Maine (ME) Business Insurance

Choose The Hartford for All Your Maine Business Insurance Needs

Maine is home to 145,536 small businesses, making up 99.3% of companies in the state. Those small businesses employ 284,658 employees in the Pine Tree State. In this case, small businesses are defined as businesses with fewer than 500 employees.¹ Maine small businesses have been protecting themselves with business insurance from The Hartford for hundreds of years. Learn more about Maine small business insurance, general liability insurance, and business insurance.

Types of Maine Business Insurance Offered

Maine Business Owner’s Policy

A Business Owner’s Policy, also referred to as a BOP, is a singular insurance policy that combines both business property insurance and business liability insurance for Maine businesses. BOP insurance coverage can help protect your Maine business from the costs of damages from things like theft, fire, or other disasters. BOP coverage also helps your business cover the costs related to claims of bodily injury, personal and advertising injury, and property damage that could arise during the day to day operations of your business.

Consider a Business Owner’s Policy for your Maine business if:

Your company in Maine has a physical location; this can be your home office, a rented/owned office or another place where you do business.
There is potential for someone to sue your Maine business. For example, a customer gets hurt in your place of business and goes to the hospital for his injuries and sues you for the costs.
Your business has digital and/or physical assets that can be stolen or damaged, digital hardware and software, tools, inventory, furniture, customer information and other data.
Businesses in Maine can tailor a Business Owner’s Policy to help meet their unique business needs by adding additional coverages like workers compensation insurance, data breach insurance, commercial flood insurance, and other specialized coverages to their BOP.

Maine General Liability Insurance

General liability insurance coverage (GL) helps protect your business from claims like property damage, bodily injury, and personal and advertising injury that could put your business at risk. Consider The Hartford for your general liability insurance. It offers some of the broadest business insurance coverage available today.

Commercial General Liability Insurance (CGL), also referred to as Business Liability Insurance or General Liability Insurance, provides coverage for injuries to your customers, damage to others’ property, and lawsuits against your business. CGL can help pay for medical expenses as well as legal fees and costs if an incident in your Maine business leads to a lawsuit.

Commercial General Liability Insurance typically includes coverage for:

Medical payments - to help defray the costs of medical expenses if someone is injured at your Maine business.
Reputational harm - to help cover the costs of claims of malicious prosecution, slander, wrongful eviction, libel, violation of privacy rights and more.
Advertising errors - for claims of copyright infringement errors in your advertisements.
Damage to renter property - if the property you have rented is damaged by things like fire, explosion, or lightning.
Bodily injury or property damage - for claims that your Maine business caused bodily harm to someone or damaged their property.

Maine Employment Practices Liability Insurance

The costs associated with an employment practice related claim can be staggering. Employers in Maine may face several allegations and lawsuits around wrongful termination, discrimination, and more. A business owner does not even have to be in the wrong to be sued. The right insurance to cover defense costs and damages related to these claims can be crucial in protecting your business in the Pine Tree State. The Hartford provides comprehensive and customizable Employment Practices Liability Insurance designed to protect you and your business.

EPLI from The Hartford is designed to help your Maine business prevail in the event you face an employment-related claim for things such as:

Discrimination
Violation of FMLA
Wrongful termination
Wrongful discipline
Harassment
Retaliation
Wrongful failure to promote

Maine Workers’ Compensation Insurance

Maine workers’ compensation insurance provides benefits to employees for on-the-job injuries or illnesses including medical care, help replacing wages lost when unable to work, and more. Workers’ compensation insurance coverage may also provide a deceased worker’s family with financial compensation. If a family of an employee decides to sue your Maine business, workers’ compensation insurance may even help cover the legal fees.

Workers’ compensation insurance can help protect your business and employees from the costs of accidents such as these:

An employee injures her shoulder lifting a bag of supplies and requires a visit to the doctor, daily medication, and physical therapy to repair her ligament.
An employee starts a small grease fire in the kitchen, injuring himself and another employee. Both employees require an emergency room visit and weeks to recover.
An employee returning to the office after meeting with a client downtown is injured in a car accident and requires an ambulance ride and hospitalization.

In most states, the cost of Workers’ Compensation insurance can vary between insurance companies as they compete for customers. Despite the variability, insurance companies base their Workers’ Compensation premiums on their payroll and the level of risk associated with the jobs their employees perform.

With workers’ compensation insurance, The Hartford can help cover the cost of medical expenses needed to treat work-related injuries and illnesses. Workers’ compensation can also help employees in Maine replace their income while they are off from work to recover from an injury or illness.

Maine Business Insurance Requirements

Maine law does not require you to have property and liability insurance on your business, but you may want to purchase coverage to protect yourself, your property, and your financial investment² in case of a costly accident, theft, fire or other covered disaster. Maine law does require every business to provide workers’ compensation insurance to protect its employees.

Additional Maine Business Insurance Links

Get a quote on Small Business Insurance for your business today.

¹https://www.sba.gov/sites/default/files/advocacy/2018-Small-Business-Profiles-ME.pdf

² https://www.maine.gov/pfr/insurance/consumer/consumer_guides/pdf/insuring_your_business.pdf