MaineBusiness Insurance

Find the Best Business Insurance Options in Maine

All businesses in Maine need the protection offered by a business insurance policy. This coverage can help prevent businesses from financial losses caused by a number of threats, including employee theft, fire damage, and much more. 

Maine currently has about 147,000 small businesses across the state, and all of them need coverage. The state's 289,156 small business employees need the protection of their employer's workers' compensation insurance, as well. An independent insurance agent in Maine can help you find the right business insurance, but first, here's a more extensive breakdown of this coverage.

Best Business Insurance Companies in Maine

Business insurance is available from many different insurance companies in Maine, but when you're in need of coverage, you want to skip straight to the best. That's why we've compiled a list of just the top business insurance companies in Maine for you to start with. Don't miss looking into business insurance from these carriers.

• Nationwide: Nationwide's large coverage catalog extends far beyond just business insurance. The insurance company also boasts outstanding ratings by both AM Best and the Better Business Bureau and offers 24/7 claims reporting for policyholders.
• Progressive: Progressive also has a large catalog that offers coverage far beyond just business insurance. The insurance company also has excellent financial strength and provides 24/7/365 customer service. You can also find many coverage discounts from Progressive.
• Amica: Amica has been in the industry for quite a long time and offers many products in addition to small business insurance and personal coverages. Amica is also rated "A+" for financial strength by AM Best.
• Allstate: Allstate remains one of the largest insurance companies in the nation and provides a huge assortment of personal and business insurance products. The insurance company works with independent insurance agents and is rated "A+" for financial strength by AM Best.

A Maine independent insurance agent can help you find the business insurance you need from one of these top-rated companies.

Maine Business Insurance Requirements

Though Maine state law doesn't require businesses to carry liability insurance or commercial property insurance, it's still necessary for all companies to at least consider getting these coverages. Without liability insurance, a business could potentially go bankrupt after just one lawsuit. Likewise, an extensive disaster like a major fire could destroy an entire storefront or all the business's inventory, and you might not be able to replace it without commercial property insurance. The only kind of coverage actually mandated by state law, however, is workers' compensation.

All businesses in Maine with at least one employee must have workers' compensation insurance to protect their team. So, the only state-mandated business insurance coverage is:

• Workers' compensation

Optional business insurance coverages in Maine include:

• Commercial general liability insurance
• Commercial property insurance
• Commercial auto insurance
• Business income insurance
• Professional liability insurance
• Cyber liability insurance

A Maine independent insurance agent can help you find all the workers' compensation and other coverages your business needs.

What Business Insurance Covers in Maine

A full business insurance policy in Maine covers all aspects of your business that could face financial losses after a disaster. Commercial property insurance can protect your business's storefront or office as well as its inventory from numerous disasters, including theft and vandalism. Commercial auto insurance can protect your company vehicles against lawsuits and more. Business income insurance can help replace lost income if your business must temporarily close due to a covered disaster like a fire. Of course, the specifics of what your company's business insurance policy covers depends on the types of coverage you select.

Liability Coverage Options for Small Businesses in Maine

There are three main types of liability coverage needed by small businesses in Maine. They all protect your company against legal costs, but in different ways. These liability coverages are:

• Commercial general liability insurance: This coverage can help protect your business against financial losses caused by a lawsuit filed by a third party for claims of personal property damage or bodily injury caused by your company.
• Professional liability insurance: This coverage can help protect your business and workers against financial losses caused by legal claims by third parties that your staff gave them advice or performed a service in a way that caused injury or loss.
• Cyber liability insurance: This coverage can help protect your business against financial losses that occur because of a data breach or other kind of cyberattack that may expose sensitive information and records, including customer credit card numbers.

A Maine independent insurance agent can help your business get equipped with all the types of liability coverage it needs.

Property Coverage Options for Small Businesses in Maine

Your business most likely needs commercial property insurance if it has a physical location or inventory. All businesses that these criteria apply to should at least strongly consider getting:

• Commercial property insurance: This coverage can help protect your business against losses caused by damaged, destroyed, or stolen property or inventory due to theft, fire, vandalism, and other threats.

Your independent insurance agent in Maine can help your business get set up with all the commercial property insurance necessary for the job.

Other Insurance Options for Small Business Owners in Maine

There are other kinds of coverage, still, that you may want to consider adding to your business insurance policy. These include:

• Commercial auto insurance: This coverage can help protect against losses related to company vehicles, including lawsuits after accidents, theft or vandalism, and more.
• Business income insurance: This coverage can help protect your business from lost income caused by closures following covered disasters, such as fire damage.

An independent insurance agent in Maine can help your business get set up with these coverages and any others your unique company may need.

Average Cost of Business Insurance in Maine

The average cost of business insurance in Maine varies depending on a number of different factors. Your business's size and location are two of the biggest factors influencing your policy's costs, because larger businesses require more coverage. Further, if your business is located along the coast, it's more vulnerable to various weather threats, which can also increase the cost of your coverage. The type of business you run and its specific risks and operations also influence your company's risk level, so a business that inherently comes with more risks, such as a construction business, can expect to pay much more for coverage than a small bakery. Still other factors, including the number of employees your business has, the types of coverage you purchase, and your policy's coverage limits and other options can all also influence the cost of your business insurance.

