Maine Drone Insurance

Maine businesses are using drones to create unique video, capture aerial shots, and check locations that would otherwise be hazardous or difficult to access. Photographers and videographers capture unique images and videos. Marketers use drones to create compelling and  content. Real estate agents and developers use drones to show the attractiveness and potential of properties.

New Drone Insurance Program in Maine

Acadia Insurance Drone coverageWe were excited to learn today about Acadia Insurance‘s new drone insurance program.  Until today, our clients have had to insure their drones in Maine with specialty insurance programs. That meant separate billing, coverage and claims. Sometimes, it’s even meant that they had to work directly with the insurance company, with no agent to help. Insurance company financial stability isn’t a given for these programs.

The Acadia program allows Maine businesses to insure their drone with the rest of their property and liability. One bill, one claim adjuster, one agent. Acadia is based in Westbrook, Maine and already insures thousands of Maine businesses. They’ve introduced special programs inspired by iconic and growing Maine businesses, from breweries to artisans and contractors.


related post: Are Drones Covered by Maine Homeowners or Business Insurance?


Do you use a drone in your Maine business? Have you bought insurance from a specialty program or an insurance company you’ve never heard of? Do you wonder if they’ll be able to pay claims? Do you struggle to speak to a human at your insurance company? Call a Noyes Hall & Allen Insurance agent in South Portland at 207-799-5541. We’re eager to see if Acadia Insurance can help Maine businesses insure their drones with a Maine insurance company.

Commercial Insurance for Maine Small Business

Maine small businesses face many of the same hazards as their larger counterparts. They are also unique, and as such, they have unique insurance needs. For businesses in the Portland, South Portland and Scarborough, ME area, the agents with Noyes Hall & Allen Insurance can help you to find the right insurance policy to protect their unique operations.

Maine small businesses are not legally required to carry property or liability insurance. If your business has employees, you must carry Workers Compensation insurance, though. Smart business owners know that insurance is a cost-effective way to protect their investment in property such as inventory, fixtures and equipment. They also know that business liability insurance will protect them from lawsuits alleging negligence that causes injury or property damage.

Many business contracts require proof of insurance. These include rental agreements and leases, equipment leases, and independent contractor agreements.  A Noyes Hall & Allen Insurance agent can help you determine what kind of insurance you need and how much. They’ll help work within your budget so you don’t buy too much – or too little – insurance. For those in the Greater Portland, ME area, Noyes Hall & Allen Insurance offers the choice of several of Maine’s preferred insurers. We’re independent and committed to you. Call us at 207-799-5541.

Maine Business Insurance – How Much Does it Cost?

If you’re starting or running a business in Maine, your budget includes insurance. How much fire, auto or liability insurance do you need, and what will it cost? The answer varies, depending on what your business does. Restaurants pay more for fire insurance because of open flames and heat. Web designers pay more for professional insurance due to copyright infringement hazards. Breweries and other manufacturers spend more for product liability insurance. Contractors and food trucks pay more for auto insurance because they have a lot of equipment on the road.

Your business location affects your insurance costs, too. Business insurance in Portland or Southern Maine may cost more due to more congested roads, exposure to out-of-state travel and more a more litigious environment. But, business fire insurance may cost less in Portland, South Portland, Scarborough or nearby southern Maine towns due to strong fire protection.

Average Costs for Small Business Insurance in Portland Maine

The business clients of Noyes Hall & Allen Insurance, an independent agency in South Portland Maine, pay an average of:

  • $3600 for all their commercial vehicles
  • $4500 for workers compensation
  • $1400 for business property insurance
  • $2600 for business liability insurance
  • $2750 for professional liability (Errors & Omissions) insurance

Those figures include all business clients, large and small. Some clients only need business liability coverage; others need all the insurances.

What Would It Cost to Insure Your Maine Business or Idea?

If you own a business or a startup business in Maine, we can help you find out. We offer a choice of Maine’s preferred business insurance companies, so we can survey the market. We’re independent and committed to you.  Call a Noyes Hall & Allen Insurance agent in South Portland Maine, or click “get a quote” above. In the end, you’ll know how much to budget for insurance, and what kind of business insurance you need.

Get Proof of Insurance for a Portland Maine Sign Permit

 

If you own a business in Portland Maine, you may want an outdoor sign or awning to attract and help customers. Signs can be simple or elaborate, carved wood or electric, mounted or hanging. But all signs need a City of Portland sign permit from City Hall. You can find the application at the Citizen Self Service portal. Most sign permits cost $30 plus $2.00 per square foot. Sidewalk sign permits cost $25 plus $0.20 per square foot.

