Small businesses in Maine most often buy these types of insurance.
This policy is important for all Maine businesses. It covers common risks, including customer injuries. Most commercial leases require this business liability insurance.
Maine state law requires every business that has employees to provide workers’ compensation insurance. It also protects sole proprietors from work injury costs that health insurance might deny.
This policy is required for business-owned vehicles in Maine. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
A BOP bundles commercial property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for a Maine business.
This policy, also called errors and omissions insurance (E&O), protects professionals whose work depends on their expertise. It helps pay legal defense costs related to the quality of your work.
E&O, sometimes called professional liability insurance, is common with professional services in Maine. It can cover the cost of lawsuits related to your work performance.
This policy covers financial losses from data breaches and cyberattacks. It's recommended for Maine businesses that handle credit card numbers and other sensitive data.
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
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State laws can affect which business insurance coverage you need. These policies are required everywhere in Maine, from Portland to Augusta.
Maine state law requires [PDF] businesses with one or more employees, full-time or part-time, to carry workers’ compensation insurance. Independent contractors do not count as employees, but if those contractors employ subcontractors, the subcontractors must be covered by a workers’ comp policy.
Workers' comp insurance covers medical costs for work-related injuries and illnesses. It also provides disability benefits to injured Maine workers.
Maine's minimum requirements for auto liability insurance are:
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy (BOP).
Maine's data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Contractors often need to carry commercial general liability insurance or surety bonds to perform certain types of work. Having the right insurance and bonds helps you comply with state licensing requirements.
Real estate agents and brokers and other professionals who offer advice or services sometimes need errors and omissions insurance (E&O; also known as a professional liability insurance policy) to get licensed in their state.
Cannabis businesses in Maine are not required to carry cannabis business insurance in order to operate legally. However, coverage is strongly recommended to keep your business protected.
Note that cities and counties may have their own laws, in addition to state laws.
As with any purchase, shopping around is one of the best ways to find an affordable option. With Insureon, you can compare business insurance quotes from top-rated providers by filling out a free online application.
Other ways to save include bundling policies for a discount, and choosing less expensive coverage options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.