MoneyGeek found the best general liability insurance companies in Maryland by considering key factors like affordability, customer satisfaction, financial stability and the online quote process. Thimble earned the highest score for the best company overall. An average policy from this insurer costs $53 per month for limited liability companies (LLCs) with 20 employees and $22 per month for sole proprietors with no employees.

MoneyGeek also ranked companies on affordability, finding that Next offers the cheapest general liability insurance in Maryland for small business owners on a budget. General liability coverage from Next costs $25 per month for LLCs with 20 employees and sole proprietors with no employees.

Loading...
Loading...

Best Overall General Liability Insurance in Maryland

Based on MoneyGeek’s findings, Thimble is the best general liability insurance company in Maryland, receiving a score of 90 out of 100. The rankings and average costs of the analyzed companies in Maryland, along with their MoneyGeek scores, are listed in the table below.

Loading...
Loading...
Loading...

Cheapest General Liability Insurance in Maryland

Next is the cheapest general liability insurance in Maryland, with an average monthly rate of $25 for both LLCs and sole proprietors.

Our evaluation of companies in this category involved an affordability score that accounts for the monthly costs for both entity types. The top-ranking company may not have the lowest cost for each entity type individually.

Loading...
Loading...

Best General Liability Insurance for Employers in Maryland

With the highest MoneyGeek score of 95 out of 100, Nationwide might be the optimal choice for employers in Maryland seeking general liability insurance. The average monthly cost from this insurer is $34.

Our rankings in this category were determined by the average monthly cost for LLCs with 20 employees since the staff count is a key factor in the overall cost. If you own a business with less than 20 employees, expect rates to be lower than the indicated average cost. Alternatively, larger businesses with more than 20 employees can anticipate paying more.

Loading...
Loading...

Best General Liability Insurance for Sole Proprietors in Maryland

According to our research, biBERK is the best general liability insurance provider for sole proprietors in Maryland, earning a MoneyGeek score of 96 out of 100. The average monthly cost for biBERK's policy is around $23.

To come up with the rankings, we considered the average costs of insurance policies for sole proprietors without employees. Businesses operating in high-risk industries, like construction, may face higher insurance costs.

Loading...
Loading...

Do You Need General Liability Insurance in Maryland?

While Maryland state law does not require general liability insurance, acquiring a policy is smart to safeguard your business from financial loss caused by liability claims from third parties. This type of insurance offers coverage for:

  • Third-party bodily injuries: Getting general liability insurance means you don’t have to pay all the medical costs if a customer sustains an injury at your business.
  • Third-party property damage: General liability insurance will cover the cost of damages to someone else’s property caused by your business or employees.
  • Personal and advertising injury: General liability insurance will cover your legal fees and damages if your business or employees face a lawsuit for defamation, slander or copyright infringement.

Although not required in the state, you may still need to get general liability insurance when obtaining business licenses or winning contracts in certain industries.

Other types of business insurance might be required in Maryland. For example, the state requires businesses with one or more employees to obtain workers’ compensation insurance. Maryland state law also requires all companies with cars to purchase commercial auto policies with at least the following liability limits:

  • $30,000 per person for bodily injury liability
  • $60,000 per accident for bodily injury liability
  • $15,000 per accident for property damage liability
smallBusiness icon
SMALL BUSINESS RESOURCES IN MARYLAND

The Maryland Business Express website offers resources and guidance for businesses to grow and expand in Maryland. These resources include information on financing and incentives, workforce development, permits and regulations and other relevant topics for businesses. The website also provides access to various business services and programs offered by the state of Maryland.

How Much Is General Liability Insurance in Maryland?

In Maryland, the typical cost of general liability insurance is $48 per month for LLCs with 20 employees and $27 per month for sole proprietors without employees. These averages are based on a policy with a $2 million aggregate limit, a $1 million occurrence limit and no deductible.

The aggregate limit is the highest amount an insurer can pay out for claims during the policy period, while the occurrence limit is the maximum amount the insurance company can cover per claim. The deductible is the amount that the business owner needs to pay upfront before their insurer starts paying out claims.

Factors That Impact General Liability Insurance Costs in Maryland

Since businesses have their own unique risks, the cost of general liability insurance will likely vary based on the following factors:

Loading...
Loading...

Frequently Asked Questions About General Liability Insurance in Maryland

General liability insurance varies by industry, number of employees and various other factors. We answered some commonly asked questions about general liability insurance for Maryland business owners.

Thimble ranks as the overall best general liability insurance in Maryland for balancing service quality with affordability. Since business size, employee count and coverage needs can vary significantly from one business to another, the best insurance policy for your business can also differ.

Next earned the highest score for affordability by offering the cheapest general liability insurance in Maryland for LLCs with 20 employees in Maryland and having fast quote speeds. The cheapest insurer can vary based on how many employees you have and your location.

General liability insurance policies in Maryland provide coverage for injuries to third parties, damages to their property and personal and advertising injuries.

While Maryland does not mandate general liability insurance, obtaining this coverage is a smart way to safeguard your business from financial losses caused by liability claims brought by third parties.

About Melissa Wylie


Melissa Wylie headshot

Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.

Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.

Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.

Melissa's other work can be read on LendingTree and Bizwomen.


sources