Maine business owners have a variety of coverage options to choose from when it comes to small business insurance, especially if you choose a quality provider like Cole Harrison Insurance. Having the right insurance coverage is crucial to ensure your investments and assets are protected from the unexpected. Find out more about Maine business insurance below.
Which Business Insurance Option Is Right for You?
The most common coverage for businesses is commercial general liability insurance. Commercial general liability insurance, also known as CGL insurance, is the main protective element against liability risks faced by small businesses. It works to protect your business if you’re being held liable for third-party bodily injury and property damage, whether that part is a customer, a supplier, or another individual. General liability insurance also protects against personal and private injury.
Similarly, commercial auto insurance protects your vehicles, and workers’ compensation provides compensation to employees who become injured while working for you. There are also other types of business insurance, such as cyber insurance, private liability insurance, and business owners’ policy. Be sure to consult with your preferred small business insurance company to find out more details about the coverage options available to you so you can make an informed decision.
Is Insurance Compulsory for Maine Business Owners?
While business insurance can be beneficial, it’s not always compulsory. The only type of insurance that Maine businesses are required to have is worker’s compensation. This insurance covers your employees and is mandatory except for domestic workers in private homes and some agricultural workers. So, if your business doesn’t have this type of insurance, it’s essential to find a reputable small business insurance company to stay compliant. Even so, you don’t have to have insurance just because it’s compulsory. Other coverages like commercial general liability insurance can be a lifesaver to your business.
Is Business Insurance Expensive in Maine?
If you’re concerned about the cost of Maine business insurance, the good news is you should be able to find the best coverage for you that also fits your budget. It’s difficult to give a specific figure to represent the cost of Maine business insurance because the cost varies depending on the small business insurance company you’re dealing with. Your business’s size, industry, and location are also important factors that influence the cost of your insurance.
Before giving you a quote, our small business insurance company will typically assess the level of risk inherent in your business. Get in touch with Cole Harrison Insurance to find out more.
