Obtaining property insurance for your small business in the State of Maine, is as easy as a phone call or trip up the street to your nearest Insurance Agent. Depending on the type of business you have as well as where the property is located, it’s best to check around for the amounts of coverage needed. A Lawyer, your bank or accountant can be a wealth of info. And lets not forget all we can learn using the Internet. As with any major purchase it’s best to know exactly what you need before setting out. Some agents can sell you a million dollar policy for a hundred thousand dollar business. This can cost unnecessary money. Having all the information concerning ownership, bank docs, and any lease information, if you’ll be leasing any of the property, will make the process much easier.
The coverage limits and type of coverage depend on how much your business earns. Do you have any employees? If so you might want to talk Workers Comp Insurance while there. The policy will be based on square footage of the space as well as the condition of the space. Some insurance companies want fire safety codes updated and will demand to see inspection certificates. They also may want sprinkler systems in place if your property is a place where people will gather like a restaurant motel or pub. Hopefully the information is easily obtainable.
Some Property Insurance policies for businesses consist of a whole lot of pages explaining what is covered and what is not. Naturally more is NOT COVERED than IS. While reading your policy, and it IS RECOMMENDED that you do read it, if you see something you feel should be covered but isn’t, make sure you change it right away. Things happen when we least expect. If your property is prone to flooding make sure you have all you need to weather the cost.
The old saying it pays to save for a rainy day, is true. It is a great feeling to accumulate wealth. Owning businesses and property is an excellent way to save for that rainy day or to look forward to for retirement. But not if a natural disaster robs you of everything. Or if someone decides to sue you and your family for every penny ever saved. Unfortunatly these hardships occur unexpectedly. If you have a business or property in the State of Maine, make sure you have the insurance to back you up. After all, it only takes a phone call or a short drive up the street to the nearest agency.