Small Business Insurance in Maine
Allen/Freeman/McDonnell Agency
Small Business Insurance
- What Is It?
- Who Needs It?
- Coverages Offered
Small business insurance is specifically designed to protect local and other small businesses. Policies can offer robust coverage at affordable rates.
Some of these risks are particular to certain businesses, but others are risks that almost every business is exposed to. Which of these small business liability insurance protections are purchased can be tailored to a business’s specific needs.
- Commercial Property Coverage
- Tenants Betterment Coverage
- General Liability Coverage
What is small business insurance?
Running any business, even a small business, comes with certain risks. Property losses, liability lawsuits and other problems can be costly to a business, potentially even forcing it to close. Small business insurance can help protect businesses in Maine against a variety of risks.
Small business insurance is specifically designed to protect local and other small businesses. Policies can offer robust coverage at affordable rates.
What small businesses in Maine need insurance?
Almost all Maine businesses should be insured, and insurance is readily available for small businesses. These policies are purchased by both sole proprietors and limited liability corporations (LLCs).
Insurance can be important even for businesses that don’t have many assets to protect. At the very least, small business liability insurance may protect against a variety of situations where a business could be sued. Depending on a policy’s specifics, it might cover situations such as:
- Slip-and-fall injuries where customers or vendors sustain injuries
- Slander or libel claims by competitors over statements a business owner made
- Car accidents business owners are in while doing work
- Losses sustained by clients because of wrong advice a business owner gave
Some of these risks are particular to certain businesses, but others are risks that almost every business is exposed to. Which of these small business liability insurance protections are purchased can be tailored to a business’s specific needs.
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What types of insurance coverage are available for small businesses?
Insurance policies can offer a variety of small business liability insurance protections, and also many other protections. Some coverages that policies frequently offer include:
- Commercial Property Coverage: Normally covers buildings, other physical structures, equipment, supplies and inventory that the business owns.
- Tenants Betterment Coverage: Normally covers modifications made to leased spaces that a business rents.
- General Liability Coverage: Normally covers a range of commonplace accidents that result in third-party injury, and also lawsuits related to defamation.
- Errors and Omissions Coverage: Normally covers professional mistakes or bad advice given by business owners or their employees.
- Cyber Liability Coverage: Normally covers data breaches that compromise the personal information of employees or customers.
- Workers Compensation Coverage: Normally covers injuries or illnesses that employees sustain as a result of their job.
- Commercial Auto Coverage: Normally covers vehicle(s) that a business owns or business owner uses.
What type of commercial auto insurance do small businesses need?
Insurance companies offer several different types of auto insurance that small businesses might get. Which is needed depends on what vehicles are used, and how they’re used:
- Personal Auto Policy Endorsement: An add-on to a personal auto insurance policy. This might be used to insure a business owner’s vehicle that’s used for work.
- Commercial Auto Insurance: A standard commercial auto insurance policy that might insure cars, vans or trucks. This is mainly used for insuring business-owned vehicles.
- Hired and Non-Owned Auto Insurance: A specialized commercial auto policy that may give liability coverage for vehicles a business uses but doesn’t own, such as employee vehicles used for work (not commuting).
When are business owners policies recommended?
Business owners policies (BOPs) are one of the first commercial insurance policies that small businesses should look at. These policies typically provide general liability, commercial property and business interruption coverages, along with a few other options. They’re destined to meet basic commercial coverage needs at an affordable price.
Businesses that have more specialized small business liability insurance needs might instead get a commercial package policy. This tends to be a slightly more robust and flexible option. A commercial package policy might also be appropriate for businesses with substantial assets that need protecting.
An insurance agent who’s worked with many small businesses can help business owners determine which of these options would be better for them.
How can Maine businesses acquire small business insurance?
If you need help insuring a small business that’s in Maine, get in touch with the independent insurance agents of Allen Freeman McDonnell Agency. Our agents can explore the many different small business insurance options that are available, and will work with you to find the one that best meets your business’s needs.
