Delegating tasks to your employees, interacting with customers, and building your brand is enough to take care of without having to worry about whether or not your business is protected against certain risks. The cost of purchasing insurance is relatively minor whenever you consider the costs associated with fire damage, a third-party lawsuit, or a workplace accident or injury. If you don't have adequate small business insurance coverage, you could be forced to shut your doors if a disaster strikes.
Small businesses in Maine need business insurance to help buffer them from many of the costs of liability claims, property damage, and more. Since your needs as a business owner are unique, your insurance requirements will vary. Here are four of the most common types of commercial insurance plans to consider:
- General Liability
- Workers' Compensation
- Property Insurance
- Commercial Auto Insurance
General Liability Insurance
General liability insurance can help your small business maintain its legal obligations. It can protect you against lawsuits that are brought against you or one of your employees by third parties, such as a customer, vendor, or landlord. General liability often helps to cover the costs of a lawsuit if a third party claims that he or she:
- Became injured while on your property
- Owned property that was damaged by one of your employees
- Suffered a personal injury for which you're liable
Workers' Compensation Insurance
The state of Maine requires small businesses to have workers' compensation insurance if they have employees. No matter what type of business you own, the chances of a workplace accident, injury, or illness is always a possibility. This type of insurance coverage can help to cover the costs of medical bills, hospital fees, surgeries, and partial income replacement if a work-related accident happens. With workers' compensation, your business could also be immune from a lawsuit filed in connection with a work-related injury if an employee receives benefits. Examples of workplace incidents in which workers' compensation may provide financial payments to an injured employee may include:
- An employee suffers a long-term illness after working with a chemical used by your small business
- An employee receives a back injury after carrying a heavy box at work
- An employee becomes injured in a car accident while running an errand for your business
Imagine how devastating it would be if a fire ruined most of your building and assets. Property insurance can help you recover financially when such an unfortunate event arises. It is designed to cover identified damage to your building, vandalism, and theft. In most cases, property insurance doesn't cover damaged that's caused by floods or earthquakes.
Commercial Auto Insurance
If your small business owns vehicles or if you use your personal vehicle for business purposes, it's important to consider commercial auto insurance. Personal auto insurance may not cover you if you're involved in an accident while using your vehicle for your business. Commercial auto insurance is designed to cover the costs associated with a covered accident, including property damage, medical bills, and liability claims.
How to Get Small Business Insurance in Maine
You can begin the process of protecting your small business in Maine today by contacting AmVenture. We strive to enable business owners to choose the coverage they want at an affordable cost, so you can stay focused on operating your business with less worry.