Maine Retail Store Insurance (ME) – policies and cost

Retail store Liability Insurance in Maine  – (ME), is a must have type of insurance to have for any person who conducts business selling to the public from local shops.

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If you’re a shop owner, you must buy retail store liability insurance, and here’s why! 

What actions do retail stores do in Maine? 

But first, a retail store should not to be confused with a shop. There are many workshops that include the word shop in their name, like auto body shop that are not selling products, but provide services to the public.

The latter usually has some type of registered license, and so they need to buy their own liability insurance in ME. A first-line supervisor in Maine is likely to be younger than the average for the state, and to earn less than the average for Maine.

Retailers deal in public to sell merchandise to other businesses for group consumption and so need Small Business insurance in Maine to cover all possible risks.

Retail Store Insurance in Maine

General statistics

About 6% of the total labor force in Maine was employed in the retail sector in 2020. 

Interesting fact – workers in ME are ten time more likely to find jobs in grocery stores than in florists.

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What are the common forms of retail store insurance policy types in Maine? 

General liability insurance.

The usual general liability policy for retail stores in Maine covers a total of $2 million for the whole year, with a cap of $1 million for a single claim.

Professional liability insurance

Every retailers in Maine will see the need for a policy of at least $10000, and many choose much more when their own kind of business warrants it. In some cases, the insurance company in Maine gives a bonus to include a deductible of a few hundred dollars, to stop the nuisance of frivolous claims.

Product liability insurance

The ideal level of cover in ME, is dependant on the type of inventory that the store provides as well as the volume of sales.

Commercial vehicle insurance

Immediately after goods leave your premises in Maine, your standard insurance stops cover. If you are doing your own issuing with an auto, then you require specific policy giving you commercial vehicle insurance in Maine for the vehicle, the driver and the contents.

Commercial insurance

Retail business depends on stock and a physical shop. This means investing your money into premises and goods, and you cannot afford to let this get damaged. Commercial insurance in Maine is especially designed to take into account the dangers that can end up costing you a lot of money.

Property insurance

Maine carries special risks when it comes to buildings, and every business must take out the necessary cover to protect property and contents. 

As well, the possibility of floods is increasing because of climate change, so every retailer should take care to get all the protection necessary to cover even the most remote possibility.

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Business Income insurance

There has been a history of ups-and-downs in ME, that have hit retail businesses hard. It is wise to get proper insurance in place before such a calamity occurs, rather than to expect that you can never be hurt.

Average costs of these types of insurance in Maine

Although every retail business is unique, there are enough examples of usual quotes from insurance companies in Maine for us to give rough guidelines. Of course, you should always check with an agent of what’s relevant for your business.

The below list is for annual premiums for the main types of insurance retailers need in Maine.

Types of insurance Price range
Commercial vehicle insurance $1970 – $3176
Commercial insurance $874 – $2025
Public liability insurance $384 – $609
Business income insurance $356 – $1133
Property insurance $1226 – $3097
General liability insurance $496 – $1719

Cost of insurance in Maine depends on many different factors

Please remember that the above figures are based on averages for small retail businesses. The size and location of your business in Maine can have a big impact on the cost, and also the type of trade and inventory will.

For Example – a liquor store on the high street has a much different risk of theft than a babywear shop conducting Maine retail sales that is located inside a large mall, so the costs of the insurance will be very different.

FAQ section:

Do you need business insurance in Maine?

Every retailers in ME, will have to have at least some insurance, covering laws because they are dealing with the public, and also probably to qualify to be allowed to register with a business license in Maine . As well, insurance in Maine is especially designed to take into account the dangers that can end up costing you a lot of money.

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What is considered a retail store and what is not?

Some businesses use the phrase “shop” in their definition, but don’t really act as retailers.

For example:

  • tire shop
  • repair shop
  • auto body shop
  • coffee shop
  • motorcycle repair shop
  • auto repair shop
  • tattoo shop
  • machine shop
  • coffee shop
  • body shop
  • mechanic shop
  • bike shop
  • dram shop

A better wording would be if the business sells many of the following to the public:

  • Sport, recreation, and leisure goods.
  • Food and beverages as in supermarkets, liquor stores, fruit & vegetable grocers and specialty food stores
  • Specialty products for narrow sectors, like florists, jewellers.
  • Entertainment, communication, and technology goods.
  • General retail as in department stores and clothing retailers.
  • Home living and homeware, trade, and gardening goods.
  • Apparel like babywear, kids, women’s and men’s clothing.
  • Books, newspapers, magazines and office supplies.

Where to find the right insurance?

In every town in Maine you will be able to find a qualified insurance agent or broker that can advise you on your best options. Most independent brokers and agents work six days a week, with the following opening times.

Opening Hours:
Monday – 8:00 AM – 6:30 PM
Thursday – 8:00 AM – 6:30 PM
Wednesday – 8:00 AM – 6:30 PM
Thursday – 8:00 AM – 6:30 PM
Friday – 8:00 AM – 6:30 PM
Saturday – 7:00 AM – 1:30 PM