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Business Insurance in Maine
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Required insurance policies for small businesses in Maine
State laws can affect which business liability insurance policies you need for your small business. These policies are required in Maine.
Workers' compensation insurance
Maine state law requires 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. This policy covers medical bills for work injuries and illnesses.
Commercial auto insurance
All business-owned vehicles in Maine must be covered by commercial auto insurance. Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance, as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
Maine's commercial auto insurance requirements are:
- Bodily injury liability: $50,000 per person / $100,000 per accident
- Property damage liability per accident: $25,000
- Uninsured motorist coverage: $50,000 per person / $100,000 per accident
- Medical payments coverage: $2,000
Recommended insurance policies for small businesses in Maine
General liability insurance
This policy is important for all Maine businesses. It covers common risks, including customer property damage and injuries. Most commercial leases require this coverage.
BEST FOR
- Customer injuries at your business
- Damaged customer property
- Libel or slander lawsuits
Professional liability insurance
This policy, also called errors and omissions insurance, protects professionals whose work depends on their expertise. It covers client lawsuits over mistakes and missed deadlines.
BEST FOR
- Work mistakes and oversights
- Professional negligence lawsuits
- Late or incomplete work
Cyber liability insurance
This policy helps Maine businesses survive data breaches and cyberattacks by paying for client notification costs, legal fees, and other related expenses.
BEST FOR
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Business owner’s policy
This policy bundles property insurance and general liability insurance in one plan. It's often the most cost-effective type of commercial insurance for a Maine business.
BEST FOR
- Customer injuries
- Damaged customer property
- Damaged business property
Workers’ compensation insurance
Maine state law requires every business that has employees to provide workers’ compensation insurance. It can cover medical costs for work-related injuries.
BEST FOR
- Employee medical expenses
- Partial missed wages
- Lawsuits over employee injuries
Commercial auto insurance
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.
BEST FOR
- Accidents involving business-owned vehicles
- Theft of a business-owned vehicle
- Damage to a company vehicle
Looking for different coverage? See more policies.
How much does small business insurance cost?
Commercial insurance can be affordable for a small Maine business. Factors that influence the cost include:
- Your industry and risk
- Coverage limits
- Location
- Number of employees
Insureon specializes in Maine business insurance
In Maine, insurance agents, agencies, and brokers are licensed by the Maine Bureau of Insurance. Insureon is licensed in Maine as BIN Insurance Holdings LLC (NPN 15752926) for property and casualty insurance (license number AGN179429). Verify our licensure with the Maine Bureau of Insurance License Information Search.
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