Business Insurance in Houlton, ME

Experts break down Houlton, ME business insurance costs, coverage, companies, and more.

Business of flower shop with woman owner. How to Find the Best Business Insurance in Houlton, Maine.

Houlton, ME, is a town on the US-Canada border. There are over 147,000 small businesses in Maine. Healthcare and hospitality are among the top industries in Houlton.

Every business owner in Houlton needs a comprehensive business insurance plan. Business insurance protects your assets and employees when something goes wrong. Since every company has unique risks, it's essential to understand your exposures and find the right policies to cover them. 

An independent insurance agent can help you compare business insurance quotes in Houlton, ME. 

How Much Does Business Insurance Cost Houlton, ME?

Business insurance costs in Houlton, ME, vary across businesses and industries. In general, your insurance costs will vary depending on the size of your business, the number of employees you have, the amount and value of your commercial property, the location of your business, and a variety of other variables. 

Depending on your business's risk, you'll pay more or less than average for your insurance coverage. Some companies might be more susceptible to property losses from natural disasters, severe weather, or crime because of their location. 

There have been 62 federally declared disasters in Maine since 1953. And even everyday events can easily cause unexpected property damage. The leading causes of property losses in Maine are as follows:

  • Severe storms and lightning
  • Flooding and water damage
  • Heavy snow
  • Hurricanes and tropical storms
  • Burglary and other property crimes

A local independent insurance agent can help you assess all the risks you face to understand your business insurance costs better.

Is Business Insurance Required in Houlton, ME?

Business insurance is a set of insurance policies that cover commercial property and liability risks. Most types of business insurance are not required in Houlton, ME, but you must purchase commercial auto insurance if your business owns any vehicles. 

Maine law requires business vehicle owners to purchase commercial auto insurance with the following minimum coverage limits:

  • Liability coverage with minimum limits of $50,000 per person/$100,000 per accident for bodily injury and $25,000 for property damage
  • A minimum of $2,000 per person in medical payments coverage
  • Uninsured and underinsured motorist coverage at a minimum of $50,000 per person/$100,000 per accident

Bodily injury liability insurance covers you if you are at fault in an accident and someone other than yourself is injured. Property damage liability insurance covers damage to another person's vehicle or property in an accident that is your fault.

In addition to commercial auto insurance, most employers with at least one employee must have workers' compensation insurance, with a few exceptions. Workers' compensation insurance pays for lost income and medical expenses when employees are injured at work. 

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What Does Business Insurance Cover in Houlton, ME?

A typical business insurance package in Houlton, ME will include the following types of coverage:

  • Commercial general liability (CGL) insurance: Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your CGL policy even covers personal injury claims such as libel and slander.
  • Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, or other covered perils. 
  • Business interruption coverage: Protects your earnings and pays certain expenses if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you are forced to close for a while to make repairs or rebuild your business, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
  • Commercial auto insurance: Protects your business-owned cars and trucks from property damage and liability claims. 
  • Workers’ compensation insurance: Pays for medical expenses and a portion of an employee's lost wages after a work-related injury. 

Don't settle for cookie-cutter insurance for your Houlton, ME business. Your business insurance package may include additional policies that cover your unique risks. 

What Does Small Business Liability Insurance Cover in Houlton, ME?

Lawsuits against businesses are common. From simple trips and falls to illnesses caused by tainted food or severe injuries caused by faulty products, the costs of defending yourself and paying the injured party can be devastating if someone accuses you of negligence.

Even if claims against you are unfounded, you always have to defend yourself if you are sued. And mounting any defense will be costly.

That's why all businesses need liability insurance. A commercial general liability (CGL) policy offers broad protection from lawsuits. It covers court costs, attorney fees, and even settlements or judgments you must pay to the injured party. 

A CGL policy doesn't cover every kind of liability risk. There are additional small business liability policies available for many of these scenarios.

Talk to your independent insurance agent about why you might need environmental liability insurance, cyber liability insurance, or professional liability insurance to protect your assets from lawsuits appropriately. 

Are There Any Small Business Health Insurance Plans in Houlton, ME?

Most employers choose to offer an employee benefits plan because programs like health insurance, life insurance, disability insurance, and other benefits help attract and retain good employees. While employee benefits are often complex and expensive, they are necessary to keep employees healthy and satisfied.

And employers who offer small business health insurance plans may also be eligible for significant tax benefits. 

There are many different small business health insurance plans in Houlton, ME. A local independent agent can help you find an affordable small business health insurance plan that meets your needs.

What Are the Best Small Business Insurance Companies in Houlton, ME?

Finding the best small business insurance companies in Maine can be simple. A local independent insurance agent can help you get business insurance quotes from multiple insurance companies so that you can select the best policy for your needs and budget.

How Can an Independent Insurance Agent Help Me Find the Best Business Insurance in Houlton, ME?

Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, and can offer you a variety of business insurance quotes in Houlton, ME to help you make the best choice.  

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Contact an agent today for a free, no-obligation consultation. 

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https://www.census.gov/quickfacts/fact/table/houltontownaroostookcountymaine,US/PST045221

http://www.city-data.com/city/Houlton-Maine.html

https://www.maine.gov/pfr/insurance/consumers/auto-insurance/insurance-required-by-law

https://www.nolo.com/legal-encyclopedia/an-employers-guide-to-workers-compensation-in-maine.html