Maine HR Consultant Insurance Policy Information
Maine HR Consultant Insurance. As an HR consultant you are going to work with people of various backgrounds and in different fields of employment. Working as an independent HR consultant comes with many risks, and for this reason requires you invest in an Maine HR consultant insurance policy.
Of course you will want a professional liability policy to protect you from negligence claims from your advice. Further, having general liability will cover for slip and fall accidents, or other incidents which occur in your office. These policies will pay medical bills and other losses including legal fees, in the event a client or visitor sues you.
Maine HR consultant insurance protects your firm from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Types Of HR Consultant Insurance
In addition to a general liability policy, it is important to consider the additional Maine HR consultant insurance coverages. Some of the important ones are:
Errors and Omissions - Also know as professional liability, this protection will shield you from liability in the event a client sues you for negligence, breach of contract or providing information which may result in financial loss. In some instances, advice you offer doesn't always equate to financial gains for a client. This form of coverage will protect you from these lawsuits, and others which might stem in a similar fashion, and are common for ME human resources consultants.
Employment practice liability - Another optional form of coverage you might want to invest in when choosing your Maine HR consultant insurance policy is employment practice liability coverage (EPL or EPLI). With this form of coverage, you are protected from employment based complaints.
In the event you have several employees working on staff, different issues may arise, including an employee suing for wrongful termination, sexual harassment or other workplace related incidents. Illegal discrimination, wrongful termination, and other employee related lawsuits are covered under EPLI.
Workers Compensation - This will cover your business should any of your employees get injured while working on the job. ME workers comp is required for any non-owner or partner employees.
Cyber Liability - In the event you offer online services or have a website where clients information is stored in a portal, you want to protect fit rom cyber threats and hacking. Additionally, if clients pay via credit card, or online check, the possibility of a hack, or client's information being stolen, is something you have to consider.
When choosing an insurer for your Maine HR consultant insurance policy, discuss this form of protection if you deal with clients online, or use online resources in any fashion when providing HR related services to your client base.
Business Property - If your office is vandalized, if materials are stolen, or if a major storm causes damage to your office, you need insurance in order to cover these losses, and replace damaged equipment or office furniture. If you do not have the right Maine HR consultant insurance policy in place, this can end up costing you much more out of pocket than you bargained for as an ME human resources professional.
With the right coverage in place, you not only have protection from such damage and loss, but also from vandalism, theft, and other targeted attacks to your business.
Commercial Umbrella - If your policy limits aren't high enough, or if you simply want to play it safe, umbrella coverage is an option to consider. It is going to cover excess liability, or claims that go over the underlying general and some other liability limits.
Umbrella coverage is a great way to have higher limits in place, and to ensure you are protected from any and all potential threats which are lingering around your practice, as an human resources consultant working with big or small clients and businesses on a daily basis.
Why Buy HR Consultant Insurance?
There are many threats to your business, your licenses, and your livelihood when working with clients from different backgrounds and industries. As an human resources consultant, insurance is one way to shield yourself from those threats, and avoid the financial loss which might come from a single lawsuit which is filed against you.
In addition to this, there are certain clients who will require you to purchase Maine HR consultant insurance, so it is something you will have to look into regardless of whether or not you want to spend the money.
ME HR Consultant Insurance
When choosing an insurer and level of coverage to purchase, these are a few optional coverage protections to consider investing in, when you are getting quotes for your Maine HR consultant insurance policy.
Maine Economic Data, Regulations And Limits On Commercial Insurance
You have a great idea for a business and you have developed excellent products and services that you are certain people will benefit from. You've also developed a viable business plan. Now you need to choose a place to start your company.
In order for your company to be as successful as possible, you need to choose a location that offers a favorable market for your specific business. After all, if the area doesn't offer a job force to support your operation or a target market that will purchase your products and services, you likely aren't going to succeed.
With that said, if you are thinking about starting a business in Maine, having an understanding of the state's economic trends is essential. It's also important to know what type of commercial insurance you'll need to carry. Below, we offer an overview of this information so that you can determine if ME is right for your business.
Economic Trends For Business Owners In Maine
Unemployment rate is a good indicator of a state's economic climate. The lower the rate, the more opportunities exist for business owners, as it suggests that there are ample job opportunities, and the more job opportunities, the more successful businesses there are in the region.
As per the Bureau of Labor Statistics, the unemployment rate in the state of Maine was 2.9% in December, 2019; that's 0.6% lower than the national average, which was 3.5% at the same time.
Additionally, according to economists, more employment opportunities are expected in the coming years, which will further reduce the unemployment rate.
While locations throughout the state offer opportunities for business owners, there are certain locations that are ideal for entrepreneurs. These locations include:
- Bar Harbor
These cities are the largest in the Pine Tree State, so it's understandable why they offer the best opportunities for businesses. While Maine is home to multiple industries, there are specific sectors that do particularly well here, including:
- Finance and insurance
- Hospitality and tourism
- Information technology
- Professional services
- Real estate
Therefore, if you are considering launching a business in any of these industries, Maine is likely a good location for your company.
Commercial Insurance Requirements In Maine
The Maine Bureau of Insurance regulates insurance in ME. Maine mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Maine requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. Independent contractors do not count as employees, but if those contractors employ subcontractors, the subcontractors must be covered by a workers compensation policy.
Maine also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Attorney Lawyer
- Business Consulting
- Corporate Wellness
- Court Reporter
- Debt Collection Agency
- Detective Agency
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- Financial Planner
- HR Consultant
- Insurance Agents & Brokers Insurance
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Project Management
- Temporary Staffing
- Tax Preparer
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Maine HR Consultant insurance quote in Arundel, Auburn, Augusta, Bangor, Bar Harbor, Bath, Belfast, Berwick, Biddeford, Brewer, Bridgton, Brunswick, Bucksport, Buxton, Camden, Cape Elizabeth, Caribou, Casco, China, Cumberland, Dexter, Dover-Foxcroft, Durham, Eliot, Ellsworth, Fairfield, Falmouth, Fort Kent, Freeport, Fryeburg, Gardiner, Glenburn, Gorham, Gray, Greene, Hampden, Harpswell, Hermon, Hollis, Houlton, Jay, Kennebunk, Kennebunkport, Kittery, Lebanon, Lewiston, Limington, Lincoln town, Lisbon, Litchfield, Lyman, Madawaska and Wiscasset, Madison, Millinocket, Monmouth, Naples, New Gloucester, North Berwick, North Yarmouth, Norway, Oakland, Old Orchard Beach, Old Town, Orono, Orrington, Oxford, Paris, Pittsfield, Poland, Portland, Presque Isle, Raymond, Richmond, Rockland, Rumford, Sabattus, Saco, Sanford, Scarborough, Sidney, Skowhegan, South Berwick, South Portland, Standish, Topsham, Turner, Vassalboro, Waldoboro, Warren, Waterboro, Waterville, Wells, Westbrook, Wilton, Windham, Winslow and Farmington, Winterport, Winthrop, Yarmouth, York and all other cities near me in ME - The Pine Tree State.
Also learn about Maine small business insurance requirements for general liability, business property, commercial auto & workers compensation including ME business insurance costs. Call us (207) 401-4779.