Business Insurance

Why Get Business Insurance in Maine
The State of Maine does not mandate that every business be insured. But smart business owners in Maine know that companies need to be protected with comprehensive business insurance. Whether you own a large company with many employees or run a small business, the proper insurance coverage offers business owners solid financial protection in the event of a claim due to an accident, weather-related damages, or even certain natural disasters.

Without adequate coverage, the risk for small Maine businesses is huge. For example, if an accident occurs on your business property and you aren’t properly covered by business liability insurance, a lawsuit can literally bankrupt your company. The same holds true for large businesses also. Even if a business continues to operate after a legal battle, it can suffer tremendously while trying to recover the damages awarded by the court. Many companies in this situation are forced to lower productivity and downsize the number of employees.

Don’t risk all you have worked so hard for by cutting corners when it comes to business insurance. Make sure that you, your business, and your personal assets are protected with Maine liability insurance.

Worker’s Compensation in Maine
Most Maine employers are required to have worker’s compensation insurance coverage. Exemptions are allowed only for the following:

  • Businesses related to agriculture or aquaculture with seasonal laborers provided they maintain a minimum of $25,000 coverage for employer’s liability insurance and medical payment coverage worth $5,000.
  • Businesses related to agriculture or aquaculture with fewer than six laborers provided they maintain employer’s liability insurance with a minimum of $100,000 per full time employee along with medical payment coverage worth $5,000.
  • Employers with domestic servants who work in private homes.

Employers who fail to comply in maintaining the appropriate worker’s compensation insurance coverage can face up to $10,000 in civil penalties or 108% of premiums required for the entire duration when the employer did not have the necessary coverage. Employers can also be subject to possible revocation of their business license or corporate charter.

Coverage for Maine Business Insurance
You must consider the inherent risks of your business activities to be able to choose the right liability policy for your business. Maine is a popular destination for visitors who enjoy sport hunting. So if your business happens to be involved in guiding these visitors around, then most likely you will require them to sign some type of waiver to protect you from being held liable if a shooting accident occurs. But a waiver does not take the place of a business liability policy. As a matter of fact, Maine’s general liability insurance is necessary to protect you against lawsuits revolving around claims of unsafe business practices. Lawsuits such as these can result in huge settlements against a company. Can you afford to take such a risk with your business?

Maine is also a leading producer of blueberries and toothpicks. If your particular business is in either of these business sectors, product liability insurance is important for you to have. This policy will cover all legal defense costs in case a customer suddenly claims that pesticides used to promote the growth of blueberries injured him or claims that your company’s toothpicks break easily. Remember that all it takes for someone to file a court case against your company is proof of even the smallest degree of negligence.

To have an idea on how much protection you need, insurers will generally evaluate the type of business which is being insured, determine the total value of your assets, and consider where the business is located. You can easily find out much of this information by contacting several insurance companies and comparing coverage options and rates. This can be done quickly and securely online. Be sure to get a comprehensive business insurance policy which fully protects both your business and your personal assets.