NEXT leads our analysis of Maine business insurance providers because of its excellent customer service and extensive coverage options. The Hartford and Simply Business are also reliable alternatives for entrepreneurs across the state.
Business Insurance in Maine
NEXT tops our Maine business insurance rankings with a MoneyGeek score of 4.64 out of 5.
Find affordable coverage that protects your small business in Maine below.
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Updated: September 20, 2025
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Key Takeaways
Small business owners in Maine can get the best business insurance through NEXT, The Hartford and Simply Business.
The best business insurance in Maine depends on your industry risks, employee count and preferred coverage limits.
To find the best coverage, assess your risks, compare multiple quotes, research provider service quality and maximize available discounts.
Best Business Insurance Companies in Maine
| NEXT | 4.64 | 2 | 1 | 2 |
| The Hartford | 4.58 | 2 | 2 | 3 |
| Simply Business | 4.50 | 3 | 5 | 1 |
| Nationwide | 4.46 | 8 | 2 | 4 |
| Coverdash | 4.41 | 5 | 6 | 2 |
| biBERK | 4.39 | 7 | 2 | 5 |
| Thimble | 4.33 | 1 | 8 | 5 |
| Progressive Commercial | 4.31 | 4 | 7 | 5 |
| Hiscox | 4.28 | 6 | 4 | 6 |
| Chubb | 4.27 | 9 | 3 | 4 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Best by Coverage Type
NEXT offers Maine's best business owner's policies (BOP), professional liability insurance and workers' compensation coverage. The Hartford provides the best general liability coverage.
| Business Owners Policy | NEXT | 4.67 |
| General Liability | The Hartford | 4.60 |
| Professional Liability (E&O) | NEXT | 4.74 |
| Workers Compensation | NEXT | 4.61 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Best Maine Small Business Insurance Reviews
Our research identified the top three business insurance providers in Maine based on coverage options and value. Each company offers strong protection, with unique advantages for small business owners looking for comprehensive coverage.
NEXT
Best Customer Experience
MoneyGeek Rating
4.6/ 5
4.5/5Affordability
4.7/5Customer Experience
4.8/5Coverage Options
Average Monthly Cost of General Liability Insurance
$89This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$59This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
3.9/5Ranked #4 nationallyOur Survey: Likely to Be Recommended to Others
4.8/5Ranked #1 nationally
The Hartford
Best for Affordability
MoneyGeek Rating
4.6/ 5
4.5/5Affordability
4.6/5Customer Experience
4.7/5Coverage Options
Average Monthly Cost of General Liability Insurance
$83This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$70This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
4.5/5Our Survey: Likely to Be Recommended to Others
4.5/5
Simply Business
Best for Coverage Availability
MoneyGeek Rating
4.5/ 5
4.5/5Affordability
4.2/5Customer Experience
4.9/5Coverage Options
Average Monthly Cost of General Liability Insurance
$82This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$61This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
3.7/5Our Survey: Likely to Be Recommended to Others
4.2/5
Cheapest Business Insurance Companies in Maine
The Hartford provides the most affordable business insurance in Maine at $74 monthly ($886 annually). Thimble and Simply Business follow with competitive rates of $81 and $83 per month respectively. Compare rates from all providers in the table below to find the best coverage for your business needs.
| The Hartford | $74 | $886 |
| Thimble | $81 | $974 |
| Simply Business | $83 | $1,001 |
| NEXT | $86 | $1,035 |
| Coverdash | $87 | $1,046 |
| Progressive Commercial | $88 | $1,051 |
| Nationwide | $89 | $1,064 |
| biBERK | $90 | $1,081 |
| Hiscox | $93 | $1,116 |
| Chubb | $102 | $1,220 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest General Liability Insurance Companies in Maine
Maine businesses can find the cheapest general liability coverage through The Hartford at $72 per month. This rate beats Simply Business, which ranks second with monthly premiums of $82. Compare rates from all general liability insurance providers in the table below.
| The Hartford | $72 | $861 |
| Simply Business | $82 | $989 |
| Nationwide | $84 | $1,014 |
| Progressive Commercial | $88 | $1,054 |
| NEXT | $89 | $1,068 |
| Coverdash | $89 | $1,069 |
| Thimble | $93 | $1,112 |
| Hiscox | $99 | $1,184 |
| biBERK | $99 | $1,185 |
| Chubb | $102 | $1,229 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest Professional Liability Insurance Companies in Maine
NEXT offers the most affordable professional liability insurance (E&O) at $63 monthly ($750 annually). The Hartford provides another budget-friendly option for Maine businesses.
