance or BL form of insurance covers your business against claims that cause bodily injury or property damage to someone else.
Furthermore, general liability insurance also covers your company against reputational harm or mistakes in your advertising.
Some examples of things general liability insurance will protect your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also known as errors and omissions insurance, professional liability insurance comes claims against your business that stem from errors in the services you provide.
For example, if you are a financial broker that provides a client with wrong figures, and they sue you, professional liability insurance will provide the legal expenses.
If you provide professional services to customers, then you should as your insurance company about professional liability insurance.
Employer Liability Insurance
If your company has a lot of workers, opting for employee liability insurance is a good idea.
This type of insurance shields your workers against any injury they may incur at the workplace.
Additionally, employer liability insurance can also provide disability benefits, missed wages, and funeral costs.
What is the Price of General Liability Insurance?
The charge for general liability insurance is different across insurance providers. It depends on many different factors including the sort of business you are running.
For example, if you are running a roofing business, then the cost for your premiums will be higher than other forms of businesses, hence you should have MD roofing insurance.
But to give you a ballpark idea, general liability insurance costs $40 per month, but a little lower if you select to pay annually.
High-risk companies can expect to pay higher premiums such as landscaping categories.
You can save funds if you pay for your insurance policy in full annually.
Additionally, you can also save cash on your general liability insurance policy if you group all your policies under one insurance provider.
You should also minimize your company claims on your general liability insurance contract.
How to Find General Liability Insurance Companies in Maryland?
When looking for the best general liability insurance agent in your state, it is important to check the agency’s reputation.
You should then select your coverage limit, where the higher the limit, the higher the cost of premiums.
But it is very important that you choose the right amount of coverage.
If you are unclear about the coverage limit you need, speak to your general liability insurance agent to help evaluate your business risks for the right coverage limit.
But $1 million and $2 million are the most chosen coverage limits of general liability insurance.