Business Insurance in Portland, ME

Portland, ME has a long history of fishing and agriculture industries, and the town is known for its commerce and tourism. With a local population of more than 66,000, there are many potential customers to serve in any business niche.

For the 147,270 small businesses in Maine, you'll need coverage. An independent insurance agent can help you find a policy for a low price. But first, here's a closer look at how business insurance breaks down in Portland, Maine.

How Much Does Business Insurance Cost in Portland, ME?

It's hard to offer an average figure for the cost of business insurance because all companies need unique policies. The cost of your policy will depend on several factors, including:

• Your business's size
• Your business's annual revenue
• Your business's risk level
• Your business's specific operations
• The coverages you select
• The deductibles and limits you select

As a result, the look and cost of your business insurance policy might differ from your neighboring businesses. Regardless, an independent insurance agent in Portland can help you get set up with the right coverage at an affordable rate.

Is Business Insurance Required in Portland, ME? 

Portland, ME, does not require businesses to carry liability insurance to operate. However, the state does require every business with employees to have workers' compensation to protect their employees.

Workers' comp covers your team in case of injury, illness, or even death on the job or due to job-related activities. If you provide workers' comp, employees also forfeit the right to sue your business for their injuries, etc. So workers' comp protects both the employees and the business from disaster.

What Does Business Insurance Cover in Portland, ME? 

Business insurance policies vary depending on the needs of your company. But common coverages found in business insurance policies in Portland include:

• General liability insurance: Protects businesses against lawsuits filed by third parties, including customers and other guests, for personal property damage or bodily injury claims. 
• Commercial auto insurance: Protects company vehicles against many disasters, including theft and more.
• Employment practices liability insurance: Protects the business from claims of employee harassment, discrimination, wrongful termination, and more.
• Pollution liability insurance: Protects the business from claims of polluting the environment with its products or operations.
• Cyber liability insurance: Protects the business's private and sensitive data stored electronically against theft, hacking, and more.
• Premises liability insurance: Protects the business from injury, property damage, etc., to third parties on the premises.

Be sure to work with an independent insurance agent in Portland, ME to get your business adequately equipped with every type of coverage it needs. 

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

Small business liability insurance protects against lawsuits filed by third parties. This coverage reimburses small businesses for the cost of attorney, court, and settlement fees if they get sued by a customer, delivery person, or other third party for claims of bodily injury or personal property damage by the business or its premises. Without small business liability insurance, the hefty cost of a lawsuit and potential settlement fees would have to be paid for by the business.

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

There are small business health insurance plans available in Portland, ME. Businesses in the city may even qualify for tax credits on their coverage if they meet these criteria:

• 25 or fewer full-time employees
• Offer annual wages of less than $50,000 per worker
• Contribute a minimum of 50% toward employee coverage

Small business health insurance tax credits are available thanks to the Patient Protection and Affordable Care Act. Federal tax credits can provide up to 50% of the cost of health insurance premiums for employees for qualifying small businesses.

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

Many different insurers offer small business insurance in Portland, ME. However, we're hoping to simplify your insurance hunt by providing a list of our top recommendations for your area.

Best Small Business Insurance Companies in Portland, ME	Star Rating
Progressive
Travelers
Acadia
Encova
Liberty Mutual

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

There's no such thing as a one-size-fits-all business insurance policy. With a wide variety of products and options at your disposal, you can put together a solid business insurance package that's custom-built for your company.

Independent insurance agents can help you choose the right policies and options to meet your company’s specific coverage needs. Because they're independent, these agents can work with several of the best business insurance companies in Maine to find you the right coverage at a great price.