NEXT and The Hartford top our analysis of Maryland business insurance providers because of their strong customer service and comprehensive coverage. Simply Business is also a reliable option for small business owners across the state.
Business Insurance in Maryland
NEXT and The Hartford top our Maryland business insurance rankings with a MoneyGeek score of 4.64 out of 5.
Find affordable coverage that protects your small business in Maryland below.
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Updated: August 22, 2025
Advertising & Editorial Disclosure
Key Takeaways
Small business owners can get the best business insurance in Maryland from NEXT, The Hartford and Simply Business.
The best business insurance in Maryland varies based on your industry risks, number of employees and preferred coverage limits.
To find the best coverage, assess your risks, compare multiple quotes, research provider service quality and maximize available discounts.
Best Business Insurance Companies in Maryland
| NEXT | 4.64 | 4 | 1 | 2 |
| The Hartford | 4.64 | 1 | 2 | 3 |
| Simply Business | 4.50 | 4 | 5 | 1 |
| Nationwide | 4.48 | 6 | 2 | 4 |
| Coverdash | 4.42 | 5 | 6 | 2 |
| biBERK | 4.39 | 7 | 2 | 5 |
| Progressive Commercial | 4.34 | 3 | 7 | 5 |
| Thimble | 4.34 | 2 | 8 | 5 |
| Hiscox | 4.28 | 6 | 4 | 6 |
| Chubb | 4.27 | 8 | 3 | 4 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Best by Coverage Type
The Hartford is Maryland's best provider for general liability coverage and workers' compensation insurance. For business owner's policies (BOP) and professional liability insurance, NEXT offers the best option.
| Business Owners Policy | NEXT | 4.64 |
| General Liability | The Hartford | 4.67 |
| Professional Liability (E&O) | NEXT | 4.71 |
| Workers Compensation | The Hartford | 4.63 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Best Maryland Small Business Insurance Reviews
Our research identified the top three business insurance providers in Maryland based on coverage quality and value. Each company offers unique advantages for comprehensive protection, from specialized policies to industry-specific coverage.
NEXT
Best Customer Experience
MoneyGeek Rating
4.6/ of 5
4.5/5Affordability
4.7/5Customer Experience
4.8/5Coverage Options
Average Monthly Cost of General Liability Insurance
$98This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$66This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
3.9/5Ranked #4 nationallyOur Survey: Likely to Be Recommended to Others
4.8/5Ranked #1 nationally
Simply Business
Best for Coverage Options
MoneyGeek Rating
4.6/ of 5
4.6/5Affordability
4.6/5Customer Experience
4.7/5Coverage Options
Average Monthly Cost of General Liability Insurance
$78This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$67This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
4.5/5Our Survey: Likely to Be Recommended to Others
4.5/5
Cheapest Business Insurance Companies in Maryland
The Hartford provides the most affordable business insurance in Maryland at $80 monthly ($959 annually). Small business owners can also find competitive rates through Thimble at $89 per month and Simply Business at $92 per month. You can compare rates from all providers in the table below.
| The Hartford | $80 | $959 |
| Thimble | $89 | $1,069 |
| Simply Business | $92 | $1,108 |
| Progressive Commercial | $95 | $1,137 |
| NEXT | $95 | $1,145 |
| Coverdash | $96 | $1,154 |
| Nationwide | $96 | $1,155 |
| biBERK | $100 | $1,195 |
| Hiscox | $103 | $1,234 |
| Chubb | $112 | $1,349 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest General Liability Insurance Companies in Maryland
For Maryland business owners, The Hartford offers the cheapest general liability coverage at $78 per month. Simply Business ranks second with monthly premiums of $91. You can compare rates from all providers in the table below.
| The Hartford | $78 | $935 |
| Simply Business | $91 | $1,096 |
| Nationwide | $93 | $1,110 |
| Progressive Commercial | $95 | $1,145 |
| NEXT | $98 | $1,180 |
| Coverdash | $99 | $1,184 |
| Thimble | $102 | $1,228 |
| Hiscox | $109 | $1,307 |
| biBERK | $109 | $1,308 |
| Chubb | $113 | $1,360 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest Professional Liability Insurance Companies in Maryland
The Hartford offers Maryland's most affordable professional liability insurance (E&O) at $68 monthly ($815 annually). NEXT provides another cheap option for business owners in the state.