| NEXT | $63 | $750 |
| The Hartford | $63 | $752 |
| Simply Business | $66 | $788 |
| Thimble | $66 | $794 |
| Progressive Commercial | $66 | $796 |
| Hiscox | $67 | $802 |
| Coverdash | $67 | $807 |
| biBERK | $69 | $830 |
| Nationwide | $72 | $859 |
| Chubb | $77 | $923 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on professional liability/errors and omissions policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest Workers’ Comp Insurance Companies in Maine
NEXT offers the cheapest workers' comp rates in Maine at $59 monthly ($713 annually). Thimble and Simply Business also provide competitive rates, making all three solid choices for Pine Tree State businesses.
| NEXT | $59 | $713 |
| Thimble | $61 | $729 |
| Simply Business | $61 | $730 |
| Hiscox | $62 | $741 |
| The Hartford | $62 | $747 |
| Coverdash | $63 | $751 |
| Progressive Commercial | $63 | $751 |
| biBERK | $65 | $778 |
| Nationwide | $70 | $845 |
| Chubb | $73 | $876 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on workers’ comp policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest BOP Insurance Companies in Maine
The Hartford offers the cheapest BOP rates in Maine at $99 per month ($1,182 annually). Business owners can also find affordable BOP insurance with Thimble, Simply Business and biBERK.
| The Hartford | $99 | $1,182 |
| Thimble | $105 | $1,261 |
| Simply Business | $125 | $1,495 |
| biBERK | $127 | $1,530 |
| Nationwide | $128 | $1,536 |
| Coverdash | $130 | $1,555 |
| Progressive Commercial | $133 | $1,601 |
| NEXT | $134 | $1,610 |
| Hiscox | $145 | $1,738 |
| Chubb | $154 | $1,853 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on BOP policies. Survey results reflect limited sample data and may not represent all available rates in your area.
How Much Does Business Insurance Cost in Maine?
Business insurance in Maine ranges from $64 to $128 monthly, with workers' compensation being the most affordable and business owner's policies the most expensive. Rates vary based on the coverage type your business needs.
| BOP | $128 |
| General Liability | $90 |
| Professional Liability (E&O) | $68 |
| Workers Comp | $64 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Cost of Business Insurance by Industry and Coverage
Business insurance costs in Maine vary by industry and coverage type. Our analysis shows workers' compensation for speech therapists costs just $5 monthly, while pressure washing businesses pay $1,173 monthly for a business owner's policy.
Data filtered by:Results filtered by:
Select
Coverage Type:Business Owners Policy
Select
Industry:Accountants
| Accountants | Business Owners Policy | $27 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
What Factors Influence My Costs?
Here are the factors that determine your Maine business insurance premiums to understand why your rates may be higher than expected:
Industry Risk Level
Your line of work drives insurance costs more than any other factor in Maine. A construction company might pay $800 monthly for coverage due to workplace hazards, while a consulting business could pay just $50 monthly. Insurers base rates on decades of claims data showing which industries face more accidents and lawsuits.
Geographic Location and Weather Risks
Your location in Maine affects insurance costs, especially for coastal businesses facing nor'easters and flooding risks. According to Maine Emergency Management Agency, severe winter storms and coastal flooding cause millions in business damage annually. Inland companies often pay less, while coastal operations need more coverage for weather risks.
Business Size
Your company's size directly impacts insurance costs. Workers' compensation runs $1 to $3 per $100 of payroll in Maine, while liability costs increase with higher revenue and customer traffic. A retail store with 15 employees and high foot traffic pays substantially more than a solo consultant working remotely.
Claims History
Your claims record follows your business for years and can quickly increase premiums. Even a single liability claim affects rates across multiple coverage types. Maine insurers offer better pricing to businesses that maintain clean claims records, often with discounts of 10% to 20% for claims-free years.
Coverage Types and Limits
Your choices in coverage types and limits directly affect your rates. While higher limits increase costs, Maine businesses can save money with a business owner's policy that bundles property and liability coverage. Adding specialized coverage like cyber insurance or professional liability increases costs but provides crucial protection.
Years in Business
New Maine businesses pay higher premiums since insurers lack data to evaluate their risk. After three to five years of operation with no claims, rates often drop 10% to 25% as you build a track record of safe operations.
Professional Certifications
Safety certifications and professional licenses can lower your insurance costs in Maine. Participation in the OSHA safety program can reduce premiums by 5% to 15%. Industry-specific certifications show insurers you follow best practices, leading to better rates.
