Business Insurance
Cambridge, Easton, Ellicott City, Federalsburg, Nottingham

You have a strong entrepreneurial spirit and have worked hard to create your business. We can help you implement the proper risk management strategy and insurance coverages to protect your hard work and ensure your business continues to have an opportunity to succeed and grow.

What is business insurance?

The term business insurance covers a wide range of policies available for purchase by businesses. There isn’t a single business insurance policy able to cover your entire range of risks. However, there is an upside. Because your business is unique, you can tailor coverage to best fit your business’s needs.

Who needs business insurance?

This answer can vary from person to person, but a good rule of thumb is “everybody with a business.”

Consider doing a brief self-evaluation by asking yourself the following questions:

1. Does your business have property you can’t afford to replace if it’s broken or damaged?
2. Is there a possibility you may be faced with a lawsuit for a substantial amount of money?

If your answer to either of these questions is yes, then it is strongly recommended you protect yourself and your business with a business insurance policy.

What does business insurance cover?

Business insurance coverage varies depending on the policy. However, there are six policies we strongly recommend for all business owners.

1. Commercial Liability

As a business owner, you are potentially liable for every product, service, and operation relating to your business. While sound procedures may be stressed throughout your organization, the fact remains that no person or machine is perfect. Despite your best efforts, harm caused to a third party relating to your business could lead to litigation. Commercial liability insurance is designed to protect business owners and assets from a variety of exposures.

2. Product Liability

Even though commercial liability and product liability sound similar, it is very important to know they are not the same. If your product may potentially damage a person or property, even if the product is properly used, then product liability insurance is essential.

3. Property Insurance

Imagine a fire breaks out and you lose your entire inventory. Or your business is burglarized causing physical damage and possibly lost assets. Your ability to recover from these incidents is dependent on your commercial property insurance.

4. Business Auto Insurance

Imagine you were involved in an accident in your personal vehicle while engaged in company business. Did you know your personal insurance may not cover you? What if you have employees on the road making service calls to customers? Commercial auto insurance provides valuable protection for your company-owned vehicles, leased or rented vehicles, and your employees' vehicles used for business purposes.

Read more about business auto insurance »

5. Workers Compensation

If you employ any number of workers who are not considered owners of the business, then you are legally required to maintain a workers compensation policy. You do your best to maintain a safe work environment, but if any of your employees are injured or become ill on the job, you are legally responsible. A workers compensation policy can cover the payment of your employee’s medical expenses, lost wages, and rehabilitation costs.

6. Excess/Umbrella

Without an excess or umbrella policy, a catastrophic claim could deplete your future income and business assets. Every business is vulnerable to devastating losses and lawsuits that could exceed your primary insurance coverage. This is a critical coverage—especially for small to mid-sized businesses.

Other beneficial policies may include the following:

Flood & Earthquake

Your basic insurance policy does not protect you against damage from earthquakes and floods. Whether you are in a high-risk area or moderate-to-low risk area, you should consider adding earthquake and flood insurance to your business insurance policy. More than half of all flood claims occur in areas considered to have low flood exposure, and each year there are around 5,000 earthquakes in the United States.

When it comes to natural disasters, here are important things to keep in mind »

Inland Marine

Do you have business equipment, materials, or supplies in transit? Do you store business property in an off-site location? Protect your most valuable business property or equipment wherever it may be with inland marine coverage.

Professional Liability

If you or your employees are specialists providing services that may cause a client financial damage through any errors or omissions, then you will benefit from professional liability coverage. You work hard to perform your duties and responsibilities to the best of your ability, but if your customer isn’t satisfied you may be faced with a lawsuit. Protect your employees, your business, and yourself with a professional liability policy.

Cyber

In today’s digital world, cybercrime runs rampant. Data breaches are an all-too-common occurrence and are commonly targeted towards small businesses. If you store sensitive customer information, such as account numbers, driver’s license numbers, and credit card numbers, and you are the victim of a data breach, you are liable for any damages caused by the breached information.

Learn about the importance of cyber liability insurance and how to protect your business from cybercrime.

How do I find the right business insurance for me?

One of our experienced business insurance brokers can help you through the complex process of finding the insurance policy that best fits your needs. We can help you identify your potential risks and liabilities and then work with you to tailor a policy that will protect your business.

We would love to chat with you. Contact us today!

Frequently Asked Questions

• How do surety bonds work?

  The surety bond process begins when an obligee requires a principal to acquire a surety bond. By doing so, the principal can show the obligee they can fulfill the obligee's project or requirement.

  For example, let's say you own a construction company that's working on a government-funded contract to build a road, and you are required to provide a surety bond. In this case, your company is the principal, and the government would be the obligee. A neutral third party, in this case, a surety bond company, would evaluate your business to determine whether your company would be able to complete the project as described in the contract.

