York, ME, was founded in 1652 and is one of the oldest towns in Maine. York is a popular summer resort town with beautiful beaches, numerous golf courses, and historical sights.
There are 369 businesses operating in York, with many involved in healthcare, professional services, and construction.
Whether you own a small or a large business in York, you need business insurance to protect you when something goes wrong. An independent insurance agent can help you compare business insurance quotes in York, ME to choose the best coverage for you and your employees.
How Much Does Business Insurance Cost York, ME?
Business insurance costs are not the same for every company in York, ME. Various factors are used to determine how much you'll pay for your business coverage. Some of the typical factors that are used to calculate business insurance premiums in York, ME are as follows:
- The company’s annual gross sales and payroll
- The company’s employee count
- The size and physical location of the company
- The company's physical assets (buildings, vehicles, machines, equipment, inventory, etc.)
- The nature of the business (what does the company do?)
- The company’s prior insurance claims history
If your city is prone to problems like crime and natural disasters, you’ll pay more for business insurance because you have a greater likelihood of filing a property damage claim.
In Maine, there have been 62 federally declared disasters since 1953. The main risks to property owners in Maine are:
- Severe storms and lightning
- Flooding and water damage
- Heavy snow
- Hurricanes and tropical storms
- Burglary and other property crimes
It’s essential to work with an independent insurance agent who understands all of your risks.
Is Business Insurance Required in York, 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 York, 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 York, ME?
Business insurance in York, ME pays for covered claims, so you don't suffer financial losses when something goes wrong. Depending on your coverage, it can help you pay for property damage, liability claims, and even worker injuries and illnesses.
Business insurance is not a single policy. Instead, it's a set of individual policies that offer comprehensive coverage for your business. A typical business insurance package in York, ME will include:
- 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, and 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.
Every business is unique, and there is no one-size-fits-all business insurance plan. Your business needs coverage that protects against its unique risk exposures, which means you're likely to need additional policies or special coverage to help you fully protect your business.
What Does Small Business Liability Insurance Cover in York, ME?
Liability insurance is critical for any small business in York, ME. Small business liability insurance is essentially lawsuit coverage.
Liability insurance protects your business when you are considered to be negligent or are blamed for causing harm to an individual or another business. This can be in the form of property damage, an injury, an illness, or some kind of reputational harm.
The main building block of your liability protection will be a commercial general liability (CGL) policy.
Commercial general liability (CGL) insurance provides broad protection for third-party bodily injury and property damage claims. It can help you cover the medical bills of injured individuals, repair or replace damaged property, pay for your legal defense if you are sued, and even cover penalties and judgments if you are responsible for a third party’s damages.
General liability insurance also provides coverage for product liability, advertising liability, slander, and libel claims against your business. Let’s say that in the course of advertising your business in the local newspaper, you cause a financial “injury” to a competitor by copying their advertising ideas, or infringing on a copyright or slogan. Your CGL policy would protect you if you were sued for damages as a result.
It’s important to understand that businesses often have liability risks beyond what a CGL policy can cover. Fortunately, there are several additional small business liability policies available. And in some cases, you can add the additional coverage you need to your CGL policy with an endorsement.
You can customize your small business liability insurance coverage to include the following, as needed:
- Employment practices liability insurance: Covers your business against accusations of illegal business practices such as discrimination and wrongful termination.
- Environmental liability insurance: Covers your business if an accident results in your company polluting the land, water, or air.
- Cyber liability insurance: Covers certain costs associated with cyberattacks, data breaches, viruses, and related lawsuits.
- Professional liability insurance: Covers individuals in professional positions if an error in judgment or a professional mistake causes financial damage to a third party.
An independent agent can help you determine if these or other small business liability products suit your York, ME business.
Are There Any Small Business Health Insurance Plans in York, ME?
Employee benefits like health insurance serve a critical purpose for many employees. Employee benefits are linked to a decrease in employee absenteeism and improved morale. Moreover, a good employee benefits plan that includes health insurance helps companies attract and retain top employees.
Employers who offer employee health plans may also be eligible for significant tax benefits.
Many different health insurance policy types and options are available for you in York, ME. A local independent agent can help you find affordable small business health insurance plans in your community.
What Are the Best Small Business Insurance Companies in York, 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 York, 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 York, 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.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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