Maine has a diverse and rich business environment. We are known for our working waterfront, our small cottage industries, and our larger corporations which provide many desirable jobs for those who live in our beautiful state.
As a business owner, whether a sole proprietor with a retail establishment or a corporation providing goods and services, every transaction you complete can result in either a profit, or a risk.
Protecting your business from the impact of potential customer lawsuits should be the first order of business.
A carefully crafted liability insurance policy can do just that.
What Does Commercial Liability Insurance Cover?
Commercial Liability insurance covers the costs of legal fees, including court costs and the resulting award, if any is made. Imagine the peace of mind you’d have being free from worry about the attorney costs as the liability case grinds on.
It is possible to customize a policy to take into account special needs and risks, or preferred financial limits.
In some cases, for smaller organizations, a limited type of commercial general liability insurance may be included in a single insurance package known as a Business Owner’s Policy or BOP.
On the other hand, you may need protection that goes beyond the limits of standard policies. You can buy this additional coverage at low cost through a commercial umbrella insurance or excess liability policy.
The main components of a standard policy include protection against liability for:
- Bodily Injury should a client trip and fall over your briefcase, or lose footing on a slippery floor, and you’re found legally liable for their injury.
- Property damage and data loss should you accidentally spill coffee on a client’s server that causes data loss, or a tree falls on their car in your parking lot.
- Personal injury should an employee talk to a fellow employee of the shop about discussion and sues for slander. We will cover the subsequent claim, up to your General Liability policy’s limits of liability, and pay for an attorney to defend you if necessary.
Worried about the cost?
Cheney Insurance specializes in covering professional services, and local businesses like yours. We have everything you need right here, including:
- Monthly payment options to help spread out your payments so you can better manage your cash flow
- Coverage of temporary staff, full-time employees, and independent contractors
- Past work covering unforeseen claims arising from work completed before you were even insured, to a pre-agreed date
- Worldwide coverage as long as the claim is filed in the U.S., one of its territories or Canada
- Claims responsiveness when time is of the essence, especially in the event of an insurance claim
- Tailored coverage for the specific risks of your field and industry
- Knowledgeable agents who provide exceptional, passionate service
- Coverage for contracts satisfying most standard contract insurance requirements
Other Types of Business Liability Insurance?
There are several other important business liability coverages you may need. Some of these may be added as endorsements to your Commercial General Liability policy. Others require standalone policies.
Whether or not you need them depends on the nature of your business, and should be discussed with your insurance professional. Here are the key ones:
- E & O Insurance (errors & omissions) – to protect against allegations of professional negligence or a mistake that results in a financial loss.
- Cyber liability – protection against one of the fastest growing crimes: data breaches.
- Employee theft/dishonesty coverage – for example if an employee is accused of defrauding or stealing from a client.
- Workers’ compensation liability – (mandatory in Maine)
- Employment practices liability – to protect against allegations of unfair employment policies or treatment of employees.
- Pollution liability – to protect against leaks, emissions and more, including protection for damage to your business. It is wide in scope but also has lots of exclusions. Speak to your insurance professional if you need this.
- Liquor liability – for damage or injury caused by an intoxicated patron.
- Liability for home-based businesses
- Inclusion of independent contractors working for you
“Building Maine’s Future, One Business at a Time”
This is the vision statement on America’s SBDC Maine’s website. They are a network of small business development centers helping Mainers realize their dreams of starting a business and helping existing business owners grow theirs by providing free advising, live and online workshops, and other resources.
As a local independent insurance agency, we also share in this vision.
While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you.
There’s no such thing as a one-size-fits-all insurance policy when it comes to your business.
We’re your neighbors. We protect people we know and care about in Maine, and that means we always look for ways to protect you better, including carefully choosing the insurance companies we represent to be both affordable and responsive.
If you’d like to learn more, without cost of obligation, please get in touch with our commercial insurance specialists at Cheney Insurance.