Maine Business Insurance Buying Guide
Getting business insurance can feel overwhelming when you're focused on running your business. We understand you have a lot on your plate, so we created a simple guide to help you make insurance decisions with confidence.
What Coverage Is Required?
We've researched all the business insurance requirements in Maine to save you time. Check out our detailed breakdown of coverage requirements in the section below.
Workers' Comp
Maine requires workers' compensation insurance for most businesses, with some unique rules compared to other states.
You must carry workers' comp if you have one or more employees, including part-time and seasonal workers. The state includes some stricter requirements: independent contractors in construction must be covered unless they have their own policy, and corporate officers are automatically covered unless they formally opt out. Sole proprietors and business partners can choose coverage, but aren't required to carry it.
Commercial Auto Insurance
Small businesses that own vehicles or require employees to drive for work need commercial auto insurance. Maine requires all vehicles to carry at least $50,000 per person and $100,000 per accident for bodily injury, plus $25,000 for property damage. These are higher minimums than many states, reflecting Maine's focus on adequate coverage for accident victims.
Professional Liability Insurance
You'll need professional liability insurance if you hold a professional license in Maine for medical, legal, engineering or other licensed professions. Health care providers must carry malpractice coverage, while other professionals should check with their licensing boards for specific requirements. The coverage amounts vary by profession and practice type.
Unemployment Insurance
Maine requires unemployment insurance for businesses that pay wages of $1,000 or more in any quarter or employ one or more workers for 20 weeks during a calendar year. You must register with the Maine Department of Labor and pay quarterly contributions based on your payroll and experience rating.
Disability Insurance
Maine requires temporary disability insurance for employees, funded through small payroll deductions. This coverage provides partial wage replacement for workers who can't work due to non-work-related injuries or illnesses. Employers must either participate in the state program or provide equivalent private coverage.
What Coverage Do We Recommend?
Maine keeps business insurance requirements minimal, with only a few state-mandated coverages. We've researched the best insurance options for the state's leading industries to help protect your business:
Marine | Marine general liability, hull and machinery, commercial fishing vessel, lobster trap coverage, nor'easter coverage, ice damage protection, pollution liability, crew coverage, seasonal operations | Maine marine businesses face severe nor'easters, ice damage to vessels and equipment and lobster industry liability. Commercial fishing operations require specialized coverage for trap loss, vessel damage from storms and crew injuries in harsh North Atlantic waters. |
Food | General liability, product liability, commercial property, equipment breakdown, business interruption, contamination coverage, recall coverage, lobster processing coverage, seasonal operations, nor'easter coverage | Maine food processors handle lobster, blueberries and seafood with contamination risks and seasonal supply fluctuations. Lobster processing requires specialized coverage for live seafood handling, while nor'easters can disrupt supply chains and cause power outages. |
Restaurants and Food Trucks | General liability, product liability, commercial property, equipment breakdown, business interruption, nor'easter coverage, seasonal tourism coverage, seafood liability, liquor liability, workers' compensation | Maine restaurants face nor'easter closures, seasonal tourism revenue fluctuations and specialized liability from fresh seafood service. Coastal establishments require storm damage and business interruption coverage during peak tourist season closures. |
How to Get the Best Cheap Business Insurance in Maine
Getting the right business insurance in Maine can strain your budget and time. Here's how to secure reliable coverage while keeping costs manageable:
- 1
Assess Your Actual Risks First
Start by evaluating real risks specific to your Maine business operations. A Portland restaurant needs strong liability and property coverage, while a Bangor consulting firm might focus on professional liability and cyber protection.
- 2
Get Quotes from Multiple Insurers
Insurance companies assess Maine business risks differently, leading to varying premium costs. Contact at least three providers to compare rates, as prices can differ significantly for identical coverage levels.
- 3
Choose Providers Based on Service, Not Just Price
Investigate each insurer's reputation for handling claims and their experience with Maine businesses. A coastal tourism business needs an insurer familiar with seasonal operation risks, while a logging company requires equipment and liability coverage expertise.
- 4
Maximize Every Discount
Look for opportunities to bundle policies and implement safety programs. A Maine retail store could combine general liability with property insurance and install security systems to reduce premiums
- 5
Review Coverage Annually
Business needs change with growth and market conditions. A small Augusta manufacturer that adds new equipment or employees should reassess coverage levels to ensure proper protection at the best rates
Maine Business Insurance: Bottom Line
Based on our analysis, NEXT, The Hartford and Simply Business are Maine's best business insurance providers. However, what's best depends on your business risks and employee needs. Research each company's service quality, maximize discounts and select coverage that fits your budget.
