Commercial insurance protects businesses from financial losses due to property damage, liability claims, and employee injuries. Unlike personal insurance, it’s underwritten based on your business type, revenue, and risk, and is often required by landlords, lenders, and clients.
FAQ_category: (HIDDEN) Industry FAQs
No. You don’t need an LLC to get business insurance. Sole proprietors, freelancers, and partnerships can all buy it. Many clients require proof of insurance before you even form an LLC.
A Business Owner’s Policy (BOP) is best for most small businesses. It combines general liability and property coverage in one affordable policy. Service businesses should also add professional liability; businesses with employees need workers’ compensation.
A Business Owner’s Policy (BOP) is the best starting point for most LLCs. It bundles general liability and commercial property at a lower cost. Add professional liability if you provide services, and workers’ comp once you hire employees.
Business insurance Maine typically costs $20 to $50 per month for general liability coverage. Costs vary based on industry and risk.