Guide to Getting the Best Business Insurance in Maine
Maine business insurance can help local owners make sure that their business won't suffer in the event of a disaster, accident, or one of the many other unforeseen instances that may affect operations. It is a safety net that can mean the difference between a business getting through a rough patch or failing altogether. Making the decision to have business insurance is the simple part. Choosing the right insurance plan that will properly protect your Maine business takes some more time and consideration.
Types of Business Insurance in Maine
If you are looking for business insurance in Maine you may be surprised, and perhaps overwhelmed, by all of the options. The Maine economy supports large and small businesses alike and that has lead to pretty much every type of business you can think of, and specific insurance policies to protect them.
Here are a few of the more common kinds of ME business insurance:
- Insurance for small businesses
- Business health insurance
- Business liability insurance
- Business auto insurance
- Business interruption insurance
- Business disability insurance
- Business property insurance
Two types of business insurance that owners need but usually are not as acquainted with are business liability insurance and interruption insurance.
Business liability insurance is the term for coverage that protects a business when it's sued for negligence. This can be negligence on the part of the business itself or one of its workers.
Business interruption insurance protects a business owner if there is a loss of profit and/or cash flow because of an interruption in the business operation. For example, if the business catches fire property insurance would cover damages to the building and assets inside, and business interruption insurance would replace the revenue that was lost due to the business not being open.
Finding the Best Business Insurance Companies in Maine
The business insurance company you decide to work with is equally as important the policy you ultimately end up with. Business owners cannot let price alone determine which business insurance company will offer the best service. Factors which should affect your final decision include:
- Registered/Licensed in Maine
- Customer service
- Solid and secure track record
- Longevity in the market place
Maine business insurance companies can fail and this puts a huge burden on those they had insured. It is very important to pick a business insurance company that has a proven history of providing stable services for a number of years. The longer they have successfully provided insurance services the safer they will be to work with.
Check with Standard and Poor which rates the soundness of insurance companies. Look for insurance companies that have a minimum of a B+ rating.
Save Money With Maine Business Insurance Quotes
Today, the internet makes it much easier for business owners to locate affordable business insurance in ME. Business insurance quotes take a lot of the work out of comparison shopping online and can also get insurance companies to compete for your business.
While business insurance quotes give you a good idea of what it will cost for a certain policy they are by no means precise. Business owners will still need to narrow their selection down to several business insurance companies that operate in Maine and then contact each one to go over their specific needs. This is the only way to get a quote on what your actual monthly payments and premiums will be.
Besides helping you narrow down your selection, there is another benefit to getting business insurance quotes right from the start. You can use competitor quotes to negotiate for better prices and additional services. Make sure to document each quote that you receive and the date that you received it. Prices can change from month to month and even week to week so the date of a business insurance quote is important.