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Are You Required to Have Business Insurance in Maine?

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If you are the owner of a business in Maine or planning to start one soon, there are risks that come with the territory. Business insurance is an important part of protecting your company’s income and assets, and some types of coverage are required by law.

Types of Maine Business Insurance

There are several different types of insurance available to Maine businesses. Examples include:

Workers Compensation
This coverage is legally required for most Maine employers with few exceptions. It helps compensate workers for lost wages and medical expenses when they are injured on the job, regardless of fault.

Property Damage
This coverage helps compensate you for covered damages to commercial property, including signs, furnishings, inventory, equipment, computers, and more. It can also help pay to repair or reconstruct your building if you own it. Though not necessarily required by law, this type of coverage is highly recommended and may even be required by a commercial landlord if you lease your space.

General Liability
This coverage helps protect your business against the financial devastation of a third-party lawsuit. It can cover your legal fees and court costs if you are sued, as well as property damages, medical bills, and other liabilities if you lose your defense.

Business Interruption
This coverage helps compensate for a loss of cash flow when you are forced to temporarily halt operations due to a covered event. It can help cover your payroll, lease payments, and more due to things like fire, theft, or vandalism.

Buy Business Insurance Maine

If you are exploring your commercial insurance options, start by shopping with an independent insurance broker. This person not only helps you determine which types of coverage are necessary for your field or industry, but they can also help you save money on premiums by shopping and comparing coverage from multiple insurers.

For more information or to request an insurance consultation for your business, contact our office today.

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