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Which insurance policies are recommended for Portland, ME businesses?
Maine thrives on small businesses with abundant opportunities for entrepreneurs. Protect your Portland business with these insurance products.
General liability insurance
General liability pays for legal costs from customer accidents, along with defamation and copyright infringement claims. Commercial leases in Portland often require this coverage.
BEST FOR
- Customer accidents at your business
- Damage to a customer's property
- Slander and other advertising injuries
Professional liability insurance
A professional liability policy covers legal costs related to claims of negligence, such as advice that caused a client to lose money. It's sometimes called errors and omissions insurance (E&O).
BEST FOR
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber liability insurance
Cyber insurance helps small businesses in Portland recover after a data breach or a cyberattack. Every business that handles customer information should have this coverage.
BEST FOR
- Data breach notification costs
- Fraud monitoring services
- PR campaigns after a breach
Business owner’s policy
A business owner's policy (BOP) is an affordable way to buy general liability coverage and commercial property insurance together. It's recommended for low-risk small businesses in Portland.
BEST FOR
- Customer slip-and-fall injuries
- Damaged business property
- Theft and vandalism
Workers’ compensation insurance
Workers' comp is required for Portland businesses with employees, with few exceptions. It also covers work-related injuries for sole proprietors, which health insurance may deny.
BEST FOR
- Medical bills from job-related injuries
- Disability benefits
- Legal fees from workplace injuries
Commercial auto insurance
All vehicles owned by Portland businesses must be covered by commercial auto insurance. This policy primarily covers injuries and property damage caused by your vehicle.
BEST FOR
- Injuries from an auto accident
- Damage caused by your vehicle
- Lawsuits from an auto accident
Errors and omissions insurance
E&O insurance protects consultants and professional services against legal defense costs from dissatisfied clients. It's also called professional liability insurance.
BEST FOR
- Errors and oversights
- Breach of contract
- Professional negligence
Commercial property insurance
This policy covers physical damage to a Portland business's building and its contents, including any computers and equipment. You can bundle it with general liability in a BOP.
BEST FOR
- Burglaries
- Fires
- Storm damage
Commercial umbrella insurance
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
BEST FOR
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Looking for different coverage? See more policies.
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Which business insurance policies are required in Portland, ME?
State and local laws can determine the type of insurance you need. These policies help you comply with Portland business insurance requirements.
Workers' compensation insurance
Maine state law requires workers' compensation for all small businesses with employees, whether they're full-time, part-time, temporary, or seasonal. There are a few exceptions to this rule, including:
- Agriculture or aquaculture firms with seasonal or casual workers, as long as they maintain $25,000 in employer's liability insurance and $5,000 in medical coverage.
- Agriculture or aquaculture firms with six or fewer laborers who maintain $100,000 in employer's liability coverage and $5,000 in medical coverage for each full-time equivalent employee.
- Household workers employed in private homes.
Workers' compensation helps pay for medical expenses from work-related injuries. Most workers' comp policies also include employer's liability coverage, which protects the business from injury-related lawsuits.
Single-person businesses, such as sole proprietors and independent contractors, should also carry workers' comp, though they are not required by state law. This policy can help with medical bills related to work injuries and may be a requirement for certain contracts.
Personal insurance typically will not cover work-related injuries, making workers' comp an important coverage option for most small business owners.
Commercial auto insurance
All Maine small businesses with company-owned vehicles are required to carry commercial auto insurance.
This insurance protects your business if you or your employees are involved in an accident with company vehicles while performing work-related activities and errands.
Maine insurance minimum requirements include:
- $50,000 bodily injury liability per person
- $100,000 bodily injury liability per accident
- $25,000 property damage liability
- $50,000 uninsured/underinsured motorist coverage per person
- $100,000 uninsured/underinsured motorist coverage per accident
- $2,000 per person medical payments coverage
Certain businesses, such as trucking businesses or those that use utility or cargo trailers, may have higher insurance needs established by their state laws.
In Maine, personal injury protection (PIP) is also required as an endorsement to your coverage, and it helps provide medical payments coverage if there's an accident, regardless of who was the at-fault driver.
Businesses that use personal, rented, or leased vehicles will need another policy called a hired and non-owned (HNOA) policy.
