Business Insurance

Broadly speaking, the vast majority of businesses in Maine can benefit from at least some commercial policies. Few (if any) businesses are completely free of risk and insurance can provide important protection against certain risks that might otherwise be devastating to a business. No business wants to face a major loss or liability lawsuit without adequate insurance in place.

While most businesses need insurance, not every organization has the same risk exposure and correlating protection needs. In order to meet the diverse risk mitigation needs that organizations have, insurers underwrite many different kinds of commercial policies. Many of these policies can be categorized into liability and property policies.
Some of the more common liability policies that businesses frequently carry are:

     ● General Liability Insurance, which may cover general accidents and defamation suits
     ● Professional Liability Insurance, which may cover mistakes professionals make
     ● Cyber Liability Insurance, which may cover online attacks and data breaches
     ● Employment Practices Liability Insurance, which may cover discrimination claims
     ● Liquor Liability Insurance, which may cover alcohol-related incidents
     ● Commercial Umbrella Liability Insurance, which may offer additional liability protection

Some of the more common property insurance policies that businesses frequently get include:

     ● Commercial Property Insurance, which may cover owned buildings, equipment and inventory
     ● Commercial Auto Insurance, which may cover owned vehicles and provide liability protection for accidents
     ● Inland Marine Insurance, which may cover equipment while it’s transported between locations
     ● Equipment Breakdown Insurance, which may cover essential equipment when it malfunctions
     ● Flood Insurance, which may cover property against abnormal water patterns
     ● Business Income Insurance, which may cover prolonged revenue losses if a business’ property is severely damaged

Workers compensation is another important coverage that many businesses in the state have to carry. This insurance normally protects against job-related injuries and illnesses and it usually helps pay medical costs and reimburses some lost wages if an employee suffers from a covered injury or illness. Workers compensation might be purchased alongside other commercial policies or by itself in a stand-alone policy.

A business owners policy is a basic commercial policy that might meet the insurance needs of a small business. Most BOPs come with general liability coverage, commercial property coverage, business income coverage, and they sometimes have other optional coverages that can be added.

A commercial package policy tends to be more robust and flexible than a business owners policy. CPPs typically offer many coverage options and they can frequently be tailored to create customized insurance solutions for different industries. For example, CPPs might offer solutions for restaurant insurance, landlord insurance, nonprofit insurance, brewery insurance, contractors insurance or any number of other industries.

For help insuring a Maine business, contact the Trusted Choice agents at Rousseau Insurance. Our agents have the expertise necessary to help you determine what protections your business or organization needs.