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Every business – big or small – faces risks. Whether it's a customer slipping on a wet floor, a cyberattack threatening your data, or a sudden fire turning your inventory into ashes, there are a thousand ways a business can be ruined.
Small businesses are vulnerable carrying the risks large companies have while having fewer resources to face adversity.
Business Insurance is a Shield for Small Businesses
Business insurance shields you from losses that follow unfortunate events.
It keeps you from fretting & adds to credibility by demonstrating to both customers and partners your readiness for any challenge.
It can cover various situations such as property damage, liability claims, employee injuries, and even legal expenses. By having business insurance in place you not only protect your company but also safeguard your personal assets. What are BOP & General Liability Insurance?
Maryland Small Business
Small businesses are firms with fewer than 500 employees. Maryland has 634,622 small businesses as of 2022, making up 99.5% of the state’s total companies. Between March 2020 and March 2021, there was a net loss of 499 small businesses in Maryland. 1
As you can imagine some of those closures could have been prevented with proper business insurance.
BlueSky Construction, a contracting company based in Silver Spring, had several employees injured on the job. Lacking proper workers' compensation insurance, they had to cover medical bills and lost wages directly from their operational budget. The strain made it difficult to complete projects on time ultimately leading to bankruptcy.