As the northeastern state famous for its agricultural and fishing industries, businesses in Maine can benefit greatly from a variety of types of business insurance that are more complex than the norm. Small businesses in Maine, the “Pine Tree State”, thrive on tourists as it is one of the most popular vacation spots on the east coast, thanks to its many scenic spots including beaches, lakes and mountains such as the Androscoggin River and Lake Moosehead. And no introduction about Maine is complete without a mention of the American lobster, which is known globally as the Maine Lobster. Whether your Maine-based business is the state’s capital of Augusta or one of their larger cities like Lewiston, Bangor, or Brunswick, you have a wide variety of opportunity in this lush state for many types of businesses. In order to keep reeling in the customers, take note of the following standard and optional business insurance coverages in Maine.
Standard Business Insurance Coverages in Maine
Business Owners Insurance in Maine is an insurance policy held by a business, also identified as a BOP, as a detailed small business insurance package that offers a variety of liability coverages in a single bundle. A BOP integrates two main coverages in one solitary policy: property insurance and general liability. The insurance coverage for employers in Maine transfers risk away from the business owner to the insurance company by giving organization owners added protection for different types of liability, including buildings, equipment, and liabilities for legal reasons. There are a variety of characteristic indemnity claims that business owner’s insurance coverage safeguards you from including: worker injury, loss of wages, specialized liability claims, important documents, broken equipment, fire, authorized liability claims, employee dishonesty, money and securities, and property claims. Other components for the organization in Maine may be supplemented from the original BOP coverage depending on the likely risks of the company.
General liability insurance in Maine is carefully designed to provide security and protection for small business owners from monetary burdens that can occur from irresponsible acts, omissions, or both, caused by the employer or their workers that may result in physical damage or property damage. Contractual liabilities, liabilities from products sold, and accidents on the premises of the business are some of the more common types of exposures covered under general liability insurance. The injury or damage might be a result of distraction or accidental. General liability insurance for small businesses in Maine may be one policy or can be a combination of policies.
A package policy is an exclusive type of insurance policy for an owner of a Maine business that includes two or more different types of insurance into a single insurance policy, referred to as a bundle. Usually, a package policy in the Pine Tree State will combine general liability insurance (described above) and commercial property (described below); although a package policy can also be planned out in order to include almost any type of coverage which depends on the unique requirements of the organization. A package policy in Maine is favorable to a business professional as it provides him with a good amount of flexibility to become familiarized with a policy typically for the personal needs and risk exposures of the business.
Commercial Property Insurance in Maine is a type of security coverage for different types of commercial property in this New England state including: essential papers, building, materials, equipment, furniture, inventory, and personal property. Commercial property insurance provides protection against different types of perils, including windstorm, hail, explosion, fire, natural disasters, theft, wreckage, and lightning strikes. A variety of professional industries feel more secure with this sort of insurance, including retailers, not-for-profit entities, manufacturers, and businesses related to the service industry.
If any Maine-based business has employees working for them, it will need to have workers’ compensation insurance to offer coverage against employee work-related illnesses, or occupational injuries. Workers’ compensation insurance in Maine is a no-fault, state-mandated insurance structure that provides benefits to employees who sustained injuries or an illness during work duties. The state of Maine has a requirement for every business with employees to carry workers’ compensation insurance, therefore, Maine businesses may be required to pay fines and civil penalties if they fail to carry it, and possible be subjected to paying the cost of injuries obtained by their workers. By having workers’ compensation insurance for your Maine small business, workers benefit from medical care and wages loss coverage with the promise that they will not sue the organization for injury or illness received on the job.
Maine small business owners, whether they have one or several vehicles, need to be protected by commercial auto insurance. Commercial auto insurance in Maine provides financial protection to business professionals and their drivers by offering coverage for a business’s use of vehicles including trucks, vans, and cars. Commercial auto insurance offers security against paying for damages and medical costs that may result from vehicle accidents, vandalism and damage from hail storms and other unexpected events. Coverage for Maine workers includes different types of vehicles including those that are rented, owned, leased, or hired by the business owner, as well as vehicles owned by the employees and used for business operations. Because of this reason, it’s recommended that companies purchase a commercial auto insurance policy if employees use their personal vehicle for work-related duties. In the insurance industry, this is termed non-owned commercial auto insurance.
