From large companies like Central Maine Medical Center to the shops, restaurants, and offices that line Main Street, every one of the hundreds of businesses in Lewiston, Maine plays an essential role in the local economy. Business insurance helps these companies stay profitable in times of trouble.
If you own a company in Lewiston, a local independent agent can help you find the best and most affordable commercial insurance products to cover your business's various exposures. Find an independent insurance agent near you to get more information and start comparing customized business insurance quotes.
Is Business Insurance Required in Lewiston, ME?
Business owners are not required by law to carry a business insurance policy. However, there are instances where certain types of business coverage may be necessary. For instance:
- If you are a contractor, you may need to provide your prospective clients with proof of liability insurance before they hire you to do a job on their property.
- If you are taking out a commercial mortgage or business loan, your lender may require you to carry commercial property insurance until your loan is paid in full.
- If you have company-owned vehicles, Maine state law requires you to cover them with commercial auto insurance.
- If your business has at least one employee, with very few exceptions, the state of Maine requires you to carry workers' compensation insurance.
Whether or not you need to have it, commercial insurance can prove beneficial. It can save your business from bankruptcy if an unexpected hardship like a liability lawsuit, a natural disaster, or a forced closure threatens your company's bottom line.
You can consult a local independent insurance agent to learn more about potential coverage requirements.
How Much Does Business Insurance Cost in Lewiston, ME?
Some small businesses can save money on insurance by purchasing a simple business owners policy (or "BOP"). The average cost of a BOP is about $100 a month. To qualify for a BOP, your business must:
- Be in a low-risk industry
- Have annual revenues of less than $1 million
- Have fewer than 100 employees
Businesses with more complex coverage requirements need to be covered by a standard business insurance policy. You can customize your coverage by including several appropriate policies and options. A business insurance policy package can cost a few hundred to a few thousand dollars a month.
Insurance providers base their business insurance rates on several factors like:
- The industry your company operates in, the services it performs, and its expected annual revenues
- The number of people you employ and the jobs they do
- The value of your company's property and assets
- Whether your company is open to the public
- Your company's various liability exposures
- The crime rate and weather risks where your business is located
- The coverage options and additional policies you want to include
To discover how much it will cost to suitably cover your particular business, you can request customized quotes from a few insurance companies. Comparing rates from at least three competing providers enables you to choose the policy that offers the coverage you want at the most competitive cost.
Independent insurance agents in Lewiston make comparison shopping easy.
What Does Business Insurance Cover in Lewiston, ME?
When you purchase a BOP, you can expect your policy to include the following types of coverage:
When you purchase a standard business insurance policy, you can buy each type of coverage and supplement them with any additional policies suitable for your particular business.
What Does Small Business Liability Insurance Cover in Lewiston, ME?
Even the smallest businesses are at risk of liability lawsuits. Commercial liability insurance products pay for legal defense fees, mediation costs, settlements, judgments, and other related expenses if your business is sued for a covered event.
General liability insurance is a standard part of every business insurance policy and BOP. It covers some of the most common liability risks businesses face. General liability insurance includes:
- Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by products your company produces or sells.
- Premises liability insurance: This covers third-party injuries and property damage resulting from accidents on your business premises.
- Media liability insurance: This covers against accusations of marketing errors like false advertising, deceptive pricing, and copyright infringement.
- Coverage against accusations of libel and slander
General liability insurance may not be enough to cover your business against all of its liability exposures. You may therefore want to supplement your BOP or business insurance policy with additional commercial liability insurance products. Here are some coverage types that may be suitable for your business:
- Employment practices liability insurance (EPLI): This covers your business against accusations of discrimination, harassment, wrongful termination, retaliation, or other illegal employment practices.
- Cyber liability insurance: This covers your company's financial obligations to affected individuals if cybercriminals break into your business's computer system and access their personal, financial, or other sensitive data. It can also cover data breaches related to skimmers on your company's credit card readers.
- Errors and omissions insurance: This covers your business and the people who work for you if missed deadlines, inadequate work, negligence, failure to act, or other professional errors cause your clients to experience financial losses, injuries, or other harm.