| The Hartford | $68 | $815 |
| NEXT | $70 | $835 |
| Progressive Commercial | $72 | $862 |
| Thimble | $72 | $865 |
| Simply Business | $73 | $875 |
| Coverdash | $74 | $884 |
| Hiscox | $74 | $884 |
| biBERK | $76 | $914 |
| Nationwide | $79 | $942 |
| Chubb | $85 | $1,017 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on professional liability/errors and omissions policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest Workers’ Comp Insurance Companies in Maryland
NEXT offers the cheapest workers' comp coverage in Maryland at $66 monthly ($786 annually). The Hartford and Simply Business also provide competitive rates, making all three solid choices for affordable coverage.
| NEXT | $66 | $786 |
| The Hartford | $67 | $800 |
| Simply Business | $67 | $803 |
| Progressive Commercial | $67 | $810 |
| Thimble | $68 | $810 |
| Hiscox | $69 | $822 |
| Coverdash | $69 | $832 |
| biBERK | $72 | $859 |
| Nationwide | $77 | $926 |
| Chubb | $81 | $970 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on workers’ comp policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest BOP Insurance Companies in Maryland
The Hartford offers the cheapest BOP rates in Maryland at $107 per month ($1,287 annually). Business owners can also find affordable BOP insurance through Thimble, Nationwide and Simply Business.
| The Hartford | $107 | $1,287 |
| Thimble | $115 | $1,374 |
| Nationwide | $137 | $1,640 |
| Simply Business | $138 | $1,657 |
| biBERK | $142 | $1,699 |
| Coverdash | $143 | $1,717 |
| Progressive Commercial | $144 | $1,730 |
| NEXT | $148 | $1,780 |
| Hiscox | $160 | $1,924 |
| Chubb | $171 | $2,048 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on BOP policies. Survey results reflect limited sample data and may not represent all available rates in your area.
How Much Does Business Insurance Cost in Maryland?
Business insurance in Maryland ranges from $70 to $141 monthly, with workers compensation being the most affordable and business owner's policies the most expensive. Rates vary based on the coverage type your business needs.
| BOP | $140 |
| General Liability | $99 |
| Professional Liability (E&O) | $74 |
| Workers Comp | $70 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Cost of Business Insurance by Industry and Coverage
Business insurance costs in Maryland vary widely based on industry and coverage types. Our analysis found workers' compensation for speech therapists costs just $6 monthly, while pressure washing businesses pay $1,281 for a business owner's policy.
Data filtered by:Results filtered by:
Select
Coverage Type:Business Owners Policy
Select
Industry:Accountants
| Accountants | Business Owners Policy | $31 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
What Factors Influence My Costs?
Your Maryland business insurance rates are influenced by several key factors. Here's what affects your premium costs:
Industry Risk Level
Your line of work drives your insurance costs more than any other factor. Construction companies in Maryland pay much higher rates than office-based businesses because job sites have more accidents and injuries. A construction firm might pay $300 monthly for coverage, while a consulting business pays just $50.
Geographic Location and Weather Risks
Your business location affects your insurance rates in Maryland. Coastal businesses face higher costs due to hurricane risks, while inland locations often see better rates. According to NOAA data, Maryland recorded 134 severe weather events in 2023, pushing insurance costs higher as carriers adjust for increasing storm damage.
Business Size
Your employee count directly impacts your insurance costs. Workers' comp rates are calculated per $100 of payroll, while general liability costs reflect your revenue and customer volume. A retail store with 15 employees pays substantially more than a solo professional working from home.
Claims History
Your claims record stays with your business for years and can quickly increase your premiums. Even one liability claim affects rates across multiple coverage types. Insurance companies reward claim-free businesses with lower rates, making a clean record valuable for your bottom line.
Coverage Types and Limits
Your premium reflects your chosen coverage types and limits. Higher protection levels mean higher costs, but a business owner's policy can reduce expenses by bundling property and liability coverage. Maryland businesses often save 10% to 15% through package policies.
Years in Business
New businesses pay more for coverage because insurers lack data to evaluate their risk level. After operating claim-free for several years, your rates often decrease as you build a proven safety record.
Professional Certifications
Safety certifications and professional licenses can lower your insurance costs, especially in high-risk industries. OSHA certifications show insurers you prioritize workplace safety, often earning you premium discounts of 5% to 10%.
Maryland Business Insurance Buying Guide
Running a business can be overwhelming, and finding the right insurance coverage shouldn't add to your stress. Our guide breaks down getting business insurance into simple steps that work for Maryland businesses.
What Coverage Is Required?
We've researched Maryland's business insurance requirements to save you time. Check the section below for a complete breakdown of what coverage your business needs.