Small Business Insurance in Maine: FAQ
Business owners in Maine have questions about choosing the right insurance coverage for their companies. Here are expert answers to the most common questions about business insurance.
What business insurance is required by law in Maine?
Maine requires workers' compensation if you have employees and commercial auto insurance with limits of 50/100/25 if you use vehicles for business. General liability isn't mandatory, but is often required by clients and landlords.
How much does business insurance cost in Maine?
Workers' compensation insurance is legally required in Maine for businesses with employees.
Business insurance costs in Maine range from $64 to $128 monthly, depending on coverage type. Workers' compensation is the most economical at $64, while BOPs run $128. Actual costs depend on your industry, business size and claims history.
Which company has the cheapest business insurance in Maine?
The Hartford offers the lowest rates at $74 monthly in Maine, with Thimble ($81) and Simply Business ($83) following behind. Always compare quotes since rates vary based on specific risks.
What business insurance do I need for my small business in Maine?
Begin with general liability insurance to protect against customer injuries and property damage. Get workers' compensation for employees and commercial auto for company vehicles. Retailers need property coverage, while contractors require tools and equipment insurance.
What is the best business insurance company in Maine?
NEXT leads business insurance providers in Maine with an MoneyGeek score of 4.64 out of 5. The Hartford and Simply Business are also excellent choices. Consider comparing multiple providers to find coverage that matches your business requirements.
Do small businesses in Maine need workers' compensation insurance?
Yes, Maine requires workers' compensation insurance for all businesses with employees. This coverage protects against costly employee injury lawsuits and medical expenses.
What factors affect business insurance costs in Maine?
Your industry type significantly impacts costs. Construction businesses pay higher premiums than consulting firms. Location affects rates, with Maine's coastal areas facing steeper costs due to hurricane risks. Employee count influences workers' compensation, while claims history and safety certifications impact rates.
How do I get cheap business insurance in Maine?
Compare quotes from multiple insurers like NEXT and The Hartford, assess your specific coverage needs and bundle policies when possible. Look beyond price to consider service quality and claims handling.
What's the difference between general liability and errors and omissions (professional liability) insurance in Maine?
General liability insurance protects against physical injuries and property damage. Professional liability (E&O) covers financial losses from service mistakes or negligence. Service businesses often need both types of coverage.
Can I get business insurance quotes online in Maine?
Yes, you can get online quotes from top business insurance providers in Maine. However, complex businesses like contractors may need an agent's assistance for specialized coverage options.
How We Scored the Best Business Insurance Companies in Maine
Small business owners in Maine need reliable coverage that protects their operations without breaking their budgets. We designed our methodology to help Maine entrepreneurs navigate challenges like hurricane risks and the state's optional workers' compensation laws.
We studied thousands of quotes from 79 industries across four coverage types for a two-employee firm with $300,000 annual revenue and $150,000 payroll. All policies included $1 million per occurrence and $2 million total per year, with BOPs adding $5,000 business property coverage.
- Affordability (50% of score): We compared premium costs across carriers using identical business profiles and coverage levels to identify the most cost-effective options for Maine businesses.
- Customer experience (30% of score): We evaluated claims processing speed, customer service quality and online policy management tools based on actual policyholder feedback.
- Coverage options (15% of score): We assessed each insurer's policy customization options, including industry-specific endorsements and coverage add-ons relevant to Maine businesses.
- Financial strength (5% of score): We analyzed insurer stability through independent ratings from AM Best and other agencies to ensure reliable claims payment ability.
This approach helps Maine small business owners compare insurers on what matters most: affordable premiums, reliable service, adequate coverage and financial stability.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
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- NEXT. "NEXT Empowers Agents with Enhanced Products, Cutting-Edge Digital Tools, Opening New Revenue Opportunities and Sparking Momentum in Small Business Insurance." Accessed August 19, 2025.
- Simply Business. "Simply Business Offers Insurance to Third-Party Sellers Through Amazon Insurance Accelerator." Accessed August 19, 2025.
- The Hartford. "Customer Claims Ratings and Reviews." Accessed August 19, 2025.
- Trustpilot. "NEXT." Accessed August 19, 2025.
- Trustpilot. "Simply Business US." Accessed August 19, 2025.
- Trustpilot. "The Hartford." Accessed August 19, 2025.