Maine business insurance
There are two types of insurance coverage every business in Maine is required to have, and several that are recommended. Here we’ll go into how you can protect your business.
If you’re looking for an ideal location to start your business, there are few better than the Pine Tree State. Maine is an entrepreneur’s utopia, with small businesses making up 99.2% of all companies and employing over half of the state’s workforce.1
As a small business owner in Maine, there are certain bases you need to have covered before you can safely (and legally) operate. One of those bases is business insurance. In this guide, you’ll learn about the types of insurance you’re required to have, and some other coverage options to help you protect your business from the financial consequences of potentially expensive claims.
All employers in Maine with one or more employees are legally required to have workers’ compensation insurance. Workers’ compensation insurance exists to safeguard employees from financial impact related to injuries or illnesses sustained on the job. As a business owner, it also protects you from liability related to employee injuries. Workers’ compensation covers expenses and lost wages caused by the following:
If you drive a car, truck or van as part of your business operation, you’re required to have auto liability insurance and first party medical payments or qualify as a self-insurer. Auto liability insurance can protect you and your business from the financial consequences that may arise from the following types of third-party claims resulting from auto accidents involving your vehicle:
Bodily injury – If you get into an accident and the driver or a passenger of the other vehicle is injured, your auto liability insurance covers the costs arising out of bodily injury, including medical expenses and death benefits.
Property damage – In the above scenario, it’s extremely likely the other car sustained some damage as well. Your auto policy’s property damage liability insurance covers the cost to repair or replace the other party’s vehicle.
In Maine, your auto liability insurance policy also provides coverage for:
Medical payments – Maine also requires $2,000 in medical payments coverage per person. This covers medical expenses incurred by you and your passengers.
Also, depending on the use of your vehicle, the kind of vehicle or if your vehicle is registered or titled under your business name, you may need a commercial auto insurance policy to legally register your vehicle and avoid penalties.
General liability insurance (also known as CGL—for commercial general liability) is one of the most essential and effective ways to safeguard your business. It protects your business from the financial consequences resulting from liability related to third-party non-employee bodily injury or third party property damage that arises from your business operations. It also provides coverage for personal and advertising injury. Without general liability insurance coverage, you could be in financial trouble in the event of an unfortunate accident involving a customer or other third party.
If you provide professional services and your advice is alleged to have led to one of your clients suffering a financial loss, professional liability insurance can help. When a former customer or client claims—rightly or wrongly—that a mistake in your work led them to suffer a financial loss, professional liability insurance provides you with investigation and defense of the claim as well as making payments of any settlements or judgments.
Inland marine insurance is designed to protect that vital equipment you use to make your business run smoothly. It protects your business by covering costs associated with accidentally damaged, lost or stolen equipment that is on the go with you. Whether you have an expensive tool collection, pricey construction materials, or other equipment you transport to a job site, having inland marine insurance is a no-brainer. At Thimble, we offer inland marine insurance, or Business Equipment Protection as we call it, with coverage for up to $5,000 worth of business property and equipment.
Commercial property insurance protects your company’s building and the contents inside it from all kinds of risks of physical loss or damage, including theft, vandalism, fires and natural disasters such as floods, storms or earthquakes. Commercial property insurance is often included as part of a Business Owners’ Insurance Policy, or BOP.
No matter what your business is, if you’re in Maine, you’ll benefit from being insured. If a non-employee slips and falls due to a workplace hazard or you accidentally damage a client’s property while working in their home, the last thing you need is to pay out-of-pocket for damages. In Maine, Thimble’s business insurance covers:
At Thimble, the cost of your business insurance depends on a variety of factors. The amount of risk involved in your business, the industry you’re in, and the amount of business you do all play a part in determining your policy premium.
Another important factor is your location. More populated areas like Bangor or Portland might have higher premiums on average than less populated locations like Saco or Westbrook.
Finally, Thimble will look at factors such as your crew size, coverage amount and the number of years you’ve been in business before determining how much your premium will be.
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If you’re serious about starting your business in Maine, take some time to consider what kinds of insurance coverage you’ll need. Being covered means you can focus on growing your company without worrying about expensive insurance claims.
Even if you’re just starting up, you can find Maine business insurance coverage that’s right for you. Through Thimble, you can get a quote for your general liability insurance, professional liability insurance or Business Equipment Protection in less than a minute and if you decide to buy, you’ll be able to access your policy and Certificates of Insurance (COIs) in your inbox instantly.