Workers' Comp
Maryland requires workers' compensation insurance for most businesses, with some of the most comprehensive coverage rules in the nation. You must carry workers' comp if you have one or more employees, including part-time, seasonal and temporary workers. Maryland includes executive officers and LLC members who receive wages as employees requiring coverage. The only exemptions are sole proprietors working alone and business partners, though they can choose to buy coverage. Construction businesses face stricter rules and must cover all workers on job sites.
Commercial Auto Insurance
Small businesses that own vehicles or require employees to drive for work need commercial auto insurance. Maryland requires all vehicles to carry at least $30,000 per person and $60,000 per accident for bodily injury, plus $15,000 for property damage. You'll also need personal injury protection coverage of at least $2,500, which covers medical expenses regardless of fault.
Unemployment Insurance
Maryland requires unemployment insurance for businesses that pay wages of $1,500 or more in any quarter or employ one or more workers for 20 weeks during a calendar year. You must register with the Maryland Department of Labor and pay quarterly contributions. New employers pay a standard rate until they establish an experience rating based on their claims history.
Professional Liability insurance
If you hold a professional license in Maryland for medical, legal, architectural or engineering work, you'll need professional liability insurance. Healthcare providers must carry malpractice coverage with minimum amounts set by the state, while other professionals should check with their licensing boards for specific requirements.
Contractor Bonds and Insurance
If you hold a contractor license in Maryland, you'll need to post a surety bond and carry liability insurance. Home improvement contractors must carry at least $50,000 in liability coverage and post bonds ranging from $20,000 to $50,000 depending on their license type. This protects customers if you don't complete work as promised or follow licensing rules.
What Coverage Do We Recommend?
Maryland keeps business insurance requirements minimal, leaving protection choices up to you. Here's our analysis of the best coverage options for the state's leading industries:
Tech/IT | Professional liability (E&O), cyber liability, general liability, commercial property, intellectual property insurance, directors & officers (D&O), government contracting coverage, security clearance protection | Maryland tech companies face massive cyber attack exposure, government contract disputes and intellectual property theft. Proximity to the NSA and federal agencies elevates cyber targeting, while security clearance work requires specialized liability coverage. |
Consulting | Professional liability (E&O), general liability, cyber liability, employment practices liability, commercial property, business interruption, government contracting coverage, security clearance liability | Maryland consultants serving federal agencies face high-stakes liability from strategic advice failures and security breaches. Government contracting requires specialized coverage for contract disputes, security violations and compliance failures. |
Manufacturing | General liability, product liability, workers' compensation, commercial property, business interruption, environmental liability, hurricane coverage, biotech manufacturing coverage, defense contracting coverage | Maryland manufacturers in biotechnology, aerospace and defense face product liability from safety-critical components and biotech contamination risks. Hurricane damage and federal contract compliance create specialized coverage needs. |
Marine | Marine general liability, hull and machinery, commercial fishing vessel, blue crab harvesting coverage, hurricane coverage, Chesapeake Bay operations coverage, pollution liability | Maryland marine businesses on Chesapeake Bay face hurricane damage, crab industry liability, and environmental restrictions. Blue crab harvesting requires specialized coverage for seasonal operations and Bay pollution liability from agricultural runoff. |
Food | General liability, product liability, commercial property, equipment breakdown, business interruption, contamination coverage, recall coverage, seafood processing coverage, hurricane coverage | Maryland food processors handle blue crab, oysters and agricultural products with contamination risks from Chesapeake Bay pollution. Hurricane damage can trigger widespread recalls, while seafood processing requires specialized contamination coverage. |
How to Get the Best Cheap Business Insurance in Maryland
Running a small business in Maryland means juggling many responsibilities, including finding the right insurance coverage. Here's how to secure reliable protection for your business while keeping costs manageable:
- 1
Assess Your Actual Risks First
Start by evaluating real business risks rather than accepting blanket recommendations. A Baltimore restaurant needs strong liability and property coverage, while a small tech startup might focus on cyber security and professional liability protection.
- 2
Get Quotes from Multiple Insurers
Insurance companies calculate risk differently, leading to significant price variations for the same coverage. Contact at least three providers to compare rates, as Maryland businesses often find savings of several hundred dollars annually through comparison shopping.
- 3
Choose Providers Based on Service Quality
Investigate each insurer's financial strength, claims processing speed and industry expertise. A Maryland construction company needs an insurer experienced with builder's risk coverage, while a retail store wants quick response times for property damage claims.
