UPDATED: Nov 30, 2018
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Acadia Insurance was founded in Maine in 1992 to write insurance for local small businesses. The company expanded into surrounding states and now offers coverage in Vermont, New Hampshire, Massachusetts, New York, and Connecticut.
With 25 years in business, today Acadia operates as a subsidiary of W.R. Berkley Corporation, a Fortune 500 company. Policies are sold through a network of more than 200 agents in the areas served.
Acadia writes a wide variety of business insurance in several markets, including specialty insurance. The home office is located in Westbrooke, Maine, and local offices are found in each of the states where products are sold.
Acadia tailors business insurance to meet the needs of small and midsize companies, including several specialty risk markets that are specific to the areas they serve, such as the lobster industry.
Acadia’s business insurance program offers package policies that can be customized for the type of business being covered.
Acadia insures both General Contractors and Subcontractors, including artisans, plumbers, and carpenters. Package policies can be created to include basic coverage such as general liability and property & equipment as well as worker’s compensation, commercial auto, and other specific items.
Acadia writes policies for hobby farms, dairy farms, vineyards, and a variety of other types of agricultural businesses. Their farm package policy includes:
- Farm dwelling and household personal property
- Farm machinery and livestock
- Structures and fencing
- Product liability
- Equipment breakdown
Additional coverage such as excess liability and business auto can also be added to the package policy.
Finance and Real Estate
Acadia’s finance and real estate products are available for banks, mortgage brokers, real estate firms, and residential complex owners. These package policies include property and general liability coverage that protects specific things like drive-through ATMs, money and securities, valuable papers and records, and more.
In addition to basic coverage, there are a number of options available that can be added, including management liability, business auto, and umbrella coverage.
Acadia provides specialized insurance policies for institutions such as museums, private schools and colleges, and historical societies. These policies are tailored to fit the specific needs of each type of institution, providing not only basic property and liability coverage.
This specialty plan is designed to cover special and valuable collections as well as provide for the unique liability risks related to this type of institution.
Leisure and Hospitality
Acadia’s business plans for the leisure and hospitality industry covers hotels, motels, country clubs, day camps, and summer camps.
Coverage includes property and liability as well as special equipment such as golf carts. Specific liability includes coverage for on site spas and salons, member and guest injury or inconvenience, and more.
Long Term Care Facilities
This policy covers facilities such as skilled nursing and hospice for property, liability, and more.
Options on the plan include business auto and professional liability in addition to the general liability coverage.
A range of manufacturing businesses can be covered under Acadia’s tailored plans, including craft breweries, food product manufacturers, paper and plastic, and textiles.
Specialized coverage available with these policies includes equipment breakdown, accidental pollution and clean up, and product liability.
Retailers and Wholesalers
Acadia’s comprehensive package policy for retailers and wholesalers is available to a wide variety of businesses from convenience stores to home supply stores. Coverage is broad and can be customized for the needs of each business.
Service industry businesses such as cleaning services, moving companies, arborists, and landscapers can select from a variety of coverage options to create a package policy. Specific choices such as coverage for damage or theft of client property and liability related to pesticides and herbicides make it possible to design the right policy for each industry.
Acadia covers the specific insurance needs of owner operators, contract carriers, and private carriers with policies that cover everything from basic liability to tools and equipment and cargo coverage.
Acadia has a specialty product for businesses involved in the wood products industry, such as sawmills, lumberyards, wood craftsmen, and hardware stores.
In addition to general liability, these policies cover the special risks associated with wood products, including kiln spoilage and the cost to recharge fire-extinguishing equipment.
Acadia’s Specialty Risk products cover both Inland Marine and Ocean Marine industries.
Inland Marine coverage includes, among others:
- Construction Property
- Renewable Energy
- Transportation, Logistics, and Warehousing
- Fine Arts Insurance
Ocean Marine coverage is available for:
- Lobster boats
- Marine dealer/operators
Acadia Insurance Rates
Acadia writes very specialized business insurance, complex products that are rated based on a wide variety of factors. Not surprisingly, there is not a way to properly quote this sort of policy online.
The website offers a toll-free number as well as a “find an agent” option that allows potential customers to get in contact to obtain a quote. Given the nature of this sort of policy, it is difficult to provide any sort of company-to-company comparison based on rates.
Acadia accepts claims 24 hours a day with a toll-free phone line for during business hours and another number for claims filed after hours. A third phone line is in place for glass-only claims.
Claims can also be reported online, with different access points depending on the type of claim being filed. Acadia also has an email option for claims.
The website promises contact within one business day of the claim being filed and inspection of on-site damage within 24 hours of a significant loss. Acadia also promises open communication with local claims offices in each of the states they cover.
Acadia’s website has a comprehensive claims section that goes through what to expect for various types of claims, from commercial auto to workers compensation.
Ratings and Consumer Reviews
Acadia Insurance has an A+ rating with the Better Business Bureau (BBB). There have been no complaints filed against the company in the past three years.
We found very little in the way of reviews and ratings for Acadia, which is not surprising for an insurer focused on business products. As a general rule, individuals use Internet reviews to handle complaints and problems more than companies do, so we do not expect to see much for companies like Acadia.
The Bottom Line
Acadia has a comprehensive lineup of business products and a strong financial backing. They are well worth considering for small and mid-sized businesses in the New England and New York areas, particularly those for which the company offers specialized insurance.
For a list of companies that we recommend, visit our Best Insurance Companies page.