Do You Need Small Business Insurance in Maine?
With more coastline than California, the Pine Tree State attracts tourists almost all year for everything from excellent lobsters to incredible skiing. Maine not only has a wealth of deep harbors but also has a deep small business presence. An area first discovered by intrepid Vikings, it is no surprise that Maine success stories go far beyond toothpicks and LL Bean. Maine has been described as one big small town, meaning the community really supports local small businesses. That is a huge asset! You’ll find small businesses succeeding in healthcare, retail, food services, manufacturing, construction, and more.
- There are over 149,355 small businesses in Maine
- 99.2% of businesses in Maine are considered small businesses
- Small businesses employ 57.2% of the private sector workforce in Maine
As sure as the sun rises on their state first, small business owners in Maine are working hard to make sure their businesses succeed. Maine strives to be friendly to small businesses with its relatively simple regulations and permit requirements. If you are among the over 100,000 small business owners in Maine, it is absolutely essential to consider small business insurance to protect your business. Some insurance coverages are required for all Maine businesses—find out more here.
Required Business Insurance Coverage in Maine
Workers’ Compensation Insurance.
One of two types of small business insurance that Maine state law requires is workers’ comp. The requirement is straightforward: your business must have workers’ compensation insurance coverage in place if you have any employees. Coverage can be through the state itself or private insurers. You may be wondering what the penalty is if your business is caught not having this coverage. It is steep at $10,000 or 108% of what you would have paid through the Maine insurance program. Workers’ comp covers medical bills for employee work injuries and illnesses in exchange for employees agreeing not to sue your business over the accident or illness. Workers’ compensation provides relief for employees and companies alike!
Commercial Auto Insurance.
It is not only highly recommended that your business have a commercial auto insurance policy; it is actually required in Maine. If your small business owns vehicles, your commercial car insurance must include property damage liability of $25,000 per accident, bodily injury liability of $100,000 per accident, and $50,000 per person for bodily injury liability. Your policy must also include uninsured motorist and medical payments coverage. If your business does not own cars, but your employees sometimes use their personal vehicles to complete business tasks, B2Z recommends Hired and Non-Owned Automobile Insurance coverage.
Recommended Business Insurance Coverage in Maine
Small Business Owner’s Insurance.
A smart option for Maine small business owners is a Business Owner’s Policy (or BOP). This convenient policy saves you money by bundling property insurance and general liability into one comprehensive policy. Typically a BOP covers a Maine small business’s liability when it comes to a customer’s medical expenses for onsite accidents, advertising damage claims, and losses and damages related to property used for business purposes.
General Liability Insurance.
General liability can be secured as a separate minimum coverage if your Maine small business does not need the property liability portion of a BOP. If your small company leases a space, your commercial property contract may require general liability insurance. General liability insurance helps protect your business from the financial burden of property damage claims, customer injury, and slander and libel lawsuits.
Professional Liability Insurance.
Also called “errors and omissions insurance,” this type of insurance is ideal for Maine small businesses that provide expertise as a service, like financial advice, real estate, architecture, design, or hairstyle services. Professional Liability insurance focuses on work mistakes and errors, missed deadlines, incomplete work claims, and professional negligence lawsuits.
Cyber Liability Insurance.
Maine cybercrime losses totaled over $3 million in 2020, thanks to over 300 criminals. Cybercrimes are rising across the US, making it more critical than ever to consider cyber liability coverage. Cyber liability insurance helps with fraud monitoring and customer notification costs following a cyberattack, as well as associated legal fees. With this essential coverage, your business gets help recovering from common cyberattacks like ransomware and malicious hacking.
Our Small Business Insurance Company Is Here to Help
- QDoes B2Z offer small business coverage in Maine?
- QHow do I get a quote for my small business insurance in Maine?A
It’s simple: Click on the Get Your Quote button and answer a few questions. And if you like what you see, purchase your policy online!