Small Business Insurance Maine

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The 151,000 small businesses in Maine are a significant part of the state’s economy. They account for the vast majority of companies in the state and employ more than 55 percent of its workforce.1

All of these small companies need the protection of business insurance. Having coverage is crucial because it can help cover costs after unforeseen events, such as:

  • Claims of personal injury and property damage
  • Accusations of professional negligence
  • Employee injuries in the workplace
  • Damage to business property
  • Business-related auto accidents

NEXT is 100% dedicated to small business and insures more than 1,300 types of small businesses and self-employed workers. We make it easy for you to get the right coverage at the right price and purchase your policy online in less than 10 minutes.*

Continue reading to learn about important types of business insurance in Maine. Or get a free instant quote to see customized coverage options for your business.

Small business insurance in Maine

Maine insurance companies offer coverage in customized packages that you can build around your business insurance needs. Based on your profession and employment practices, your coverage package may include different types of insurance to help in different kinds of situations.

For example, a Bangor plumbing company might need general liability coverage to help cover damages if it’s accused of injuring someone or destroying property, and commercial auto insurance to help pay for a potential accident in the company van.

While a small accounting firm in Bar Harbor might purchase professional liability insurance to protect against claims of professional negligence that cause financial losses, and commercial property coverage to help pay for repair and damage to their business in case of fire, wind or water damage.

Both of these businesses will also likely need Maine workers’ compensation insurance to help cover medical costs and lost wages when employees are injured on the job.

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More about types of Maine business insurance

It’s a good idea to be familiar with the types of coverage that insurance carriers may recommend for your business insurance package. Keep reading for real-life examples of how all kinds of Maine insurance coverage could help protect you.
General Liability
General Liability insurance

Maine general liability coverage is one of the most important types of insurance for small businesses. Sometimes called commercial general liability, it can help your business if a non-employee accuses you of causing injury or property damage or sues you.

In such situations, a business liability insurance can help pay for medical bills, the repair or replacement of damaged items and legal fees to defend your business.

For example, a prospective homebuyer trips over an end table at an open house in Portland, seeks medical care and later claims that the injury resulted from the real estate agent’s negligence.

The agent’s general liability insurance could help cover the doctor’s bills, even if the agent is not at fault for the accident.

Cleaning businesses and contractors can add optional tools and equipment insurance to their Maine general liability policy. This coverage can help replace important business gear that is lost, stolen or damaged.

Workers Compensation
Workers’ Compensation insurance

Maine requires almost all businesses with employees to carry workers’ compensation insurance. This kind of coverage can help pay for medical expenses and lost wages if an employee is hurt on the job.

Workers’ comp could come in handy in the following situation:

An employee at a small carpentry firm in Ogunquit injures a hand while installing a piece of drywall and can’t work for two weeks. Workers’ compensation insurance could help cover the carpenter’s lost wages during recovery and pay their medical bills related to the injury.

Commercial Auto
Commercial Auto insurance

If your business involves driving, you’ll want commercial auto coverage in Maine. The primary reason is that personal auto insurance won’t pay for accidents that happen when you’re behind the wheel for work purposes.

For instance, an Auburn-based plumber has an accident driving to a job site, sends another driver to the hospital and damages both vehicles. Commercial auto insurance could help the plumbing company cover the other motorist’s medical bills and pay to repair both vehicles.

Maine businesses that ask employees to drive their own cars for work or rent vehicles will need hired and non-owned coverage. This optional add-on can provide coverage for vehicles not titled to your company.

Commercial Property
Commercial Property insurance

Maine commercial property insurance can protect the essential things you need to do business such as equipment, inventory and even your business location if you own the property.

For instance, a power surge fries the refrigerator in a Lewiston restaurant and all the perishable goods go bad. Commercial property coverage could help pay to repair the fridge and replace the food inventory that spoiled.

It’s important to read your policy documents carefully to make sure there aren’t exclusions for your business. It’s common for insurance providers not to cover flood or hurricane damage.

Errors & Omissions
Professional Liability insurance

If someone says that your company made a professional error, missed a deadline or delivered incomplete work, you could be held liable in court.

Professional liability insurance can help cover expenses associated with allegations of professional negligence, including court costs, attorney fees and damages. This type of coverage is also known as errors and omissions insurance.

Here’s how professional liability insurance can help protect a small business:

A building owner claims that an Augusta security company didn’t properly guard the property, which led to a break-in and theft of computer equipment. The security company’s professional liability policy could help pay to replace the stolen items and repair building damage caused by the thieves.

How much does business insurance in Maine cost?

How much does business insurance in Maine cost?

Business insurance costs in Maine are not one-size-fits-all. That’s because every small company is different and has unique business insurance requirements. For example, a professional services company will need different kinds of policies than a general contractor.

Here are some of the factors that will affect how much you’ll pay for your coverage:

Your company’s exposure to risk

If you’re in an industry that’s more likely to experience injuries and accidents, you’ll probably pay more for your business insurance. For example, auto body repair shops are places where bodily injury and property damage can happen. Their coverage often costs more than desk workers like real estate agents.

The policies you choose

Business insurance will cost more as you add policies to your coverage package. However, you can sometimes bundle more than one policy and receive discounts. Most businesses need more than one type of policy to protect them in different situations.

Employee headcount

A business with 10 employees will pay a higher workers’ compensation premium than one with five staffers. Having your actual employee numbers, including full-time and part-time workers, will enable you to get a quote that’s accurate.

The best way to explore coverage options and find out how much you’ll pay for a business insurance policy is to get a free instant quote from NEXT.

You can also use our insurance calculators for a general estimate of insurance costs in Maine:

How NEXT can help you with business insurance in Maine

How NEXT can help you with business insurance in Maine

We offer a fast and easy way for small business owners to get a business insurance quote online, purchase coverage and instantly share a certificate of insurance. The entire process usually takes less than 10 minutes.

You can also chat with our U.S.–based NEXT licensed insurance agents if you need help or have questions.

Resources for Maine small businesses and self-employed workers

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* To the extent permitted by law, applicants are individually underwritten, not all applicants may qualify. Individual rates and savings vary and are subject to change. Discounts and savings are available where state laws and regulations allow, and may vary by state. Certain discounts apply to specific coverages only.
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Issuance of coverage is subject to underwriting. Not available in all states. Please see the policy for full terms, conditions and exclusions. Coverage examples are for illustrative purposes only. Your policy documents govern, terms and exclusions apply. Coverage is dependent on actual facts and circumstances giving rise to a claim. Next Insurance, Inc. and/or its affiliates is an insurance agency licensed to sell certain insurance products and may receive compensation from insurance companies for such sales. Policy obligations are the sole responsibility of the issuing insurance company. Refer to Legal Notices section for additional information.

Any starting prices or premiums represented before an actual customer quote are not guaranteed and are representations of existing premiums of active policies as of December 6, 2023. To the extent permitted by law, applicants are individually underwritten, not all applicants may qualify. Individual rates and savings vary and are subject to change. Discounts and savings are available where state laws and regulations allow, and may vary by state. Certain discounts apply to specific coverages only.