- Workers' compensation insurance: This is required of employers in Maine. It can help your company avoid liability lawsuits if your employees suffer work-related injuries or occupational illnesses. It can cover medical care, lost wages, job retraining, and other related expenses.
This is far from a complete list of all the commercial liability products available for you to include in your business insurance policy package. A local independent agent can help you identify your company's various liability exposures and recommend the right products to cover against them.
Save on Business Insurance
Our independent agents shop around to find you the best coverage.
How Does Business Insurance Cover Commercial Property in Lewiston, ME?
Commercial property insurance is a standard part of every BOP and business insurance policy. It is designed to cover repair or replacement costs if your business-owned property is damaged or destroyed by a covered event. Covered hazards that may affect businesses in Lewiston include:
- Fires and explosions
- Property crimes like theft and vandalism
- Falling objects like uprooted trees and hailstones
- Severe weather events like thunderstorms, windstorms, snowstorms, ice accumulation, and prolonged freezing temperatures
To ensure that your business property is fully covered against all potential risks, you may need to supplement your commercial property insurance with additional policies such as:
- Inland marine insurance: This covers your company's portable property whenever it is away from your place of business, such as at a job site, in a warehouse, or in transit over land.
- Flood insurance: Commercial property insurance does not cover flood damage. However, nearly 200 businesses in Lewiston have a severe risk of sustaining significant flood damage over the next 30 years. If your business is among those at risk, you can supplement your coverage with a commercial flood insurance policy through the National Flood Insurance Program (NFIP).
- Equipment breakdown insurance: This covers the cost of repairing or replacing your company's well-maintained machinery and equipment if it malfunctions. It can also shield your business from revenue losses caused by mechanical failure.
- Bailee's insurance: This covers your customers' property when it is in your company's custody, care, or control. This coverage is ideal for businesses offering valet parking or customization, repair, maintenance, or alteration services.
Local independent insurance agents can ensure you have the right policies to suitably cover all your business-owned property.
How Does Business Interruption Insurance Protect Companies in Lewiston, ME?
If your business sustains serious damage due to a covered disaster like a severe winter storm or a structure fire, it may need to remain closed for several days or weeks while repairs are made. During times like this, business interruption insurance can be vital to the financial health of your business.
Business interruption insurance is designed to provide your company with a continuation of income when it is forced to temporarily halt operations due to damage caused by a covered event.
Your company can use the compensation provided by business interruption insurance to continue paying regular expenses like bills, salaries, taxes, loan installments, and rent until the damage is repaired and you can resume normal operations.
What about Products for Employee Benefits Packages?
You can give your business a competitive edge in recruiting and retaining the best employees by offering your workers desirable benefits. If interested, a local independent agent can help you find reasonably priced products to include in your employee benefits package, including things like:
- Group health insurance plans
- Group dental insurance plans
- Group vision insurance plans
- Group life insurance plans
- Simplified employee pension plans (SEP)
Your agent can also help you be sure that the health insurance plan you choose is accepted by many local doctors and medical facilities like Central Maine Medical Center and St. Mary's Regional Medical Center.
What Are the Best Business Insurance Companies in Lewiston, Maine?
The best business insurance companies in Maine are those that consistently provide their policyholders with exceptional customer service, reliable coverage, rapid claims processing, and competitive prices.
Independent insurance agents in Lewiston have partnerships with some of the area's most highly rated insurance providers. This lets you rest assured that any policies these agents recommend for your businesses come from insurance companies you can count on if you ever need to file a claim.
How Can an Independent Insurance Agent in Lewiston, ME Help Me Find the Best Coverage?
Independent insurance agents live and work in your community, so they are familiar with the risks you face as a business owner in Lewiston.
Your agent can perform a complete risk analysis of your company and can recommend the best and most affordable commercial insurance products to cover each identified exposure.
Arrange an obligation-free consultation with an independent insurance agent near you to get more information. You will soon discover how easy it can be to compare customized business insurance quotes from some of the best insurance companies in the Lewiston area.
TrustedChoice.com Article | Reviewed by Jeffrey Green
©2023, Consumer Agent Portal, LLC. All rights reserved.