You’ll need to show proof of insurance for a Portland Maine sign permit. Your insurance policy must name the City of Portland Maine as additional insured with respect to the sign.

Proof of Sign Insurance ExampleWhy Does the City of Portland Maine Need to be an Additional Insured for My Sign Permit?

When you apply for your permit, you agree to be 100% responsible for your sign. This is called a “hold harmless” agreement. The city wants proof that you have insurance to back that up. They want to know that your insurance will pay if your sign injures someone or damages property. That’s one reason they require to be named as an Additional Insured on your business liability policy with respect to the sign.


See also:  Adding an Additional Insured to Your Insurance Policy


What Does an Additional Insured Do? 

When you add an additional insured on your business liability policy, it does two things.

  • Extends coverage to protect them under your insurance policy
  • Notifies them if your policy cancels for any reason

 

How to Get Proof of Sign Insurance

Noyes Hall & Allen Insurance can help you show proof of insurance for your Portland Maine business. Often, you must show this before you even open your business or move into the location. Sign insurance isn’t expensive. It’s often part of another policy, such as a package policy or a businessowners policy.

What Does Business Sign Insurance Do?

Sign insurance can protect

  • The value of the sign against vandalism, wind or other damage. The city doesn’t require this.
  • Your liability if your sign injures someone or damages property. That’s the part that your Maine town or city requires.

If you’re opening a business in Portland Maine and want to know more about insurance coverage and cost, contact a Noyes Hall & Allen Insurance agent. We offer a choice of many top Maine business insurance companies. We can help you find the right insurance for your business and budget. We’re independent and committed to you.

Helpful Link: City of Portland Maine Citizen Self Service Portal Login

 

Commercial Insurance for Maine Business Start-Ups

Commercial insurance is requisite for any business in the modern world, including start-ups. In fact, new businesses or start-ups have the most to lose if things go south. Therefore, it’s vital to protect yourself in the best possible way – including getting commercial insurance. In Maine, this type of coverage is not mandated, but if you are serious about running a successful business, you need to get it.

Purchasing commercial insurance might be the difference between death and survival  for your start-up. If you are planning to open a new business in The Pine Tree State and need coverage, Noyes Hall & Allen Insurance in Portland, ME is the place to look. We offer the following commercial insurance coverage options for start-ups:

  • General Liability Insurance for Start-Ups. GL pays for losses arising from settlements, claims, or lawsuits that your start-up may face due to injuries or property damage caused to third parties.
  • Professional Liability Insurance. Many creative and tech startups would face disaster if sued for copyright infringement, programming error, printing mistakes and other gaffes. Professional liability insurance protects you and your reputation by defending you and paying damages you might owe.
  • Property Insurance for Start-Ups. This covers physical assets owned by your start-up. This includes your investments in inventory, structures, equipment and company vehicles (commercial auto insurance). Damages caused by wind and hail storms, fire, smoke, collision and vandalism fall under this category.
  • Flood Insurance.  Flood damage isn’t covered by business property insurance. That’s why you need flood insurance for your start-up. Remember that flooding can occur anywhere, anytime. It helps to be covered from the resultant losses.
  • Workers Compensation Insurance. In Maine, if you have employees, you’re required to provide workers comp insurance. Your employees are an essential part of your business. Ensure that they are taken care of in case of an accident that results in injury, disability, or missed work.

Other coverage options are available, but these are the most important. Commercial insurance is the best way to make sure that your business doesn’t go under after an unfortunate event. For more information on commercial insurance from Noyes Hall & Allen Insurance in Portland, ME, call us at 207-799-5541, or visit our website to get the answers you need.

Why Isn’t it Cheaper to Buy Higher Property Insurance Deductibles?

Recently, a very smart guy asked on Twitter:

“why does it cost $19 a year to reduce my deductible from $1,500 to $1,000, but I only save $25 a year to increase it from $1,500 to $5,000? Shouldn’t deductible affect premium linearly?”

A wise guy responded with the snark that insurance often inspires:


Insurance Can Seem Illogical

Insurance is a big budget item. It costs a lot to protect your home, condo, car and other stuff (we won’t even start on medical insurance).

Insurance seems even more expensive because most of us don’t have claims very often. The average person has 3 or 4 auto accidents in their driving lifetime, and a home insurance claim every 12 years.

Insurance Is Mostly Math – and Math is Logical

The key concept of insurance is that everyone pays a fixed amount each year to avoid paying a huge and uncertain amount if something terrible happens. The money paid by the many goes to the few who have losses.

The typical fire claim is about $45,000. Liability claims average about $22,000, and water damage $9,000. Any of those would be a financial catastrophe for many Americans. Better to pay a fraction of that each year in predicable installments.

Insurance rates aren’t random. Insurance companies submit their rate requests to state insurance departments for approval. Those requests are accompanied by data about loss payments and current projections produced by math nerds called actuaries. The math can be heavy, and the results hard to understand.

Why Aren’t Insurance Deductible Savings Greater?

You might think that increasing your deductible by $1,000 should save twice as much as a $500 increase. That’s because you’re thinking about yourself, and your experience. The insurance company thinks about everyone’s claims, not just yours.

Most Claims are Small

While the average insurance claim is big, most claims are small. For every $100,000 fire claim, there are dozens of $1,500 ones. Think about it: every larger claim exceeds a smaller deductible, but not every claim reaches the larger one.

Insurance Deductible Example

Here’s an example of 3 deductible scenarios using 8 typical claims:

What happens when the deductibles increase to $2,500?

The insurance company sees that they pay 24% more on policies with $1,000 deductibles compared to $2,500 deductibles, so they offer a corresponding discount in their rates.

What if the deductibles were $10,000 instead of $2,500?

An individual or business owner might look at those figures and say “I’m taking a lot more risk with a jumbo deductible, so I should get a big discount”.

But the insurance company pays only 19% less, despite the $10,000 deductibles vs. $2500. The insurance company’s risk of claims payments isn’t linear, and so neither are the deductible savings. That’s why you don’t save as much when you buy a much larger deductible.

Logical, no?

Need Insurance Deductible Advice?

Do you live or own a business in Southern Maine? Have questions about your personal or business insurance?  Contact a Noyes Hall & Allen Insurance agent in South Portland at 207-799-5541. We offer a choice of several of Maine’s top insurance companies. We can help you choose the most cost-effective property insurance deductible. We’re independent and committed to you.

How to Keep the Funds in Your Fundraising Event

 

You created a fabulous signature event for your non-profit. The stakes are high. Your budget – maybe your job – depends on its success. But you’ve done your homework. The board is jazzed. Volunteers, donors and the venue are ready. Publicity and social media are on point. RSVPs and reservations are rolling in.

Now all you need is good luck. Here’s how to stack the odds in your favor.

Your Programs Depend on the Event’s Revenue. Protect It

Insure the weather.

Does the forecast keep you up at night for weeks before your event? Believe it or not, you can insure the weather. A special insurance policy can reimburse you for lost revenue caused by stormy weather.

How does weather insurance work? Pick the amount of income you want to protect, and a “trigger”. For example, if it snows more than 6” at the event site, your insurance pays the amount on your policy.  It might cost a few points of revenue, but it’s better than a big loss if the weather makes everyone stay home.

Hire Out the Risky Stuff

Your non-profit is probably not in the business of tending bar, supervising a road race or shucking oysters. Do yourself a favor: hire a professional. One with their own insurance.

Don’t take on a lot of risk for a little savings. If something goes wrong, those savings are soon forgotten. But the injury or damage you caused to others – and to your reputation – could last a long time.

Protect Donations

Do you collect and store auction prizes and other donations before your big event? Don’t let a broken pipe, fire or theft erase the good they were intended to do. Add them to your insurance policy – and remove them after the event.  It doesn’t cost much, and can save a lot.

While we’re at it, make sure you have “money and securities” coverage and “employee dishonesty” coverage. Make sure your organization keeps the funds you worked hard to raise.

Love Your Volunteers

Your organization would be lost without them. You appreciate the heck out of them. Do you treat them that way? Would you leave them out to dry if they got in trouble from working your event? Does your insurance protect them against lawsuits for injury or damage they cause while volunteering? If not, fix that. Now.

What about board members? Committed directors are hard to find. Does your non-profit have Directors & Officers Liability coverage? Those with considerable assets are more likely to serve if they have protection from lawsuit. Don’t you owe that to them?

 

Talk to your insurance agent about your event. Explore the coverage we listed above. See what fits your budget. Better to explain to your board that you investigated insurance and chose not to buy it than that you never thought of it.

Noyes Hall & Allen helps Greater Portland non-profits manage their risk within their budget. That allows them to stay true to their mission and avoid financial catastrophe. If you’d like to talk to a Noyes Hall & Allen Insurance agent, call 207-799-5541. We’re independent and committed to you.

Does Commercial Insurance Cover Office Equipment?

One of the biggest decisions you will make when starting your business is selecting the right commercial insurance. Business insurance adds a layer of protection in the event of a covered loss. Some of the covered losses that your insurance protects you from include fire and theft. Your insurance policy will cover most items owned by the business, including office equipment.

How To Get The Right Coverage

When you start to look for commercial insurance, there are a few things to keep in mind. Find a business insurance agent you trust in your area. They’ll help you select the type of coverage your business needs, and avoid coverage you don’t. A good agent can help match you with an insurance company that understands your business. Make sure your policy includes all business assets. One way is to look at your balance sheet and make sure that you have enough coverage for inventory and equipment. This helps prevent gaps in your coverage that could lead to losses.

Documenting Office Equipment

It is important to include your office equipment in your coverage. One way to ensure that you adequately protect valuable office equipment is to save receipts or check your balance sheet. Photocopy all of your documents that figure into your insurance policy and keep them stored in a separate location or in the cloud. One highly respected insurance company that can help you step by step through the coverage process is Noyes Hall & Allen Insurance in Portland, ME.

If you are looking for high quality and reliable commercial insurance, call Noyes Hall & Allen Insurance in South Portland, ME at 207-799-5541. One of our knowledgeable agents will be glad to answer your questions and help you get started protecting your investment today. We represent several insurers, so we can help you choose the best value. We’re independent and committed to you.

How Much Does Lawn Care / Landscaping Contractor Insurance Cost in Maine?

 

Maine’s growing season is short. Landscapers and lawn care contractors only have a few months to earn money. That means they must watch expenses carefully to be profitable. Too much overhead can be the difference between profit and loss for a Maine contractor. 

How Much Does Landscaping Liability Insurance Cost?

Prices vary depending on:

  • Whether you specialize or not – pesticide or heavy tree work specialists pay more for insurance.
  • How much experience you have – seasoned businesses with good experience pay less than start-ups.
  • How much you make – higher revenues means higher insurance costs. 
  • If you plow in winter – If you take on lots of commercial plowing jobs, you’ll pay more for coverage.

If you’re a single operator in Maine with a mower or two, you’ll probably pay less than $1500 a year. If you have heavier equipment to insure, you’ll pay a bit more.

 Do I Need Workers Compensation Insurance for My Landscaping Business?

If you have employees, yes. If not, you may or may not have to buy workers’ comp, depending on the legal setup of your business. For example, if you’re a “dba”, you can choose to cover yourself under workers compensation, but you’re not required to.


 

Related Post: Who Needs to Buy Workers’ Comp Insurance in Maine?


 

How Much Does Lawn Care Equipment Insurance Cost?

You can insure tools and equipment like deck mowers, weed trimmers, hand mowers and hedge trimmers on a contractors package policy. The price varies with the value of the equipment. It usually costs less than $3.00 per $1,000 of value. Some policies offer replacement cost coverage (new for old). Other policies cover depreciated value. Ask your agent what they’re quoting.

How Much Does it Cost to Insure My Landscaping Truck and Trailer?

Business vehicle insurance costs more than personal. For a brand new 1/2 ton pickup, budget about $1500 per year – more if you plow commercially. Even though it’s more expensive, it’s still a good idea to buy the business policy. You want to be covered properly.


Related Post: Should a Maine Contractor Insure Vehicles in a Business Name?


 

Can I Store My Lawn Care Stuff in My Garage at Home?

Storing fuel or equipment in an outbuilding  can VOID COVERAGE for that building on your homeowners policy. If you have gas cans and mowers in your detached garage, and a fire starts, destroying the garage, your homeowners policy will NOT cover the rebuilding cost – even if the mowers or fuel had nothing to do with the fire.

Talk to your homeowners insurance agent about how your policy deals with this. Another option: insure your garage on your contractors policy. You want to make sure you have insurance help to rebuild after a disaster.

Have questions about contractors insurance for Maine landscaping or lawn care business? If you live and work in the Portland Maine area, call a Noyes Hall & Allen Insurance agent at 207-799-5541. We represent many insurance companies, so we can recommend the best value. We’re independent and committed to you.