• What information is required for a surety bond?

  Unlike standard insurance, there's a lot of documentation and information required to apply for a surety bond. The documentation required varies from bond to bond, but most companies ask for the following:

  • Personal and Corporate
  • Financial Statements
  • Resumes for Key Personnel
  • References

  Remember, this isn't an exhaustive list. A lot of surety bond companies have additional requirements. It may seem like a hassle to provide all this documentation but keep the bigger picture in mind. With this documentation, you're showing the surety bond company you are experienced and responsible enough to meet the contract's requirements.

• What type of insurance do assisted living facilities need?

  Not every residential care facility looks and operates the same way, so insurance will also vary based on the facility. Key potential coverages you may consider for your assisted living home include:

  • Professional Liability
  • Commercial Auto
  • Commercial Liability
  • Commercial Property
  • Cyber Liability
• How much does assisted living insurance cost?

  This is a question we would love to answer, but there's not a single number we can give. Ultimately, your premiums will vary based on several factors, some of which are:

  • Your facility's location
  • Number of employees
  • Services provided
  • Number of beds
  • Employee payroll
  • Your chosen deductible
  • Per-occurrence limit
• What does agribusiness insurance cover? 

  Agribusiness insurance covers a broad spectrum of risks   as long as it relates to your agriculture business. However, you can break down the available coverages into four easier-to-understand categories.

  • Your home and its contents
  • Farm personal property
  • Farm structures 
  • Liability protection 
• What kind of insurance do farmers and ranchers need? 

  The exact coverage you need will vary based on your business's operations. However, some types of insurance can benefit almost every agriculture business.

  • General Liability Protects your company from claims of bodily injury, property damage, product damage, and more.
  • Commercial Auto Even if you use a personal vehicle for work, a personal auto insurance policy doesn't cover the car while it's being used for work purposes. 
  • Property  Offers protection for commercial structures, business personal property, and machinery. 
  • Theft and Crime Crime-related losses aren't usually covered by your property insurance and require their own unique coverage. 
  • Workers Compensation If any employees are injured or become ill on the job, this insurance can cover the payment of their medical expenses, lost wages, and rehabilitation costs. 
  • Inland Marine You can protect stored products or equipment in an off-site location, mobile irrigation systems, and products you are transporting with inland marine insurance.  
• What is agribusiness insurance? 

  Agribusiness insurance is insurance for any agriculture-associated business. There are a variety of policy types because agribusiness is a large field that includes many diverse industries. Some of these industries include: 

  • Commercial Farms
  • Family Farms and Ranches
  • Vineyards
  • Dairies
  • Orchards
  • Wholesale Nurseries
  • Cotton Growers
  • Pumpkin Patches
  • Stables 

  Your agribusiness policy will be completely unique to you, based on what your company produces and what your needs and risks are. 

• What is farm liability coverage? 

  Farm liability coverage is different from general liability coverage, even though they sound very similar.

  General liability is just that, general. Farm liability can be broken down further into more specific coverages.

  Here are a few types of specific liability policies available for different agricultural industries. 