Commercial umbrella insurance in Maine is beneficial to companies due to the coverage limits of their existing liability policies, and since they usually don’t cover all expenses in the case of an unexpected and catastrophic event. Umbrella insurance fills the gap between where the general liability insurance starts and the commercial auto insurance or other liability insurance stops. Commercial umbrella insurance for workers in the state of Maine is an important resource that provides more comprehensive protection as it covers different exclusions in primary business liability coverage. Umbrella insurance is a helpful way to have added protection for property damage, bodily harm, or other types of liabilities.
Some Additional Business Insurance Coverages in Maine to Consider
Errors and Omissions insurance policies offer employers and individuals of Maine a type of protection against claims and lawsuits made by clients or customers for careless duties and acts, errors, and oversights made through various business operations which resulted in lost wages or production on the part of the client or customer. Errors and Omissions insurance in Maine cover legal defense and court costs for business owners, as well as settlements which is included on the insurance contract. As surgeons require malpractice insurance to protect themselves, owners of small entities in the state of Maine should have errors and omission insurance, especially if they offer services or consulting advice, whether directly or though subcontractors.
Professional liability insurance in Maine provides protection for workers, such as bookkeepers, financial analysts, and general contractors, from being responsible for paying the legal cost of defending against errors, negligence claims, failure to perform, or omission which was made by a client, along with damaged owed in that claim. The coverage’s primarily focus is on the financial burden on the part of the client from this type of professional liability insurance, which may offer claim coverage to the business professionals, even if the legal actions turn out to be invalid. Professional liability insurance in the state of Maine is required by law in a variety of professional practices, including medical and legal, but is also required by contract in other industries.
Employment Practices Liability Insurance, commonly referred to as EPLI, gives small business owners with protection against claims of discrimination, unlawful termination, sexual harassment, breach of contract, wage law violations, false imprisonment, emotional distress, libel, slander, mental suffering, neglectful hiring and promotion decisions, and offensive claims. Employment practices liability insurance in Maine is based on the laws, acts, and protection from VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act, and Family and Medical Leave Act; the Equal Opportunity Employment Commission (EEOC) enforces all of these laws for businesses in Maine and throughout the nation.
Fidelity Bonds in Maine
Fidelity bonds in Maine are a precise variety of insurance offered to professionals in order to protect against losses, like fraud, embezzlement, or theft by one or more workers. Since reimbursement from employee fraudulent acts is usually not possible due to the cash already being spent, fidelity bonds are an important security measure for companies who would otherwise have to suffer these financial losses. Even if your business has extra security against this type of fraud, such as screening of employees, supervising staff closely, and establishing internal controls, it doesn’t always suffice. Losses accrued from employee thefts of money, property, or securities are all covered under fidelity bonds insurance in Maine, New England. There are three primary types of fidelity bonds; business service bonds, standard employee dishonesty bonds, and ERISA bonds.
Surety Bonds in Maine
A surety bond is an important contract or agreement shared between three parties: the principal, obligee, and surety (insurance company). The surety bond acts as a guarantee that the party will pay a specific amount if one of them fails to meet a commitment, such as fulfilling the terms of the contract. A surety bond protects the beneficiary from financial burden if the contract is not fulfilled, while the surety company takes on the liability for not performing. A surety bond is typically required for financial reimbursement. Owners of Maine-based companies may require a surety bond to pledge payment of utility bills or state sales taxes, while a contractor may need to post a bond to secure work or be qualified for licenses. While surety bonds in Maine are seen most often in the construction industry, surety bonds are also used by mortgage brokers, automobile dealers, medical device suppliers, health and fitness clubs, notary publics, and others. Since many small companies need bonds, a variety of types and features of surety bonds in Maine offer a range of guarantees.
Your Maine small business can benefit significantly from various types of business insurance, whether you are running a small hotel, barber shop, or fish and tackle shop in Maine, While you may have traditional varieties of business insurance, additional policies can cover far more for your business and offer you the protection you require, including such risks as accidents, fire, theft, and other damages from unforeseen events and unfortunate circumstances. Your business may be a lifetime journey; therefore it should be safeguarded with every available business insurance protection available so that you are able to supplement different types of policies for all-around coverage.