National Business Insurance Stats

Number of businesses in the US: 30,819,176

Burglary rate per 1,000 residents in the US: 3.76

Auto theft rate per 1,000 vehicles in the US: 2.29

City	No. of businesses	Burglaries / 1,000 people	Auto thefts / 1,000 cars
Auburn	1,814	2.41	0.43
Augusta	1,967	3.17	0.48
Bangor	3,302	2	0.88
Bath	1,147	0.96	0.24
Biddeford	2,060	2.46	0.65
Brewer	885	1.22	0.56
Caribou	760	2.52	1.33
Lewiston	2,441	3.4	1.09
Portland	10,028	2.72	1.11
Presque Isle	1,116	4.71	1.35
Saco	1,706	2.31	1.01
Sanford	< 25	5.13	0.61
South Portland	3,625	1.52	0.74
Waterville	1,226	1.97	0.66
Westbrook	1,688	2.87	0.84

How Does Your Maine City Measure Up?

Auburn, ME Common Coverage Options

Property: Your company’s commercial property insurance can cover damage caused by a number of severe weather events, including severe storms. However, this insurance will not cover the flood damage that often accompanies torrential downpours. 

Commercial auto: Whether your business has just a delivery van or a fleet of construction vehicles, commercial auto insurance can protect your company against losses related to liability risks and property damage. 

Workers’ compensation: In Maine, workers’ compensation insurance is required by law if your business employs at least one worker. This insurance not only protects your employees from financial losses related to workplace injuries and occupational illnesses, but it can also shield your business from potential liability lawsuits related to these injuries.

Bangor, ME Common Coverage Options

Property: As a business owner, you have probably invested a lot in your company’s assets, including computers, furniture, tools, and supplies. Business property insurance can help cover the cost of repairing or replacing this property if it is lost or damaged due to a covered event like a blizzard or a windstorm. 

Commercial auto: If your business owns a vehicle or a fleet of vehicles, your company needs the added liability coverage that comes with this required insurance. Your rates will be based on several factors, including the number and types of vehicles you are covering, the risk details about the employees who will be driving them, and the collision rate in your city and other places where these vehicles are likely to be driven.

Workers’ compensation: Workers’ compensation insurance can pay for medical bills and lost wages if your workers suffer an occupational illness or are injured on the job. Rates are based on your company’s overall payroll and the potential risks faced by your employees according to their individual job classifications. This insurance is required for nearly all businesses in Maine that have at least one employee.

Biddeford, ME Common Coverage Options

Property: While the property crime rate in Biddeford is lower than the national average, it's among the highest in the state. With more than 500 thefts reported in one recent year, it's critical that local businesses protect themselves against crime-related losses. A well-built business insurance policy package can cover losses caused by shoplifting, cybercrime, and employee theft as well as the other risks you face as a business owner in this city. 

Commercial auto: Commercial auto insurance can protect your business from facing unmanageable liability costs if one of your drivers causes an accident while operating a company-owned vehicle. Rates can be influenced by the driving records of the employees who will be operating the vehicles and by the types of vehicles you are covering. Vans and buses used to transport people have high liability risks, as do heavy trucks and vehicles that carry hazardous materials. 

Workers’ compensation: Workers’ compensation insurance is designed to cover the cost of medical treatment, lost wages, and other expenses related to injuries your employees may suffer while doing their jobs. It's required for almost all businesses that employ at least one worker in Maine. Workers' compensation rates are assigned according to your company’s overall payroll, the types of jobs your employees do, and the likelihood that they will be injured while doing them.

Lewiston, ME Common Coverage Options

Property: Business property must be protected in case a major disaster like a fire causes complete destruction of all your company assets. This coverage allows your business to have sufficient funds to rebuild and replace quickly. Then you can soon resume normal business operations without suffering large financial losses. 

Commercial auto: Many businesses in Lewiston have company-owned vehicles. If your company owns cars, vans, buses, or trucks, you will need to insure them with a commercial auto insurance policy. Doing so can prevent your business from facing large financial losses if one of your drivers causes a serious accident or a company vehicle gets stolen or vandalized. 

Workers’ compensation: Workers’ compensation insurance covers medical bills, disability pay, and other related expenses for workers who are injured while doing their jobs. With few exceptions, it is required of all businesses in Maine that have at least one employee. This insurance protects your employees from financial losses related to work injuries and can also prevent your company from facing expensive lawsuits. Rates for this coverage are assigned according to your company’s overall payroll amount and the types of jobs your workers do.

Portland, ME Common Coverage Options

Property: Portland sees its fair share of inclement weather. Occasionally this city gets hit by damaging hailstorms. Hailstorms are just one of many ways that business property can be damaged. 

Commercial auto: Even the best drivers sometimes cause collisions. This is particularly true in the winter when roads in Portland can be slick and hazardous. If your business owns a vehicle or fleet of vehicles, it will be required to carry commercial auto insurance. Rates for these policies can vary according to the number and types of vehicles covered, as well as the risk of collisions and vehicle theft where your employees drive. 

Workers’ compensation: Workers’ compensation insurance covers medical expenses and disability pay for employees who are injured on the job. In addition to protecting your employees, it can also shield your company from liability lawsuits related to these workplace injuries. In Maine, nearly all businesses with at least one employee are required by law to have this insurance. Rates for coverage can vary significantly from one business to the next, depending on the types of jobs your employees do and your company’s overall payroll.

Popular Questions About Business Insurance in Maine