As a business owner, you’re constantly juggling responsibilities. It can be hard to find the time to shop for insurance between managing employees, handling finances, and making sure your business is running smoothly. Luckily, you don’t have to do it alone. We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Coverwallet began its journey in New York City in 2015 operating under the
Aon Insurance banner. At Coverwallet, you can access everything you need to
keep your company well-protected at an unbeatable price.
With a 100-year history of insuring businesses, Hiscox is well-known across
America and globally. With more than 500,000 small business customers,
Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by
the year, month, day, or even the job. At Thimble, the process to getting
the right business insurance is simple, scalable, and flexible.
What are the requirements for business insurance in New Hampshire?
If you’re a business owner in New Hampshire, you’re probably aware that the Granite State is one of the only states with no general requirements for business insurance.
For the most part, general liability insurance is not required in New Hampshire. However, workers’ compensation insurance is a different story. If you have employees, then you must carry workers’ compensation insurance. It’s also required if you are a sole proprietor or partner who works in your business. If you fail to carry workers’ compensation insurance when it’s required under state law, then you could face severe penalties, including fines and even jail time.
What are the types of business insurance in New Hampshire?
There are many types of business insurance policies designed to protect different aspects of your business. Some of the most common policies cover:
General liability
General liability insurance protects against claims of bodily injury or property damage resulting from your products, operations, or premises. It can cover medical expenses, attorney fees, settlements, and judgments.
General liability insurance does not cover everything. For example, the following are typically excluded from the coverage provided by a standard general liability policy:
Professional liability (see Errors and Omissions Insurance)
Workers compensation (see Workers Compensation Insurance)
Auto liability
Workers compensation
Workers’ compensation insurance pays for necessary medical care resulting from work-related injuries or illness. It provides partial replacement of lost wages for employees unable to work due to injuries or illness. Workers’ compensation insurance is required in almost all states.
Workers’ compensation insurance doesn’t cover every employee’s injury or illness. If there is doubt about whether an injury or illness qualifies for workers’ compensation coverage, the employer or employee can ask the state workers’ compensation agency. That agency will decide whether the injury or illness is covered.
Product liability
Product liability insurance can protect your business when you sell goods if a consumer is injured by one of your products. For example, if a consumer buys a blender from you, uses it at home, and gets cut by the blades, you could be sued for damages. Product liability insurance will cover legal fees and any settlements if you’re found liable.
Product liability insurance does not cover:
Damages to your products.
Failure of your product to perform as represented when sold, including the failure of a product to operate as intended.
Business interruption
This type of coverage protects if your business is forced to close due to a covered event. It includes loss-of-income coverage and any necessary expenses that allow the company to continue operating while the business is not up and running.
Business interruption insurance does not cover the following:
Utilities
Stock
Employee theft
Fraud, robbery, or vandalism to your property
Commercial Auto insurance
If you use your vehicle for work, you need commercial auto insurance. You can’t rely on a personal auto policy because it doesn’t offer coverage for commercial purposes. Think about the level of risk involved with driving during work hours, and be sure to keep your car insured.
Commercial Auto insurance does not cover damage to vehicles:
Owned by the insured but not listed on the policy
Leased or rented to the insured but not listed on the policy
Leased or rented to others for use in the insured’s business
Operated by someone else outside of the course and scope of the insured’s business.
How much does business insurance cost in New Hampshire?
Insurance companies consider many different factors when determining how much your monthly insurance premium will be. The most common factors taken into account include:
Company size: This could include the number of employees your business has, the amount of annual revenue it generates, or both. A larger company is typically seen as a bigger risk to insure because it’s more likely to have claims resulting in bigger payouts.
Your business location: Property values, crime rates, and local building codes all can affect your premium. For example, suppose your business is located in an area vulnerable to natural disasters such as floods or earthquakes. In that case, you might pay more for coverage against those events than a business in an area where such events are less likely.
Claims history: If you’ve had a lot of claims or expensive claims in the past, it means you’re high risk and will probably have higher premiums than someone with a better track record.
Coverage limits: The higher your purchase limits, the more expensive your insurance is. Higher limits, however, also offer greater protection in case of a claim.
Business Activities: If your business engages in risky activities that could pose serious hazards, your insurance costs can drive up. Some examples include working with heavy machinery or hazardous chemicals or operating large vehicles, like trucks or buses.
How to choose the best business insurance in New HampshireÂ
Here are some tips on how to choose the right business insurance:
Consider how much coverage you need: Every business needs its unique policy to meet its needs. To determine how much coverage you need, you should consider potential risks and threats to your business.
Check on your local laws: Your state might require commercial insurance to operate a business. In some regions, you must have workers’ compensation insurance if you hire employees.
Shop Around: Compare quotes from multiple insurers. Compare at least three or four insurance quotes from different insurers to make sure you’re getting a good deal on your policy.
Experience: The more experience an insurance company has in your industry, the more they’ll understand your business’s specific needs and concerns. For example, a small business that sells clothes online has different risks than a local boutique. It’s also good to check how long they’ve been in business, as new companies may not understand your industry as well or have the resources to handle your claims.
Know what’s included and excluded: Read the fine print to know your policy details. Have an attorney review the terms and conditions if necessary.
