Best General Liability Insurance in Maine (2023)

After a thorough evaluation of general liability insurance companies in Maine, Thimble emerged as the top-performing insurer. The company's policies cost $53 per month for limited liability companies (LLCs) with 20 employees and $22 per month for sole proprietors with no employees. Thimble is also the cheapest option in Maine.

Our analysis takes into account several essential factors, such as affordability, customer satisfaction, financial stability and the online quote process.

Thimble is the best general liability insurance provider in Maine, receiving a MoneyGeek score of 92 out of 100. See the table below for a summary of the rankings of the analyzed companies in Maine, including their average costs and MoneyGeek scores.

Thimble stands out as the best choice for small business owners seeking affordable general liability insurance coverage in Maine. It charges an average rate of $53 per month for LLCs and $22 per month for sole proprietors.

For this category, we created an affordability score that considers the monthly costs for both sole proprietors and LLCs, weighted at 50% each. Although Thimble emerged as the winner based on this score, the company may not have the lowest cost for both entity types.

For Maine employers seeking comprehensive general liability insurance, Nationwide emerges as the best choice, with a MoneyGeek score of 96 out of 100. It stands out with an average policy cost of $41 per month.

To determine the rankings in this category, MoneyGeek based its evaluation on the average monthly cost for LLCs with 20 employees. This factor is crucial as employee count can significantly affect the cost of general liability insurance. While businesses with fewer than 20 employees may pay less than the average cost, those with more than 20 employees might pay higher rates.

Thimble's affordable rates and comprehensive coverage make it a top choice for many small businesses in Maine. With a MoneyGeek score of 95 out of 100, it provides the best general liability insurance in Maine for sole proprietors. Its policy cost is approximately $22 per month.

When ranking companies, we considered the average cost of policies for sole proprietors with no employees. Businesses in riskier industries like construction may pay more for general liability insurance due to the higher likelihood of accidents and injuries.

While general liability insurance is not mandatory according to Maine state law, it is a wise purchase to ensure your business is protected from financial loss due to liability claims. General liability insurance provides coverage for:

• Third-party bodily injuries: General liability insurance helps you avoid paying for medical costs incurred by an injured party as a result of your business operation.
• Third-party property damage: General liability insurance covers the costs of damages to someone else’s property caused by your business or employees. This can help protect your business from financial loss and potential legal action.
• Personal and advertising injury: General liability insurance provides financial protection to businesses facing claims of defamation, libel, slander or copyright infringement.

In addition to general liability insurance, depending on the nature of your business, there are other types of business insurance policies that Maine business owners should consider. For example, workers’ compensation is required for any company with employees in the state.

Companies also need commercial auto insurance to cover company-owned vehicles. Policy minimums include:

• $50,000 per person for bodily injury liability
• $100,000 per accident for bodily injury liability
• $25,000 per accident for property damage liability

In Maine, the average cost of general liability insurance is $55 for LLCs with 20 employees and $28 for sole proprietors with no employees. These rates apply to a specific type of policy that has a $2 million aggregate limit, a $1 million limit occurrence limit and no deductible.

The aggregate limit is the maximum amount that the insurance provider can pay out for all claims made during the policy period. The occurrence limit is the maximum amount that the insurer can cover for each individual claim. The deductible is the amount of money that the business owner must pay out of their own pocket before their insurance policy starts covering the costs.

The following factors determine the cost of your general liability insurance:

To provide you with more helpful information, we have answered some frequently asked questions about general liability insurance in Maine.