How much does business insurance in Portland cost?
Small businesses in Maine don't have to pay a lot for commercial insurance solutions. Here are a few average costs for Portland businesses:
General liability: $53 per month
Workers' comp: $67 per month
Professional liability/E&O: $71 per month
Business insurance costs depend on factors such as:
- Type of business
- Business revenue
- Business operations
- Number of employees
- Policy limits and deductibles
- Claims history
FAQs about Portland business insurance
Review answers to common questions about Portland business insurance.
How do I get a certificate of insurance for my business?
With Insureon, you can get same-day insurance in three easy steps:
- Fill out our easy online application to get quotes from top-rated insurance carriers.
- Choose the insurance option that suits your coverage needs and pay for it online.
- Download a certificate of insurance by logging into your account.
Our licensed insurance agents will help you get coverage for your Portland company that matches your specific business needs and your budget.
Most businesses can get their certificate of insurance within a few hours. With this certificate, you can demonstrate proof of insurance for contracts, bids, and other agreements.
Can my business be held liable for a data security breach?
Yes, your business could be held responsible for a data breach, which is why cyber insurance is so important.
Small businesses are a common target of cyberattacks and ransomware attacks since they often have fewer security measures in place.
Maine data breach laws require Portland businesses to notify any residents "as expediently as possible and without unreasonable delay" if they're exposed in a data breach. Affected residents must be informed within 30 days after the discovery of the data breach.
Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack.
Cyber insurance covers these costs and provides resources so you can get back to business fast.
Does my industry affect Portland insurance requirements?
Businesses in Portland, Maine are required to obtain a business license prior to operating. Owners must pay a $45 fee and submit the proper zoning, fire department, and building inspection paperwork before they can obtain a business license.
Depending on your industry, you may have additional insurance and other requirements in order to operate in Portland.
Here are a few examples of businesses with other obligations:
- Contractors aren't required to carry commercial general liability insurance to operate in Maine, but clients often require it. They might also need a surety bond to bid on a project.
- Real estate agents and brokers are not required to carry errors and omissions insurance but the firm where they work may require it.
- Notaries public in Maine are not required to carry insurance or surety bonds, but it's highly recommended.
- Cannabis dispensaries in Maine aren't required to carry insurance but may want to consider additional policies to address the increased risk of the cannabis industry.
- Physicians aren't required by law to carry malpractice insurance in Maine, but some healthcare facilities require it.
Home-based businesses are typically not covered under homeowner's insurance, so it's crucial that Maine businesses get the right policies to protect their property and clients, even if a business is being run from home.
When running a business in Portland, you need to be aware of laws and regulations for the city, Cumberland County, and the State of Maine.
How can I get help starting a small business in Portland, ME?
The City of Portland provides ample support for new and growing small businesses, whether you're running a nonprofit, a construction company, or anything in between.
Here's a list of local organizations available to provide guidance and resources:
- Housing & Economic Development with the State of Portland offers permitting, growth, and financing assistance.
- SCORE Southern Maine works with local Portland small business owners to provide mentorship and education.
- Maine Small Business Development Center assists local entrepreneurs with advising services, learning opportunities, and plenty of resources for opening and growing a business.
- The U.S. Small Business Administration Maine District offers events, guides, and education for small business owners in Portland and beyond.
- New Mainers Resource Center helps new residents of Maine start and grow a small business by providing advice, financing, legal assistance, and more.
Keep in mind that many lenders will require you to first obtain business insurance coverage before they will approve a loan.
How can I save money on Portland business insurance?
Small business owners can save money on insurance by comparing quotes from different insurance companies.
Whether you're in Scarborough, Bangor, or elsewhere in the state, you can get free Maine business insurance quotes from top-rated insurance agencies by filling out one easy application.
There are a few other ways to save, such as:
- Bundle policies for a discount. The most popular option is a business owner's policy.
- Choose less expensive policy options, such as lower limits or a higher deductible.
- Focus on minimizing workplace exposures and risk management. Fewer accidents mean fewer claims, which helps keep your premium low.
Learn more about how to find cheap business insurance. You can also speak to one of Insureon's agents to discuss your insurance coverage needs.