FROM OUR PARTNERS
Business insurance is important for any business. It can protect your business and employees from a range of losses. A typical policy will include liability, property, commercial auto, and workers’ compensation coverage. You may also want to consider other policies depending on your industry needs or specific risks you may have. We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
Businesses in Maine are required to carry workers’ compensation insurance for employees, and employers must carry unemployment insurance.
Beyond that, there are no mandatory business insurance requirements in Maine. However, you should always look into what kind of coverage makes sense for your business. If you have employees, you may want to consider general liability insurance. If you’ll be working with other businesses or vendors, you might need commercial auto liability or professional liability insurance.
The most common types of policies cover property damage, business disruption, liability, vehicles, and workers’ compensation.
Property insurance covers buildings, equipment, inventory, and other physical assets against loss or damage caused by fire, storms, theft, and other covered events. Business interruption insurance covers lost income when your business can’t operate because of an insured event. Commercial property liability insurance policies have exclusions for specific risks, such as:
Liability insurance covers the cost of defending against lawsuits and any settlements or judgments against your business. It helps pay for medical expenses if someone is injured on your premises or by your product. Liability insurance can also cover the cost of repairing or replacing someone else’s property if you accidentally damage it while conducting company business.
Vehicle insurance covers company cars and trucks that are used for business purposes. The policy may also provide coverage for employees who use their personal vehicles for company business. Workers’ compensation provides benefits to employees who suffer job-related injuries or illnesses regardless of fault. Things that are not covered by the Commercial Auto Insurance Policy are listed below:
Sometimes called errors and omissions (E&O) insurance, professional liability insurance helps cover legal costs if someone sues for malpractice, negligence, or breach of contract. Professional liability insurance for businesses that provide professional services will not cover:
This type of coverage helps pay for lost wages and medical expenses if one of your employees gets hurt at work or develops an illness because of their job. It’s usually required by law if you have employees. In general, the workers’ compensation business insurance policy excludes certain types of injuries and illnesses. The following are common exclusions:
Every business is different, and insurance companies take many factors into account when deciding how much to charge for a business insurance policy.
Here are some of the most common factors that influence the cost of a business insurance policy:
Very dangerous industries like construction and manufacturing will face higher insurance costs than less risky businesses like accounting and consulting. This is because some industries are more likely to face lawsuits and liability claims than others.
Businesses in cities with high crime rates pay more for property insurance than those located in safer areas because they’re at greater risk of theft or vandalism. Businesses located in high-risk areas for severe weather also typically pay more for property coverage.
Larger businesses have higher revenue, which means they have more to lose in the event of a disaster or lawsuit. As a result, they typically pay more for insurance than small businesses do.
Generally, the more business insurance coverage you buy, the higher your premium will be. If you purchase $1 million in property insurance and $1 million in liability insurance, your premium will be higher than if you purchased only $500,000 in property insurance and $500,000 in liability insurance.
Businesses with a high liability profile have higher insurance premiums than businesses with low liability profiles. For example, a restaurant has a high liability profile compared to an online retailer because it has a large customer base and thus poses a higher risk than an online retailer
Here are some tips on how to choose the right insurance for your business:
