Contractor Liability Insurance NH Policy Information
Contractor Liability Insurance NH. Having contractor liability insurance is not a legal requirement. However, there are some compelling factors that make it difficult to run a contracting business without this coverage. Before we bring these to light, let's first describe what contractor liability insurance NH is in contrast to other types of commercial insurance.
Also known as commercial general liability insurance, contractor liability insurance is a policy that covers your business from the risk of personal injury claims, wrongful death, property damage, slip and fall on your business premises, and claims of infringement by other businesses. There are many endorsements out there that are tailored to suit different business settings.
Contractor liablity insurance NH protects your contracting business from lawsuits with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
Why Do You Need Contractor Liability Insurance?
You could be liable for claims against you if you choose an inadequate policy or one that does cover what type of ctracting you are doing. For instance - if a painter is doing both interior and exterior painting and only has coverage for interior and damage is caused when painting a home's exterior.
1) To protect your business assets: Without coverage, your tools, bank accounts, vehicles, properties and more are vulnerable and could be seized to settle claims in a court battle or in out of court arrangements. Remember, several businesses have been left bankrupt after their assets were seized. If you remain ignorant or knowingly continue neglecting general liability insurance, you not only risk immense losses but you could also lose your business altogether.
2) To have peace of mind while running your business: With a good policy, you can run your business without being anxious about certainrisks and incidents. To be precise, contractor liability insurance NH is seen as a survival plan in that you will continue running even if a court judgment is passed in favor of a party that is suing you. Besides, in such a case, the insurance company litigates on your behalf and pays for all legal defense fees up to your policy limits.
3) To win the confidence of potential clients: In this age when information is ao easily accessible via the Internet, clients have learned to research before hiring. They are being advised to check whether a contractor has insurance before hiring; without coverage, you are at a disadvantage against your competitors thay do
Types of Claims Contracting Liability Insurance Covers
To shop for right contractor liability insurance NH policy, you need to know what you will be covered and the limits to which it extends. Note that liability coverage protects you from third party claims:
- Bodily injury claims - If visitors to a site where your employees are working sustain injuries, you can use the policy to cover their medical expenses, funeral expenses in the case of wrongful death, and compensation for pain inflicted and lost wages. Like stated before, this type of contractor liability insurance NH policy covers claims by third parties. This implies that employees will not be covered if they sustain injuries while working. The policy also protects you from slip and fall cases by clients or visitors to your business premises.
- Completed products claims - You are protected against claims by clients who are injured or inconvenienced by services and products that you already delivered. To illustrate, if you install cabinets in a home remodeling project and they end up ideuring your client or a member of their household, you will be held responsible for the damage and the resulting injuries.
- Advertising claims - A general liability policy will come in handy in the case where business claims that you copied their advertisement or marketing techniques. Such cases often attract huge compensation penalties; you do not want to risk losing your assets or the proceeds you work so hard to generate.
- Property damage claims - If someone or a third party alleges that you damaged their property, they are eligible for compensation by your business if the court finds you responsible. Again, you will use your contractor liability insurance NH policy to settle such claims.
Tips On Shopping for a Contractor Insurance Policy
- Consider your limits: - In this context, limits refer to maximum amount an insurance company will pay out on claims. Be careful with limits and be sure you have high enough coverage. For example, if your cover has a limit of $500,000 and you happen to lose a lawsuit where the plaintiff is claiming $600,000 then the additional $100,000 will be out of pocket for you. Talk to an insurance broker if you need help determining your limit.
- Do you need deductibles?: - Deductibles can be used to keep your lower insurance expense. A deductible refers to the amount of money you would be willing to pay out of pocket before the insurance kicks in. It is important to note that most general liability insurance policies do have deductibles.
- Purchase from a A rated company: - Buy your policy from a A rated company. A reliable insurance company is described as one which guides you to the right policy instead of imposing something expensive on you. Besides, they should sell you a policy that does not harbor hidden costs. Research well and compare offerings by several companies to make a sound decision.
