While Maine may be a very diverse state geographically, economically, it may be even more diverse. With an eclectic mix of exports and services available in Maine, many business owners are constantly searching for competitive business insurance quotes. It's important to protect your business with insurance, whether it's a large national company or a small mom-and-pop shop because both are vulnerable to lawsuits and claims.
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What Types of Business Insurance Are There?
The most common types of business insurance coverage include these:
- General liability insurance: Insurance that protects activities/sections of your business not covered by other policies
- Commercial property insurance: Insurance that protects your property
- Commercial automobile insurance: Insurance that protects the automobiles that your business owns
- Workers compensation: Insurance that protects your business from lawsuits arising from employee work-related injuries
Your specific situation might also require that you purchase additional coverage to match your risks. The additional coverage types you may need will depend on the nature of the work you do. For example, they might include the following:
- Professional liability insurance: Protects your business from negligence claims and errors & omissions
- Product liability insurance: Protects your business from any claims related to manufacturing or producing your goods/services
- Business income insurance: Covers any loss of income or business due to a disaster
- Cyber liability insurance: Covers you in case of cyber crimes
With more than 150,000 small businesses based in Maine, it's important to carry commercial insurance in order to protect your company. There are typically two types of business insurance in Maine: a commercial package policy and a business owner's policy (BOP). A commercial package policy is completely customizable, whereas a business owner's policy is available prepackaged.
Why is business so good in Maine, and what industries do best here? Here's a few statistics to help you get a feel for the commercial climate and risks in this state.
- ME was one of the top 10 growing economies in 2013.
- Unemployment rate is low, at 5.7%.
- ME has a huge audio-visual market, bringing hundreds of millions of dollars into the state.
Why Do You Need Business Insurance?
The sole purpose of commercial insurance is to protect business owners from loss due to lawsuits, natural disasters, vandalism and much more.
Every policy contains exclusions, so it's important to review policies carefully before purchasing to ensure that the policy covers your business and its scope of work.
Many business insurance policies in Maine will also include an option for property insurance, which will protect your vehicles, buildings and inventory. Since these items can damage easily, this type of insurance is important to have.
For instance, if a building has a small fire and the sprinklers turn on, you may have significant damage to the property. Business insurance will help you repair the building. If a required piece of equipment malfunctions ruining inventory, business insurance may also help you recover the cost of the inventory.
Getting Commercial Insurance Quotes in Maine
Getting business insurance quotes can be simple; however, it takes a bit of foresight. You will need to write down your inventory, your scope of work, machinery and vehicles involved in production and location. When considering Maine commercial insurance and speaking it over with an agent, be sure to consider any safety concerns or other exposures that might bring a claim. Also, make sure that your insurance agent has some familiarity with your industry, along with experience insuring other businesses that are similar to yours. Make sure to cover any "gray" areas on the insurance policy so you have a clear understanding of what's covered, what's not and how to file a claim in case of an incident.
Getting Business Insurance Quotes in Maine
Trusted Choice® agents can help you navigate the confusing insurance market, making sure that you get a policy perfect for your situation. Trusted Choice agents write more business policies than any other brand, so your business will be in knowledgeable hands.