Lewiston Business Insurance

Your Complete Guide to Lewiston, ME, Business Insurance

You need more than a generic business insurance policy.

Lewiston businesses provide this Maine community with the goods and services they need most. When a weather event or other unexpected disaster strikes, business insurance helps these companies get back up and running as quickly as possible. Business owners in Lewiston depend heavily on their insurance policies to protect them from financial harm due to liability lawsuits and property damage. 

Designing a business insurance policy that includes all of the coverage a Maine business requires is no easy task. Lewiston independent insurance agents help these business owners get the coverage they need from trustworthy insurers. 

As a business owner in Lewiston, you deserve more than a generic business insurance policy from an online search bot. Contact a Lewiston insurance agent to get started today. 

Why Do Businesses in Lewiston, Maine, Need Liability Insurance?

Business liability insurance forms the backbone of a commercial insurance policy. If a business is sued for a covered event, this policy provides funds for a company's legal fees, financial damages, and court costs, regardless of the outcome of the case.

Liability lawsuits are time-consuming and expensive, so it's important to make sure you work with your agent to set liability limits that are high enough to protect you from this type of action. 

Your agent may have specific recommendations based on your business type. 

  • Premises liability insurance: This covers third-party injuries, illnesses, and property damage that occurs due to an accident on your business property. 
  • Product liability insurance:  This covers third-party injuries, illnesses, and property damage that is caused by defects in products your business produces, sells, or promotes.
  • Employment practices liability insurance: This covers lawsuits related to accusations of illegal employment practices such as discrimination, harassment, breach of contract, and wrongful termination.
  • Cyber liability insurance: This covers financial losses and liabilities if hackers access your computer systems and steal sensitive customer data such as financial information, credit card numbers, Social Security numbers, or personal data.
  • Pollution liability insurance: This covers cleanup costs and damage if your business is responsible for an accident that leads to the pollution of the ground, water, or air.
  • Commercial vehicle liability insurance: This is required by law if your business owns and operates vehicles. It can cover your company’s increased liability risks if one of your drivers causes an accident that results in third-party injuries or damage.

There may be other policies that your agent will recommend. They can walk you through your options and help you make the right decisions to protect your business. 

What Insurance Products Cover Your Lewiston Business Property?

In Lewiston, your business is most likely to experience damage or property loss due to weather. Here are the number of recent disasters causing widespread damage in this area:

  • Storms: 7
  • Hurricanes: 5
  • Floods: 4
  • Snowstorms: 4
  • Blizzards: 3
  • Snowstorms: 3
  • Tropical storms: 2
  • Winter storms: 2
  • Snowfall: 1
  • Tornado: 1
  • Wind: 1

Fortunately, a commercial property insurance policy covers most of the damage resulting from these disasters. Your insurance policy covers damage to your furniture, supplies, inventory, computers, and merchandise. 

Depending on the nature of your business, you may require different types of commercial property insurance. 

  • Inland marine insurance:  This covers portable business property while it is in transit or is stored away from your place of business, such as at a worksite.
  • Boiler & machinery insurance: This covers the repair or replacement of a broken down furnace or other machinery, and can also cover any business losses associated with machine malfunctions.
  • Bailee's insurance: This covers valuable property owned by others whenever it is in your business’s care, custody, or control, such as when you are performing repair or maintenance services on it.

Your property insurance policy doesn't cover damage due to flooding, even after a covered weather event. Flood damage often causes extensive harm to a business. Talk with your agent about adding commercial flood insurance to your policy. 

Tornadoes are rare in the Lewiston area, but they do cause widespread damage. In 1979, a category F4 tornado 8 miles from Harford generated wind speeds between 207 and 260 miles per hour. It caused as much as $500,000,000 in damage. Another tornado in 1989 28 miles from Lewiston injured 40 people and caused the same amount of damage. 

Your agent can help you understand your risks in the Lewiston area. Since they are local, they can talk with you about the perils associated with living in Maine and how best to insure against those hazards. 

Why Is Business Interruption Insurance a Good Idea in Lewiston, ME?

It may take time to rebuild or make necessary repairs after a disaster. During this time, many businesses must close their doors to focus on getting back up and running. Shutting down to rebuild can cause untold amounts of financial stress. There have been a number of federally declared natural disasters in Lewiston in the past. 

The number of natural disasters in Androscoggin County (27) is a lot greater than the US average (13).

  • Floods: 17
  • Storms: 12
  • Snows: 7
  • Winter Storms: 4
  • Hurricanes: 3
  • Heavy Rains: 2
  • Blizzard: 1
  • Ice Storm: 1
  • Mudslide: 1
  • Snowfall: 1
  • Snowstorm: 1
  • Tornado: 1
  • Wind: 1

If you have a business interruption insurance policy, you'll have access to funds necessary to keep paying your normal monthly bills while you get back to normal. You may be able to keep your employees on salary as well. 

Your agent can help you understand how this essential coverage works to keep Lewiston businesses afloat after a disaster.

Do Businesses in Lewiston Need Workers' Compensation Insurance?

Lewiston businesses must follow Maine laws about providing workers' compensation insurance to their employees. If you have more than one employee, you must provide them with workers' compensation insurance coverage. In Maine, independent contractors don't count as employees, but you must provide coverage for their subcontractors. 

You can exclude casual or seasonal laborers in an agriculture or aquaculture business but you must carry at least $25,000 in liability insurance plus $5,000 in medical payments coverage for six or less of those employees. If you have six or more of this type of employee, you must have liability insurance of $100,000 each for full-time employees and at least $5,000 in medical payments coverage. 

You can purchase workers' compensation insurance from a commercial provider or from Maine's state-administered fund with help from your agent. 

What about Insurance Products for Employee Benefits Packages?

Offering a competitive benefits package to current and prospective employees is a great way to make your business valuable to your community. Studies show that even small businesses can retain and attract top talent if they provide good healthcare and life insurance packages. 

Your independent agent in Lewiston can help you evaluate your many options for life insurance and health insurance. Although this coverage can be confusing and expensive, your agent can help you through the process and make sure you locate a good policy from a trustworthy provider that also fits into your company's budget. 

Your agent can talk with you about how best to provide value for your employees with a comprehensive benefits package. 

Why Work with an Independent Insurance Agent in Lewiston, ME?

When it comes to commercial insurance, every business has individual needs and concerns. There's no need to dive into the complicated world of business insurance on your own. 

Don't settle for a policy you found using a generic search engine on the internet. Reach out to an independent insurance agent in Lewiston who understands Maine's laws and can take your concerns into consideration. 

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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https://www.census.gov/quickfacts

https://www.fema.gov/disasters

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https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/alter-benefits-attract-retain.aspx

https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits

https://www.city-data.com/city/Lewiston-Maine.html