Business Insurance in Presque Isle, ME

Presque Isle is the largest city in Aroostook County, ME. The economy of Presque Isle is diverse, with over 430 local companies representing industries like healthcare, administrative support, and accommodation and food services.

Presque Isle business owners need business insurance to protect their assets and employees, regardless of size. Business insurance is not a single insurance policy. It is a set of tailored policies designed to cover the unique risks of your business.

A local independent insurance agent can help you assess risks and compare quotes for business insurance in Presque Isle, ME. 

How Much Does Business Insurance Cost in Presque Isle, ME?

In Presque Isle, ME, business insurance costs vary across businesses and industries. The following are some of the factors that influence business insurance costs:

• Your number of employees
• The nature of your business (what do you do?)
• The size and physical location of your business
• The value of your physical assets (buildings, vehicles, machines, equipment, inventory, etc.)
• Your gross sales and payroll
• Your prior claims history

Cyber incidents, business interruptions, and natural disasters are some leading risks to businesses nationwide. You're likely to pay more for specific business insurance if your business is located in a city or state with higher-than-average incidents. 

There have been 62 federally declared disasters in Maine since 1953. Federally declared disasters usually occur because of events like tornadoes, floods, or wildfires. Moreover, everyday events can unexpectedly damage your commercial property at any time. 

Some of the most common causes of property damage in Maine are as follows:

• Severe storms and lightning
• Flooding and water damage
• Heavy snow
• Hurricanes and tropical storms
• Burglary and other property crimes

A local independent insurance agent can help you understand all the risks you face to understand better how they impact your business insurance costs in Presque Isle, ME.

Is Business Insurance Required in Presque Isle, ME?

Business insurance is a set of insurance policies that cover commercial property and liability risks. Most types of business insurance are not required in Presque Isle, ME, but you must purchase commercial auto insurance if your business owns any vehicles. 

Maine law requires business vehicle owners to purchase commercial auto insurance with the following minimum coverage limits:

• Liability coverage with minimum limits of $50,000 per person/$100,000 per accident for bodily injury and $25,000 for property damage
• A minimum of $2,000 per person in medical payments coverage
• Uninsured and underinsured motorist coverage at a minimum of $50,000 per person/$100,000 per accident

Bodily injury liability insurance covers you if you are at fault in an accident and someone other than yourself is injured. Property damage liability insurance covers damage to another person's vehicle or property in an accident that is your fault.

In addition to commercial auto insurance, most employers with at least one employee must have workers' compensation insurance, with a few exceptions. Workers' compensation insurance pays for lost income and medical expenses when employees are injured at work. 

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What Does Business Insurance Cover in Presque Isle, ME?

A typical business insurance package in Presque Isle, ME, will include the following types of coverage:

• Commercial general liability (CGL) insurance: Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your CGL policy even covers personal injury claims such as libel and slander.
• Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, and other covered perils. 
• Business interruption coverage: Protects your earnings if your business cannot operate because of damage after a fire, hail, wind, or another covered event. If you must close your doors temporarily to repair or rebuild your business after a covered event, this coverage pays for rent, employee salaries, lost income, relocation fees, etc.
• Commercial auto insurance: Protects your business-owned cars and trucks from property damage and liability claims. 
• Workers’ compensation insurance: Pays for medical expenses and a portion of an employee's lost wages after a work-related injury. 

Don’t settle for cookie-cutter coverage for your Presque Isle business. Your business insurance package may include additional policies that cover your unique risks. 

What Does Small Business Liability Insurance Cover in Presque Isle, ME?

Businesses of all shapes and sizes are commonly accused of negligence. Unfortunately, claims that your business has caused harm to an individual or another company might be one of the most financially devastating events you encounter. One lawsuit or unexpected event can force you to declare bankruptcy and permanently close your doors.

Liability insurance is one of the most important ways to protect your business assets from lawsuits. Commercial general liability insurance, or CGL, is the most basic type of business liability insurance. It can protect your business from costs related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and settlements or judgments and covers costs associated with personal injury claims such as libel and slander. 

You might need to purchase additional small business liability policies to protect your business from certain specific liability claims excluded from a CGL policy.

Talk to your independent insurance agent about why you might need environmental liability insurance, professional liability insurance, and cyber liability insurance to complete your small business liability insurance protection.

Are There Any Small Business Health Insurance Plans in Presque Isle, ME?

Employee benefits such as health insurance, life insurance, and short- and long-term disability insurance serve a critical purpose for your employees. They can often mean the difference between a satisfied workforce and one that is unhealthy and disengaged. 

Many employees see their benefits as essential to their overall compensation plan. Offering a health plan and other perks can help attract and retain top talent and encourage wellness and healthy living.

Many different small business health insurance plans are available in Presque Isle, ME, and not every business needs the same types of plans or programs. A local independent insurance agent can help you find suitable coverage at a competitive price. 

What Are the Best Small Business Insurance Companies in Presque Isle, ME?

Finding the best small business insurance companies in Maine can be simple. A local independent insurance agent can help you get business insurance quotes from multiple insurance companies so that you can select the best policy for your needs and budget.

How Can an Independent Insurance Agent Help Me Find the Best Business Insurance in Presque Isle, ME?

Instead of getting an online quote, find an independent insurance agent now, and get a one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge and can offer you a variety of business insurance quotes in Presque Isle, ME to help you make the best choice.  

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Contact an agent today for a free, no-obligation consultation.