Small businesses currently employ more than 289,000 workers across Maine. Without the right business insurance to protect these companies, any of them could face bankruptcy after just one huge disaster like a fire. Business insurance can help companies financially recover after major unexpected incidents.
An independent insurance agent in Scarborough can help your business get the proper coverage. They'll ensure you get equipped with the right business insurance from the start. For starters, though, here's an overview of business insurance in Scarborough, Maine.
How Much Does Business Insurance Cost in Scarborough, ME?
Business insurance costs vary just as much as the type of business. Your location, niche, business size, and more all influence the cost of your business insurance coverage.
More factors that affect business insurance costs in Scarborough include:
- How many employees you have
- Your annual payroll and revenue
- Your exact operations
- Your unique exposures
- The type of coverage you need
Once you've told your independent insurance agent all these details about your business, they'll help you by providing several quotes for business insurance coverage from multiple carriers. Together, you two can select the policy that offers the best blend of coverage and price.
Is Business Insurance Required in Scarborough, ME?
With few exceptions, if your business has one or more employees, it must have workers' compensation to operate without penalty in Maine. This is typically the only part of business insurance mandatory by law. Workers' comp protects against company incidents of employee injury, illness, or death and related employee lawsuits against the business.
What Does Business Insurance Cover in Scarborough, ME?
Your business insurance policy will have to reflect the needs of your company's unique niche and operations.
Scarborough businesses usually start with these coverages:
- Cyber liability insurance: Reimburses a business for costs related to incidents of hacking, data breaches, etc.
- Commercial auto insurance: Reimburses a business for costs related to incidents involving company vehicles.
- General liability insurance: Reimburses a business for lawsuit costs after a third party sues it for personal property damage or bodily injury.
However, they may also need to add these:
- Employment practices liability insurance: Reimburses a business for lawsuit costs if an employee sues it for wrongful termination, discrimination, etc.
- Premises liability insurance: Reimburses a business for lawsuit costs if a third party claims injury or property damage on the company premises.
- Pollution liability insurance: Reimburses a business for lawsuit costs if a third party sues it for alleged pollution.
Your independent insurance agent in Scarborough will help you build a business insurance policy that best meets your unique business's needs.
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What Does Small Business Liability Insurance Cover in Scarborough, ME?
Without the right small business liability insurance, your company could face bankruptcy after just one unexpected lawsuit. Since third parties, like customers, can sue your business at any time, having enough liability coverage is crucial. Ask your independent insurance agent about getting equipped with small business liability insurance today.
Are There Any Small Business Health Insurance Plans in Scarborough, ME?
Small businesses in Scarborough with 50 or fewer employees can get health insurance plans through Maine's Small Business Health Options Program (SHOP). Your business might even qualify for tax credits through SHOP if it has 25 or fewer employees. You can find these plans on SHOP's website or with the help of your independent insurance agent.
What Are the Best Small Business Insurance Companies in Scarborough, ME?
Small business insurance is available from many insurance companies in Scarborough, but we've compiled a list of just a few of our top picks for quality, affordable coverage.
|Best Small Business Insurance Companies in Scarborough, ME||Star Rating|
|The Andover Companies|
Why Work with an Independent Insurance Agent in Scarborough, 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.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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