How Much Does Contractor Liability Insurance NH Cost?
This is a question most first time commercial insurance buyers ask. The obvious truth is, there is no set price or a standard. Your policy can cost you anywhere in the range of a few hundred dollars to thousands of dollars a year. It all depends on the risk involved and the size of your business.
New Hampshire Economic Data, Regulations And Limits On Commercial Insurance
You have an entrepreneurial spirit and a great idea for a business, now you just need to decide on a location for your headquarters. Before you pick a location, it's important to take several factors into consideration and weigh your options.
If the area doesn't offer a market that the products and/or services you intend on offering will appeal to, and the overall economic climate isn't healthy enough to support a business, there's a good chance you aren't going to achieve the success you desire.
How can you determine where to set up shop? By assessing the economic trends of a location, as the economy of an area offers good insight about the potential for success. Additionally, you should consider the commercial insurance requirements of an geographic location so that you know what type of policies you'll need to have in place.
If you're thinking about starting a business in New Hampshire, read on for an overview of the state's economic trends and mandated commercial insurance policies.
Economic Trends For Business Owners In New Hampshire
As of December, 2019, the unemployment rate in the Granite State was 2.6%, which was 0.9% below the national average of 3.5%. This statistic indicates that the economy of New Hampshire is healthy, as there are enough job opportunities to support the residents of the state, and those employment opportunities directly reflect the health of businesses in the state.
Additionally, New Hampshire offers a diverse workforce that is comprised of individuals from varied backgrounds, so prospective business owners should have ample opportunities to secure employment for their organizations.
In addition to the low unemployment rate, the Granite State offers many other features that will appeal to business owners; low taxes, an above-average per capita personal income, and the close proximity to large regional markets, just to name a few.
While businesses of varying sizes and in various industries can find success in the state of New Hampshire, there are some sectors that show particular promise. The leading industries in the state are as follows:
- Bio Science and health care
- High-tech manufacturing
- Hospitality and tourism
The best locations for business owners within NH include metropolitan regions and the surrounding areas. This includes Portsmouth, Portland, Concord, Derry, and Londonderry.
Commercial Insurance Requirements In New Hampshire
The New Hampshire Insurance Department regulates insurance in NH. New Hampshire mandates very few forms of insurance coverage by law. They enforce worker's compensation.
New Hampshire requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
New Hampshire also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Contractors & Home Improvement Insurance
Learn about small business contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your contracting business from lawsuits.
- Air Conditioning Systems Installation Repair
- Appliance Repair & Service
- Blacksmith & Metal Workers
- Boat Repair & Dry Docks
- Boiler Contractors
- Builders Risk
- Building Cleaning & Maintenance Services
- Cabinet Installer
- Cable And Satellite TV Installer
- Chimney Sweep
- Cistern Contractors
- Contractor Liability
- Curtain Cleaners
- Deck Builders
- Door And Window Installers
- Dryer Vent Cleaning
- Drywall Contractor
- Electrical Contractors
- Environmental Remediation Contractors
- Fence Installation
- Fire Sprinkler Contractors
- Fire & Water Restoration Contractors
- Flooring Contractor
- Furniture Repair
- Garage Door Installer And Repair
- General Contractors
- Glass Contractor
- Glazier Insurance
- Gutter Installation And Repair
- House Cleaning
- HVAC Contractor
- Insulation Contractor
- Janitorial Cleaning Services
- Lawn Care
- Lawn Irrigation Sprinkler System Installation
- Oil And Gas Well Drilling Contractors
- Paperhanging Contractors
- Plastering And Stucco Contractor
- Pressure Washing Contractors
- Propane And Fuel Dealers
- Rug, Upholstery & Carpet Cleaning
- Sandblasting Contractors
- Security Alarm
- Septic Tank Cleaning
- Siding Contractor
- Sign Installation & Repair
- Solar Panel Installers
- Snow Plow
- Stone And Tile Installer
- Surety Bonds
- Swimming Pool Contractor
- Swimming Pool Service And Maintenance
- Tool Grinding And Repair
- Tree Surgeon
- Tree Trimming
- Tank Cleaners
- Upholstery Shop
- Waste Haulers & Garbage Collection
- Water Well Drilling
- Welding Contractor
- Wildlife & Pest Control
- Window Cleaning
A contractor that wants to begin or stay in business, liability coverage must be obtained for the premises or operations, off-site locations and products/completed operations exposures. These coverages may be included as a part of a businessowners policy (BOP) or purchased in a commercial general liability (CGL) policy. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to obtain a particular job.
