Maine General Liability Insurance – ME
Maine General liability insurance is must-have coverage to have for all businesses big or small.
This form of insurance protects your business against different claims stemming from damage to third parties or your customers.
The fact is that many businesses face some form of risk, which is why they require general liability insurance.
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This type of coverage can help protect your business against claims pertaining to malpractice or bodily harm.
General liability insurance in Maine is available in different types of coverage, and the one you require will depend on the kind of business you run.
For example, if you have a construction business, then you will require a higher level of general liability insurance coverage.
5 Key Reasons Why You Require General Liability Insurance in Maine
One of the many common questions business owners ask is do I really require general liability insurance? And the short answer is Yes!
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As a business founder, you should already know that running any type of business is already risky.
General liability insurance in Maine not only safeguards your business against claims originating from injury and property damage, but also from any issues as a tenant if you are renting a space.
Further, it extends coverage for not only your business, but also your coworkers against claims resulting from injury or property damage to third parties.
Apart from being an essential part of your business, here are 5 excellent reasons your business should have general liability insurance.
Workers’ Compensation Insurance in Maine
If you are a handyman, you already should be aware of the compensation you can miss if you fall ill.
As a handyman, you are not shielded by government workers’ compensation benefits, therefore you should have ME handyman insurance.
Research shows that injuries to independent workers in Maine were increased by a whopping 12 percent.
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When you invest in Maine general liability insurance, you are shielded financially for medical costs related to the injury at the workplace.
Depending on the general liability insurance policy you choose, you may also be eligible for cash for the weeks you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most crucial reason to get general liability insurance in Maine.
If your company provides services that can cause damage to others including clients, then getting general liability insurance should not be an option.
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One excellent example of this is ME dog walker insurance, which covers your pet sitting business if the pet causes hurt to others.
Another example is when you are fixing your client’s drywall, and they slip over your tools, then you will be liable for their injury.
If you buy general liability insurance in Maine, your policy will pay for the penalties of these claims.
Third-Party Property Damage
Another crucial reason to get general liability insurance in Maine is to protect your business from third-party property damage.
For example, you are fixing your customer’s roof, and you mistakenly damage an expensive vase, then you will have to reimburse for the damages.
Depending on the cost of what you break, you may have to pay for these claims from your own cash, that is if you do not have a general liability insurance contract.
Maine General liability insurance can help cover your business against any lawsuits stemming from claims that you failed to deliver services as promised.
Things such as negligence can be covered under a general liability insurance policy.
General liability insurance can also oftentimes include professional liability insurance, so speak to your insurance provider to check if they provide this kind of insurance.
While general liability insurance protects your business against many different sorts of claims, professional liability insurance is more specific towards errors you make in your business services.
If you are manufacturing and selling things under your own company, then it is important to have general liability insurance in Maine, and here is why!
If a customer claims bodily hurt due to the use of your business’s products, then general liability insurance will cover you against these types of claims.
And if you sell your products on the web, then it is a great idea to check out ME eCommerce insurance to better protect your interests.
Take, for example, your organization is selling facial creams, and a client has an allergic reaction to your cream, then general liability insurance can help cover costs if you get sued.
What is Not Protected Under General Liability Insurance?
Depending on the coverage of general liability insurance you choose, there are few things that may not be covered under your insurance terms.
The first thing that may not be protected is against claims not related to your services. Employee accidents may also not be covered under your general liability insurance policy.
As a business, you may be storing several expensive tools in your vehicle or even at your end user’s property.
If these accessories do get stolen, you will need specialized general liability insurance.
In the incident of theft of your personal property, your auto insurance policy will not protect these tools against theft.
Another area where general liability insurance may not offer coverage is if you make mistakes in your services.
When buying general liability insurance, you should pick your coverage limit wisely. Because your general liability insurance policy will not pay costs that are higher than your policy limit.
Different Forms of General Liability Insurance
General liability insurance is a widely used term for many types of insurances, most notably:
General Liability Insurance
Also known as CGL commercial liability insurance or BL form of insurance covers your corporation against claims that cause bodily injury or property damage to someone else.
Further, general liability insurance also covers your corporation against reputational harm or errors in your advertising.
A few examples of things general liability insurance will protect your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also referred to as errors and omissions insurance, professional liability insurance comes claims against your business that arise from errors in the services you give.
For example, if you are a chartered accountant that provides a client with erroneous figures, and they sue you, professional liability insurance will cover the legal expenses.
If you offer professional services to people, then you should as your insurance agent about professional liability insurance.
Employer Liability Insurance
If your business has a lot of employees, opting for employee liability insurance is a wise idea.
This type of insurance shields your employees against any injury they may sustain at the work location.
Additionally, employer liability insurance can also provide disability benefits, missed wages, and funeral costs.
What is the Cost of General Liability Insurance?
The price for general liability insurance is different across insurance providers. It depends on a lot of different factors including the sort of business you are handling.
For example, if you are running a roofing business, then the price for your premiums will be above that other forms of businesses, hence you should check out ME roofing insurance.
But to give you a ballpark idea, general liability insurance costs $40 per month, but a little lower if you choose to pay annually.
High-risk companies can expect to pay higher premiums such as contracting categories.
You can save cash if you pay for your insurance contract in full annually.
Furthermore, you can also save funds on your general liability insurance policy if you group all your policies under one insurance agency.
You should also minimize your business claims on your general liability insurance contract.
How to Find General Liability Insurance Companies in Maine?
When looking for the best general liability insurance company in your area, it is important to check the company’s reputation.
You should then select your coverage limit, where the higher the limit, the higher the charge of premiums.
But it is very important that you select the right amount of coverage.
If you are unclear about the coverage limit you need, speak to your general liability insurance agent to help evaluate your company’s risks for the right coverage limit.
But $1 million and $2 million are the most selected coverage limits of general liability insurance.