Business Insurance in NH Requirements and Options Explained

In New Hampshire, businesses are required to have liability insurance to protect themselves and their customers in case of accidents or property damage. This is a state law that applies to all businesses, regardless of size or type.

The state of New Hampshire requires businesses to have a minimum amount of liability insurance, which is $50,000 per occurrence and $100,000 aggregate. This means that if a business is sued for an accident, the insurance will cover up to $50,000 in damages, and if multiple accidents occur, the insurance will cover up to $100,000 in total damages.

Businesses in New Hampshire can choose from various types of insurance policies, including general liability, professional liability, and workers' compensation. General liability insurance covers damages to people and property outside of the business, while professional liability insurance covers damages related to professional services.

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As you're exploring your business insurance options in NH, it's worth considering the types of policies that can provide comprehensive protection for your company.

A Business Owner's Policy (BOP) is a great starting point, as it bundles commercial property insurance and general liability coverage in one plan, often making it the most cost-effective type of commercial insurance for a New Hampshire business.

If you're concerned about slips and falls, a BOP can help cover the costs of related injuries.

Damaged customer property is another potential risk that a BOP can address.

Damaged business property is also covered under a BOP, providing peace of mind for business owners.

Here are some key coverages included in a BOP:

General liability insurance is a must-have for many New Hampshire businesses. It covers common third-party risks, including customer bodily injuries, damaged customer property, and slander or libel.

You don't have to get general liability insurance to conduct business in New Hampshire, but it's strongly encouraged. There are approximately 450 companies offering general liability insurance in the state, making it easy to compare quotes from insurance carriers.

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General liability insurance protects businesses from damages of personal injury or property damage from accidents that occur while doing business. This can include accidents that have little to do with the business itself.

Some examples of situations where general liability insurance may be necessary include:

The cost of legal defense and settlements can be financially devastating for a business, which is why contractors in New Hampshire should have adequate general liability insurance coverage.

Workers' compensation insurance is a must for businesses in New Hampshire with one or more employees. It protects both employees and employers from financial losses due to work-related injuries or illnesses.

In New Hampshire, workers' compensation insurance covers medical expenses, disability benefits, and legal fees from employee injuries. It also provides financial support for employees who are unable to work due to an injury or illness.

Here are some key facts to keep in mind:

Businesses with employees in New Hampshire are required to carry workers' compensation insurance, including part-time employees and family members. However, 1099-NEC contractors may be considered employees unless they can demonstrate otherwise, and must meet 12 specific requirements.

If you have employees in New Hampshire, it's essential to get workers' compensation insurance to protect them and your business.

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In New Hampshire, workers' compensation insurance is a must-have for many businesses. If you're a professional who provides services to clients, you're likely to benefit from this type of insurance.

Many businesses can be covered by workers' compensation insurance, including those in the service industry. For example, if you're a contractor or handyman, you're at risk of injury on the job, and workers' compensation can help cover medical expenses and lost wages.

If you're in a profession that involves working with clients' property, such as a photographer or real estate agent, you're also at risk of being sued for damages. This is where professional liability insurance comes in, which can help protect you from financial losses due to errors or omissions in your work.

Here are some typical businesses that can be covered by workers' compensation insurance in New Hampshire:

Don't assume you won't need workers' compensation insurance just because you're careful. Even with the best intentions, mistakes can happen, and it's always better to be prepared.

If you have employees in New Hampshire, you're required to carry workers compensation insurance. This insurance protects employees from financial impact related to injuries or illnesses sustained on the job.

Workers compensation insurance covers expenses and lost wages caused by work-related accidents and injuries, such as repetitive stress injury, and resulting disability. It also covers illnesses caused by or related to employment.

In New Hampshire, all employers with one or more employees are legally required to have workers compensation insurance. This includes part-time employees or family members who work for you, as well as 1099-NEC contractors, unless they can demonstrate otherwise.

If you have employees, workers compensation insurance may help you cover the costs associated with damages, rehabilitation costs, medical costs, and other issues that result from an accident at work. This can include employee medical expenses, disability benefits, and legal fees from employee injuries.

Here are some key things to know about workers compensation insurance in New Hampshire:

By understanding these basics, you can ensure that you're meeting your obligations as an employer and protecting your employees in the event of a work-related injury or illness.

Insurance options for small businesses in New Hampshire are numerous. You can choose from a range of coverages that provide various protections.

Some common coverages include Commercial Auto Insurance, which insures business-owned vehicles and vehicles used for work, and Commercial Property Insurance, which insures company-owned buildings and secondary structures.

You may also consider bundling several coverages together in a package policy, tailored to a specific type of business. Industry-specific policies are available for various types of businesses, such as apartment owners, contractors, and restaurants.

Here are some examples of industry-specific policies:

Commercial Auto Insurance is a must-have for businesses with vehicles, as it covers business-owned vehicles and vehicles used for work.

You may be able to use your personal car insurance on a vehicle that you use only to get to and from the office, but if you have a vehicle that you use for commercial purposes, make sure it's properly covered with commercial-specific auto insurance.

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Inland marine insurance is designed to protect your business by covering costs associated with accidentally damaged, lost or stolen equipment that is on the go with you.

This type of insurance is a no-brainer if you have an expensive tool collection, pricey construction materials, or other equipment you transport to a job sites.

Cyber insurance is recommended for New Hampshire businesses that handle credit card numbers and other sensitive data, and it covers financial losses from data breaches and cyberattacks.

This type of insurance can help cover customer notification expenses, fraud monitoring services, and data breach investigations.

Here are some of the most widely available industry-specific policies:

Umbrella insurance is a type of coverage that provides additional protection beyond your existing insurance policies. It's designed to kick in when the underlying policy reaches its limit, offering peace of mind for business owners.

For contractors, umbrella insurance is particularly useful in high-risk industries. It can cover bodily injury and property damage, personal and advertising injury, and defense costs.

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If you're concerned about the costs of settlements and judgments, umbrella insurance is worth considering. It's a way to protect your business from financial ruin in the event of a liability claim.

Here are some examples of what umbrella insurance can cover:

If you're a professional who interacts with clients in their homes, you might need insurance to protect against accidents. We insure photographers, videographers, and other professionals who work with clients in their homes.

Here are some examples of businesses we insure:

These are just a few examples of the many businesses we insure. If you're unsure whether your business is covered, it's always best to check with us directly.

Business insurance in NH can be a bit complex, but let's break it down to the basics.

In New Hampshire, some business insurance policies are required by law, including workers' compensation insurance, which is mandatory for businesses with employees.

You'll also need to consider general liability insurance, which is typically required for most businesses to have at least $1,000,000 per occurrence and $2,000,000 aggregate coverage.

The cost of business insurance in NH varies depending on factors like the type of business, industry, location, and number of employees. Here's a rough estimate of average costs:

These costs can add up, but they're a necessary investment to protect your business from potential risks and lawsuits.

To give you a better idea, here are some factors that can influence business insurance costs:

Keep in mind that these are just estimates, and your actual costs may vary depending on your specific business needs.

Here's a quick rundown of the required business insurance policies in NH:

Make sure to review your business insurance needs with a licensed agent or broker to ensure you're getting the right coverage for your business.

If you're looking for a more detailed breakdown of business insurance costs, here's a rough estimate of the average costs for different types of insurance:

Remember, these are just estimates, and your actual costs may vary depending on your specific business needs.