  • Farmers Market/Roadside Stand You pride yourself on the quality of your produce, and you care  extensively for your crops as they grow. However, bacteria can grow on your produce, even after it's been washed and prepped for sale. If any customers of your roadside stand get food poisoning, you may face litigation. Farmers market or roadside stand liability insurance can protect you against legal costs and help pay for medical bills. 
  • Agritourism/Agritainment If your farm earns income from an on-site store, u-pick field, corn maze, petting zoo, haunted attraction, hayride, or any seasonal festival, then you should consider agritourism insurance. Many insurance carriers exclude agritourism activities and features from your primary liability coverage. So, if someone is injured in your corn maze, you most likely aren't covered by your general liability policy. 
  • Equine Operations You're well experienced with horses and know how to handle and care for them, but they aren't always predictable. They may be spooked and accidentally throw their rider, or their rider may fall off and injure themselves. Equine operations liability insurance is essential in situations like these because it offers you financial protection against litigation and medical expenses.
  • Farm & Agricultural Pollution One of the most critical aspects of farming is crop treatments such as fertilizer and pesticides. They improve your crops, but what happens if leftover pesticides begin to leak or seep into a nearby water supply? Farm and agricultural pollution liability insurance can cover medical bills, clean-up costs, and legal defense if you're faced with litigation.
  • Seedmen's Error & Omissions This insurance is designed specifically for anyone who grows, deals, or wholesales seed. It's slightly different from other liability policies as it acts more as a product guarantee. Say there's a year where many of your distributed seeds fail to germinate. Seedmen's error and omissions insurance could protect against the failure of your product and the economic losses your customers have faced as a result. 
• Do I need inland marine insurance?
  It can be a little bit tricky finding out whether or not your business needs inland marine insurance. One of the best ways to figure it out is to ask yourself the following questions: Does your company frequently move items from one location to another? Does your business ship valuables? Do you have to move work-specific tools to different work sites? Do you own a company truck or car with specialized equipment? If the answer to any of these questions is yes, you can benefit from an inland marine insurance policy.
• What are the different types of inland marine insurance?
  Inland marine insurance comes in a few different forms. As you saw earlier, there's the standard form, and then there are a few different types of targeted policies that go by another name but still fall under the umbrella of inland marine insurance. Some of these specialized policies are: Bailee's Customer Coverage protects client property left in the care of your business Builder's Risk protects structures and any materials during new construction projects or renovations Exhibition and Fine Art Coverage covers your valuable items while they are on exhibit, in transit, or on loan Installation Floater protects items and materials from the moment they are loaded on a truck until they are put to use or installed Motor Truck Cargo Coverage covers your clients' goods while your business or truck transports and delivers them Contractor's Tools and Equipment protects mobile tools and equipment less than five years old and worth less than $10,000
• What does commercial inland marine insurance protect?
  Inland marine insurance protection includes a wide range. Some protections include: Cargo Computer systems and personal computers Communications and networking equipment Medical and scientific equipment Photography equipment Tools Trade show exhibits
• What does inland marine insurance cover?
  Put simply, inland marine insurance coverage includes any property that can be moved, transported, or is involved in transferring information. Examples of common risks covered by inland marine insurance are: Theft Fire Wind Hail Water damage Depending on the policy and your business's unique needs, inland marine may also offer coverage solutions such as: Mysterious Disappearance missing property where you can't discover the cause of the loss. Accidental Drop and Damage product is lost or damaged when it is dropped or mishandled. This loss can occur during transit, loading, and unloading.
• What is an e-Mod factor? 
  An e-Mod factor is a rating number that is calculated based upon your workers compensation premiums and workers compensation claims payments and is designed to show what risk level your company is based on similar companies in your industry and location. There are many factors that are gathered and used in the calculation of this factor, but the two specific factors that a business owner or executive can manage and affect are the workers compensation premium and the workers compensation claims payments.  Costs of Workers Comp Claims  An effective risk management program goes beyond simply purchasing an insurance policy and paying an annual premium. No matter the size of your organization, there are steps you can take to improve the safety of your employees and take control of costs.  According to the National Safety Council, the average cost of workers compensation claims is $40,051. In addition to the medical costs, wage replacement, and indirect costs associated with a claim, there is also the negative impact that a claim can have on a company's experience modification (or e-mod) which can significantly increase workers compensation insurance rates for the next three years. 
• Does inland marine have a coverage limit?
  Inland marine insurance does have a coverage limit, which means your insurer will only reimburse you up to the limit stated in your policy. However, you can choose the limit. If your equipment is less expensive, you can select a lower limit and pay a smaller premium month to month. In reverse, if your equipment is more expensive and you want it protected fully, you can choose a higher limit and pay a larger premium month to month. It can be difficult even frustrating finding out exactly what coverage you need to best protect yourself and all the hard work you've put into your business. This is where we can help. As professionals in the field of inland marine insurance, we make it our business to know you and your concerns. We spend time learning and listening to better serve you, our client. You've worked hard to build your business. The next step is to protect it. We'll assess what your risks are and help you tailor an insurance policy for your business. We'd love to chat with you. Contact an inland marine insurance agent near you today!
• What's the difference between inland marine and cargo insurance?
  Inland marine and cargo insurance are pretty similar, but they are not quite the same. As a business owner, you want inland marine protection because the coverage applies to your items or products being transported. Cargo insurance is targeted at people like independent truckers who are temporarily responsible for their cargo. It covers liability for cargo that is damaged or lost due to perils such as fire, collision, or striking of load. These insurance policies are maintained by the cargo worker rather than the business they are working with.
• Do you have business equipment, materials, or supplies in transit? Do you store business property in an off-site location?
  Protect some of your most valuable business property or equipment wherever it may be with inland marine coverage.
• How much does used car dealership insurance cost?
  You run a unique business with a lot of different factors affecting your premiums.
• What insurance does my warehouse need? 
  There are many coverages you can purchase, but there are a few types that can be beneficial for all warehouses. 
• What does winery insurance cover?
  An Oregon winery insurance policy most commonly covers property, specifically processing buildings, warehouses, tasting rooms, and offices.
• What is warehouse legal liability insurance? 
  Warehouse legal liability insurance also known as warehousemen's legal liability or warehouse operators legal liability insurance  is a special type of liability insurance that safeguards against inventory loss and property damage due to employee negligence or lack of facility maintenance.