Maine Condominium Association Insurance – Who Insures What?

 

If you’re on your condominium’s board of directors, one of your largest responsibilities is placing and managing your Maine condominium association insurance program. Noyes Hall & Allen in South Portland has insured dozens of condo associations and hundreds of unit owners. Our experience dates back to even before the 1981 Maine Condominium Act standardized many association affairs.

What Property Does a Condo Association Insure?

Most often, a condominium association insures commonly owned property and the associated liability. The unit owners insure their own units and personal property. Those properties are defined in the condominium declarations and bylaws. Common property can be defined as broadly as “all real property in the association” – sometimes called “all-in”. Some bylaws define that the association owns no property at all, putting all of the responsibility for real property on individual unit owners. You must read the declarations and bylaws to find out how your association is set up.

Condominium Declarations& Bylaws (1)

 

Your board should review the declarations and bylaws closely with any insurance agent who bids on the association’s insurance. It’s critical to purchase adequate insurance so that repairs and replacement of property damaged by a covered loss can be funded by insurance settlement.

Sometimes, an association will choose to insure more real property than is required in the condominium bylaws and declarations. This can be done for several reasons, including: to reduce overall insurance costs; or to control insurance proceeds and rebuilding after a loss. If your condo board decides to do this, you must work closely with your insurance agent to make sure that the insurance company understands and agrees to what you’re trying to do. You don’t want any confusion or controversy after a claim has happened.

Should a Condo Association Suggest Insurance Coverage for Unit Owners?

For many years, when our clients purchased a condominium unit, we reached out to the association’s insurance agent to compare notes on whose insurance should cover what. Recently, we’re disappointed to see more agents shy away from discussing coverage due to liability concerns. They’re afraid of an “Errors & Omissions” claim. They simply tell unit owners (and their insurance agents) to “refer to the bylaws and declarations”.

We think this is not only unhelpful, but harmful. It can lead to unit owners buying too much – or not enough – insurance. Most condo unit owners are not on the board, and unaware of the details of the association’s insurance. Very few condo buyers are sophisticated insurance consumers. Many are first-time condo owners, and really don’t understand what insurance they need to purchase. We review the documents for our clients and try to help them navigate the process. God help those who don’t use an insurance agent, and buy “DIY” insurance.

A few helpful insurance agents provide a “cheat sheet” to the unit owners of the associations they insure. The unit owners can take this information to their own insurance agent to make sure they have the coverage they need. Yes, it may expose the association’s agent to some liability, but who knows better than they what the policy they sold covers? Needless to say, if your association is a Noyes Hall & Allen client, we are happy to provide such a document for unit owners if the board agrees.

Can I Be Sued as a Condominium Board Member?

The condo board of directors has a fiduciary duty to the association. Board members also make decisions that may subject them to claims of discrimination, harassment, mismanagement or other wrongdoing.

Before you agree to join your condo board, check your association’s Errors and Omissions / Directors & Officers policy and ensure that it is effective and adequate.  These policies cover many situations, but like all insurance policies, they do have exclusions and limitations. Make sure that the policy provides coverage to defend you even if you are wrongly accused.

Danger! If Your Condo Association Switches Insurance Companies

300 X 350 DangerAny time your association switches insurance carriers, your agent should meet with the unit owners. No two insurance policies are exactly the same. Your association’s agent should explain what’s different between the old and new programs. This helps you decide whether you need to change your own coverage. Even better, maybe the new agent will provide a “cheat sheet” like the one mentioned above.

A Cautionary Tale

Our client is a unit owner in an association that was insured with one company for decades. The association policy covered on an “all in” basis, which meant that our clients needed very little “building” coverage. The association moved insurance to a new company whose policy only covered building from the “studs out” of each unit. Our clients were suddenly responsible for insuring A LOT more of the building portion of their unit. Unfortunately, our clients never knew of this change. Or, if they were, they didn’t know that they should have increased their coverage. And they had a claim.

To avoid this unfortunate situation, when your condo association changes insurance programs, if the agent doesn’t offer to meet with the group, ask your association to arrange it.

If you are a board member of a Maine condominium association, insurance is a big responsibility. If you have questions about Maine condo insurance, or would like a second opinion on your program, contact a Noyes Hall & Allen Insurance agent at 207-799-5541. We represent Maine’s preferred condominium insurance companies. We’re independent and committed to you.