Are you a small business owner in Portland, ME looking to protect your assets? The last thing that you need is for disaster to strike and to learn that your policy limits are too low for you to rebuild the company. Noyes Hall & Allen Insurance in South Portland can help you determine how much coverage your small business needs to survive a catastrophic event.
What is considered a small business in Maine?
By definition, a small business owner in Portland, ME is a someone who owns a company with fewer than 50 employees. Technically, sole proprietors are considered small business owners even though they are the only employee at their company. Even those who work from home should consider commercial insurance since homeowner’s policies tend to reject claims resulting from conducting business in the residence. Imagine the entire cost of medical bills for one of your clients resting on your shoulders because your homeowner’s insurance policy refused to cover a business-related slip-and-fall incident!
How much coverage do you need?
The amount of coverage varies by business. Many low-risk companies such as those primarily operated online may think they only need a minimal amount. Retail business owners might understand the exposure to loss that their customers’ foot traffic creates, and be more likely to want higher insurance limits. In reality, your liability limit should be at least $1,000,000 per occurrence – higher if your business’ net worth exceeds that. Of course, Maine small business owners with employees also need to buy workers compensation insurance.
You have worked hard to establish yourself as the owner of your company. Do not let an incident threaten your financial stability. Contact Noyes Hall & Allen Insurance today at 207-799-5541 for a Maine business insurance quote!