Find the Best Business Insurance Options in Maine
All businesses in Maine need the protection offered by a business insurance policy. This coverage can help prevent businesses from financial losses caused by a number of threats, including employee theft, fire damage, and much more.
Maine currently has about 147,000 small businesses across the state, and all of them need coverage. The state's 289,156 small business employees need the protection of their employer's workers' compensation insurance, as well. An independent insurance agent in Maine can help you find the right business insurance, but first, here's a more extensive breakdown of this coverage.
Best Business Insurance Companies in Maine
Business insurance is available from many different insurance companies in Maine, but when you're in need of coverage, you want to skip straight to the best. That's why we've compiled a list of just the top business insurance companies in Maine for you to start with. Don't miss looking into business insurance from these carriers.
- Nationwide: Nationwide's large coverage catalog extends far beyond just business insurance. The insurance company also boasts outstanding ratings by both AM Best and the Better Business Bureau and offers 24/7 claims reporting for policyholders.
- Progressive: Progressive also has a large catalog that offers coverage far beyond just business insurance. The insurance company also has excellent financial strength and provides 24/7/365 customer service. You can also find many coverage discounts from Progressive.
- Amica: Amica has been in the industry for quite a long time and offers many products in addition to small business insurance and personal coverages. Amica is also rated "A+" for financial strength by AM Best.
- Allstate: Allstate remains one of the largest insurance companies in the nation and provides a huge assortment of personal and business insurance products. The insurance company works with independent insurance agents and is rated "A+" for financial strength by AM Best.
A Maine independent insurance agent can help you find the business insurance you need from one of these top-rated companies.
Maine Business Insurance Requirements
Though Maine state law doesn't require businesses to carry liability insurance or commercial property insurance, it's still necessary for all companies to at least consider getting these coverages. Without liability insurance, a business could potentially go bankrupt after just one lawsuit. Likewise, an extensive disaster like a major fire could destroy an entire storefront or all the business's inventory, and you might not be able to replace it without commercial property insurance. The only kind of coverage actually mandated by state law, however, is workers' compensation.
All businesses in Maine with at least one employee must have workers' compensation insurance to protect their team. So, the only state-mandated business insurance coverage is:
Optional business insurance coverages in Maine include:
- Commercial general liability insurance
- Commercial property insurance
- Commercial auto insurance
- Business income insurance
- Professional liability insurance
- Cyber liability insurance
A Maine independent insurance agent can help you find all the workers' compensation and other coverages your business needs.
What Business Insurance Covers in Maine
A full business insurance policy in Maine covers all aspects of your business that could face financial losses after a disaster. Commercial property insurance can protect your business's storefront or office as well as its inventory from numerous disasters, including theft and vandalism. Commercial auto insurance can protect your company vehicles against lawsuits and more. Business income insurance can help replace lost income if your business must temporarily close due to a covered disaster like a fire. Of course, the specifics of what your company's business insurance policy covers depends on the types of coverage you select.
Liability Coverage Options for Small Businesses in Maine
There are three main types of liability coverage needed by small businesses in Maine. They all protect your company against legal costs, but in different ways. These liability coverages are:
- Commercial general liability insurance: This coverage can help protect your business against financial losses caused by a lawsuit filed by a third party for claims of personal property damage or bodily injury caused by your company.
- Professional liability insurance: This coverage can help protect your business and workers against financial losses caused by legal claims by third parties that your staff gave them advice or performed a service in a way that caused injury or loss.
- Cyber liability insurance: This coverage can help protect your business against financial losses that occur because of a data breach or other kind of cyberattack that may expose sensitive information and records, including customer credit card numbers.
A Maine independent insurance agent can help your business get equipped with all the types of liability coverage it needs.
Property Coverage Options for Small Businesses in Maine
Your business most likely needs commercial property insurance if it has a physical location or inventory. All businesses that these criteria apply to should at least strongly consider getting:
- Commercial property insurance: This coverage can help protect your business against losses caused by damaged, destroyed, or stolen property or inventory due to theft, fire, vandalism, and other threats.
Your independent insurance agent in Maine can help your business get set up with all the commercial property insurance necessary for the job.
Other Insurance Options for Small Business Owners in Maine
There are other kinds of coverage, still, that you may want to consider adding to your business insurance policy. These include:
- Commercial auto insurance: This coverage can help protect against losses related to company vehicles, including lawsuits after accidents, theft or vandalism, and more.
- Business income insurance: This coverage can help protect your business from lost income caused by closures following covered disasters, such as fire damage.
An independent insurance agent in Maine can help your business get set up with these coverages and any others your unique company may need.
Average Cost of Business Insurance in Maine
The average cost of business insurance in Maine varies depending on a number of different factors. Your business's size and location are two of the biggest factors influencing your policy's costs, because larger businesses require more coverage. Further, if your business is located along the coast, it's more vulnerable to various weather threats, which can also increase the cost of your coverage. The type of business you run and its specific risks and operations also influence your company's risk level, so a business that inherently comes with more risks, such as a construction business, can expect to pay much more for coverage than a small bakery. Still other factors, including the number of employees your business has, the types of coverage you purchase, and your policy's coverage limits and other options can all also influence the cost of your business insurance.