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Is business insurance coverage in Maine optional? Kind of. Some businesses are required by law to carry them, others are not.

The simplest way to put it is this: if your business is just you in your garage with a laptop, sure, go ahead and skimp on insurance for now. In the very early seed days of your business, you need to keep your operating expenses as low as possible.

But as soon as you have one employee, as soon as you’re bringing clients onto your property or shipping products or even software that could bring some liability concerns, it’s time to get insured.

There are dozens of stories of business owners who didn’t bother with general liability or worker’s comp and wound up paying the price. Just look up Greenbriar Home for Adults, which was hit with a felony charge when they chose not to carry worker’s compensation.

Even in areas where the law may not require business insurance, it can still be an advantage, for instance:

  • Clients often refuse to do business with uninsured companies.
  • Landlords may require, or at the least, show preferable treatment towards commercial renters who are fully covered.
  • The best candidates for the job can afford to be picky about who they work for and insurance packages are one of the main factors they consider when filling a position.

Ultimately, you’re going to need more insurance as your business grows, because the more you grow, the more risk you’re going to be taking on, and you don’t want to be hit with extensive out-of-pocket costs right when your company is finally starting to spread its wings and fly.

When you’re selling from the back of a food truck, that’s one thing. When you have dozens, hundreds of people walking through your restaurant every day, on the other hand, you’re going to want a solid liability plan.