Physical damage coverage for tools, supplies and equipment, both on and off the contractor's premises, is a concern. Liability exposures at the premises of the contractor, and at the premises of the contractor's customer, must be properly addressed along with completed operations. Business insurance is very important as is workers compensation insurance protection for employees.
Contractors may work under a general contractor as a subcontractor in larger construction projects - like a new commercial site or residential subdivision. They can work on smaller projects directly with a home owner, usually specializing in renovations or remodels.
In business insurance speak, often called 'artisan contractors' or 'casual contractors', they are involved in many aspects of construction and contracting work – and include various trades and skills. Carpenters, painters, plumbers, electricians, roofers, tree trimmers, landscaping are just a few examples. They may do roofing, fencing, drywall, tile work and many other trades that involve skilled work with tools at the customer's premises.
An artisan contractor performs a single trade or job, and each has its own specialized liability needs with its own exposures to risk and accidents. Contractors liability insurance can offer coverage for bodily injury, property damage, advertising injury and medical payments.
Most artisan contractors should have commercial general liability at the very least, but many need broader coverages - like an umbrella to increase their limits of liability, inland marine policy to protect their tools, workers compensation if they have employees, and even commercial auto if they use vehicles for business purposes.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Contractors' Equipment and Tools, General Liability, Employee Benefits Liability, Umbrella Liability, Automobile Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Accounts Receivable, Builders Risk, Computers, Goods in Transit, Installation Floater, Valuable Papers and Records, Cyber Liability, Employment-related Practicesand Stop Gap Liability.
Request a free Contractor Liability insurance NH quote in Allenstown, Alton, Amherst, Atkinson, Auburn, Barnstead, Barrington, Bedford, Belmont, Berlin, Boscawen, Bow, Brentwood, Brookline, Canaan, Candia, Charlestown, Chester, Claremont, Concord, Conway, Danville, Deerfield, Derry, Dover, Durham, Enfield, Epping, Epsom, Exeter, Farmington, Franklin, Fremont, Gilford, Goffstown, Greenland, Hampstead, Hampton, Hanover, Haverhill, Henniker, Hillsborough, Hinsdale, Hollis, Hooksett, Hopkinton, Hudson, Jaffrey, Keene, Kingston, Laconia, Lebanon, Lee, Litchfield, Littleton, Londonderry, Loudon, Manchester, Meredith, Merrimack, Milford, Milton, Moultonborough, Nashua, New Boston, New Ipswich, New London, Newmarket, Newport, Newton, North Hampton, Northfield, Northwood, Nottingham, Ossipee, Pelham, Pembroke, Peterborough, Pittsfield, Plaistow, Plymouth, Portsmouth, Raymond, Rindge, Rochester, Rye, Salem, Sandown, Seabrook, Somersworth, Strafford, Stratham, Swanzey, Wakefield, Walpole, Weare, Wilton, Winchester, Windham, Wolfeboro and all other NH cities & New Hampshire counties near me in The Granite State.
Also find New Hampshire insurance agents & brokers and learn about New Hampshire small business insurance requirements for general liability, business property, commercial auto & workers compensation including NH business insurance costs. Call us (603) 601-4771.