Umbrella Insurance Maine

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Umbrella Insurance Maine Policy Information

ME Umbrella Insurance

Umbrella Insurance Maine. Does you business need an umbrella excess liability policy? Any company in business in today's modern world is subject to claims of wrongdoing and/or negligence. With an ME umbrella insurance policy in place, the fallout from these types of lawsuit is minimized and mitigated.

In the litigious environment in which we live, people are seemingly looking for a reason to sue a company, business, or individual and the excess liability policy can cover damages that exceed the limits of your underlying liability insurances.

Umbrella insurance Maine is excess liability that protects your business from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.

Any Company Can Be Sued for Negligence or Wrongdoing

Now more than any time in history, people are more than glad to lodge a complaint against a business, even if the complaint has little or even no merit. When an individual feels wronged or jilted in some way, the first thing that comes to mind is to make the company offending them pay. Many people see a business as having deep pockets, even if the business is small and doesn't have a lot of revenue. With business umbrella insurance Maine, your business edeoys a heightened level of protection from such claims, and should your business find itself paying an exorbitant amount in a claim, this insurance can be invaluable.

A commercial agent working with experiencing writing business policies is a go-to source for getting the right umbrella insurance Maine policy. An agent with experience can be helpful in recognizing the risks that your business faces and helping you to find the right level of protection to put a shield between you and potential litigants.

Reasons to Buy Business Umbrella Insurance

There are a number of reasons that an umbrella insurance Maine policy may be right for you. Some of them include:

  • You have professional liability coverage in force, but it might not be sufficient to cover your needs, including any payouts to litigants and the legal fees incurred to defend yourself in court.
  • Your business has significant assets to protect. Remember that if a monetary award is quite significant, you may be asked to sell off assets to cover any award not met by your insurance.
  • Your company runs a high risk of claims because of the service or products that you provide or sell. For example, a dog walking business is generally a less-risky endeavor than a sky-diving instruction business.
  • The work you do is prone to litigiousness. Some professions see more litigation than others; a doctor is more apt to be sued than a guy providing landscaping services.

Commercial Umbrella Insurance and Your Business

Lawsuits in the business world are filed each and every day. Do you know your own business' risks?

Big businesses are not alone in their risk for legal action against them. Small businesses and mid-sized enterprises are also vulnerable, perhaps even more so. Any business of any size can be targeted, and even a minor lawsuit can cost a lot of money to dispose of, including legal fees for representing claims without merit.

Some scenarios that often leave businesses at risk of being sued include:

  • An employee posting something deemed damaging about another business or individual on a social media network from a company computer.
  • Advice rendered by an employee causes a client to lose money.
  • A customer coming into the office for a consult slips in ice on the pavement out front and is inured.
  • A bartender serves too many beers to someone who ends up in an accident and kills someone.
  • A waitress drops a hot cup of coffee on a customer and causes a burn.
  • An adjustment by a chiropractic professional leads to the patient's injury.
  • A product you sell causes people to become ill or die.
  • An employee in a company car runs a red light and causes an accident.

These are real world examples of accidents that have occurred and been adjudicated in a court of law. It is impossible to know in advance if an event will occur, which is why an umbrella insurance Maine policy makes sense. The policy kicks in to pay any excess liability not covered by your standard business insurance policy.

How Does An Umbrella Business Policy Work?

Umbrella policies have simple structures that are not too difficult to understand. To illustrate such as policy, assume that you or an employee causes an accident. Several people sustain severe ideuries. The accident happens in your company car. As a result, the legal fees and costs of the accident amount to $2 million and include legal settlements, attorney's fees, hospitalization and medical costs. You only have $1 million in liability coverage. Who pays the other million? If you have an umbrella policy, the umbrella policy does.

If you don't have the policy in force, you would pay yourself, or your company would pay.

LLCs and Umbrella Policy

While an LLC structure provides some protection to businesses when it comes to such claims, there is also such a thing as 'piercing the corporate veil.' In this instance, if the plaintiff can provide evidence that the LLC and business owner were inseparable, then the business owner can be held personally liable, leaving his personal assets open to seizure.

Because of this, even if your business is set up as an LLC, having that extra layer of protection in place can be fundamental to keeping your business on the right track and progressively growing, even in the face of claims.

Maine Economic Data, Regulations And Limits On Commercial Insurance

Made In Maine

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:

  • Bangor
  • Bar Harbor
  • Portsmouth
  • Augusta

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:

  • Agriculture
  • Construction
  • Education
  • Entertainment
  • Finance and insurance
  • Healthcare
  • Hospitality and tourism
  • Information technology
  • Manufacturing
  • Professional services
  • Real estate
  • Retail
  • Transportation

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 Small Business Insurance

Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.


Small Business Commercial Insurance

Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.

A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?

Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.

Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.

You need a written plan that allows you to get your operations back up and running as quick as possible.


Request a free Umbrella Insurance Maine 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 find Maine insurance agents & brokers and 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.

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