Best Small Business Insurance in Maine

NEXT leads Maine business insurance with top customer service, competitive rates and strong coverage options. The Hartford and Simply Business also provide reliable coverage for business owners in the state.

Note: This data represents a small business with 2 employees, $150,000 in payroll and $300,000 in annual revenue. All scores were calculated for four of the most common coverage types in the industry across 79 industries in the United States.

Business insurance costs in Maine range from $64 monthly for workers' compensation to $128 monthly for business owner's policies, depending on your industry and risk factors.

• General Liability Cost: $90 monthly or $1,076 annually
• Workers' Comp Cost: $64 per month or $766 per year
• Professional Liability (E&O) Cost: $68 per month or $810 annually
• Business Owners Policy (BOP) Cost: $128 monthly or $1,536 annually

Note: We analyzed rates for your two-employee business across 79 industries, focusing on general liability, professional liability, workers' compensation and business owner's policies. Our Maine research covers the companies we surveyed and won't include every rate available to your specific business.

Business insurance costs in Maine depend on your industry and chosen coverage types, ranging from $63 to $14,076 annually. Compare Maine commercial insurance costs for your specific coverage type and industry below.

Note: We analyzed rates for your two-employee business across 79 industries, focusing on general liability, professional liability, workers' compensation and business owner's policies. Our Maine research covers the companies we surveyed and won't include every rate available to your specific business.

Below we've summarized business insurance cost factors that affect your premium, specific to Maine:

• Severe Winter Storms and Coastal Flooding Risks: Maine businesses pay higher property insurance premiums following multiple federal disaster declarations for 2023-2024 winter storms that caused $90 million in public infrastructure damage. An April 2024 nor'easter exceeded $3.5 million in damage across York and Cumberland counties alone. Coastal businesses in Portland, Brunswick and Bar Harbor face elevated premiums due to repeated storm exposure and flooding risks that disrupt operations during peak revenue periods.
• One-Employee Workers' Compensation Mandate: Maine requires every business with one or more employees to carry workers' compensation insurance, mandating coverage from your first hire. Businesses without coverage face penalties up to $10,000 or 108% of premiums owed, whichever is greater. Maine approved a 9.6% average rate decrease for 2024, though hospital base rates remain at $11,122 under the state's medical fee schedule.
• Forest Products Industry Concentration: Forest products generate 27% of Maine's exports and $8.5 billion in economic impact, with paper manufacturing showing an 8.7 location quotient. That’s nearly nine times the national concentration. Logging, sawmill and paper mill operations carry elevated workers' compensation rates due to manual labor and machinery risks. Businesses in Skowhegan, Rumford and surrounding forestry regions pay higher commercial insurance premiums.
• Tourism Season and Waterfront Business Exposure: Storms in the winter of 2024 damaged working waterfront infrastructure supporting Maine's $1.5 billion lobster industry, with 1,200 businesses filing damage reports. Waterfront businesses face flood insurance costs of $14,000 to $18,000 annually. Seasonal operations in Kennebunkport, Camden and Acadia areas face elevated liability exposure during peak summer months, plus business interruption risks when nor'easters force closures during high-revenue periods.

Comparing quotes from multiple business insurers helps you find competitive rates for your Maine operation. Use MoneyGeek's business insurance quote tool below to connect with affordable coverage options tailored to your industry and location.

Maine requires specific business insurance for employers, vehicle operators and certain licensed businesses. Workers' compensation, commercial auto insurance, child care facility liability insurance and unemployment taxes represent the primary state-mandated coverages.

Maine's business insurance regulations are moderate, giving you flexibility to choose coverage that fits your specific needs. We've analyzed what works best for the major industries driving business in the Pine Tree State.

Finding affordable coverage means understanding what actually threatens your bottom line. Follow these steps when getting business insurance that fits your budget.

NEXT, The Hartford and Simply Business lead Maine's business insurance market, but your best choice depends on your specific risks and budget. Compare their service records and available discounts before selecting coverage.

Small business owners in Maine face many questions when selecting business insurance. We answer the most common concerns below:

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 company rates across all coverage types to identify the most cost-effective options for small businesses that need comprehensive financial protection without overpaying.
• Customer experience (30% of score): We analyzed J.D. Power satisfaction ratings, NAIC complaint data, online review sites and independent agency feedback to assess real-world service quality when you need claims handled quickly.
• Coverage options (15% of score): We evaluated the breadth of coverage types, policy limits and add-on options available to accommodate growing businesses and Maine's diverse industry needs.
• Financial strength (5% of score): We reviewed AM Best ratings, Moody's assessments and company financial reports to ensure insurers can reliably pay claims, especially important given Maine's frequent weather disasters.

This approach helps Maine small business owners compare insurers on what matters most: affordable premiums, reliable service, adequate coverage and financial stability.