- 4
Maximize Available Discounts
Look for opportunities to bundle policies and implement safety programs. A Maryland manufacturing company could combine general liability with property insurance and document regular safety training to reduce premium costs.
- 5
Review Coverage Annually
Business needs evolve with growth and market changes. An Annapolis retail shop expanding to multiple locations needs updated property coverage, while adding delivery services requires commercial auto insurance consideration.
Maryland Business Insurance: Bottom Line
Based on our analysis, NEXT, The Hartford and Simply Business are Maryland's best business insurance providers. However, your choice depends on your business risks and employee needs. Research each company's service quality, maximize discounts and select coverage that fits your budget.
Small Business Insurance in Maryland: FAQ
Maryland business owners often face complex questions about insurance coverage for their companies. Our research team provides clear answers to your most common questions below.
What business insurance is required by law in Maryland?
Maryland requires workers' compensation insurance for businesses with one or more employees. Commercial auto insurance is mandatory for business vehicles with minimum limits of $30,000/$60,000/$15,000. Licensed contractors must carry surety bonds.
How much does business insurance cost in Maryland?
Our analysis shows that business insurance costs range from $70 to $141 monthly, depending on coverage. Workers' comp is the most affordable at $70, while BOPs cost $141. Actual costs depend on your industry, business size and claims history.
Which company has the cheapest business insurance in Maryland?
The Hartford offers the lowest rates at $80 monthly in Maryland, with Thimble ($89) and Simply Business ($92) following behind. Always compare quotes since rates vary based on specific risks.
What business insurance do I need for my small business in Maryland?
Begin with general liability insurance to protect against customer injuries and property damage. Include workers' compensation for employees and commercial auto for company vehicles. Retail stores need property coverage, while contractors require tools and equipment insurance.
What is the best business insurance company in Maryland?
NEXT and The Hartford tie as the best business insurance companies in Maryland, both with MoneyGeek scores of 4.64. Simply Business and Nationwide are also excellent choices. Compare multiple providers to find coverage that matches your business requirements.
Do small businesses in Maryland need workers' compensation insurance?
Maryland requires workers' compensation insurance for all businesses with one or more employees. Lacking coverage can result in penalties and leave business owners financially vulnerable to workplace injury claims.
What factors affect business insurance costs in Maryland?
Your industry type significantly impacts costs. Construction businesses pay higher premiums than consulting firms. Location affects rates, with Maryland's coastal areas paying more due to hurricane risks. Employee count drives workers' compensation costs, while claim history and safety certifications influence rates.
How do I get cheap business insurance in Maryland?
Compare quotes from multiple insurers like NEXT and The Hartford, which rank highest for Maryland businesses. Bundle policies, implement safety programs and assess your specific coverage needs to reduce costs.
What's the difference between general liability and errors and omissions (professional liability) insurance in Maryland?
General liability insurance protects against physical incidents like customer injuries and property damage. Professional liability (E&O) covers service-related mistakes, including missed deadlines and incorrect advice.
Can I get business insurance quotes online in Maryland?
Yes, leading providers offer online business insurance quotes in Maryland. Have your business information ready for accurate quotes. Complex businesses may need an agent for specialized coverage.
How We Scored the Best Business Insurance Companies in Maryland
Small business owners in Maryland need reliable coverage that protects their operations without breaking their budgets. We designed our methodology to help Maryland entrepreneurs navigate challenges like hurricane risks and the state's workers' compensation laws.
We studied thousands of quotes from 79 industries across four coverage types for a two-employee firm with $300,000 annual revenue and $150,000 payroll. All policies included $1 million per occurrence and $2 million total per year, with BOPs adding $5,000 business property coverage.
- Affordability (50% of score): We compared rates across carriers using identical business profiles and coverage levels to identify the most cost-effective options for Maryland businesses.
- Customer experience (30% of score): Our analysis examined claims handling, customer support responsiveness and digital tools to measure service quality.
- Coverage options (15% of score): We evaluated policy customization options, industry-specific endorsements and coverage flexibility.
- Financial strength (5% of score): We reviewed AM Best ratings and other financial metrics to ensure reliable claims-paying ability.
This approach helps Maryland small business owners compare insurers on what matters most: affordable premiums, reliable service, adequate coverage and financial stability.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- NOAA. "Office for Coastal Management." Accessed August 23, 2025.
- Trustpilot. "NEXT." Accessed August 23, 2025.
- Trustpilot. "Simply Business US." Accessed August 23, 2025.