General Liability Insurance NH

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General Liability Insurance NH Policy Information

NH GL Insurance

General Liability Insurance NH. Why does your company need to have it? Sometimes, business owners look at their business model and assume that they don't have to worry about the kinds of claims and liability. They think they can afford to take a pass on general liability insurance NH. They tell themselves they can save the money up front and worry about individual claims as they arise.Skipping commercial liability insurance is a big mistake. It can negatively impact your company in a variety of ways.

There are many reasons that you need to get a general liability insurance NH policy for your company. It's important to understand that the coverage you get from a New Hampshire general liability policy can protect you in ways that you might not understand. It can even help you grow your business. While your corporate structure might limit your liability in certain situations, it cannot completely shield you from losses - and it might not be enough to save your company in the event that something unexpected happens.

Why do businesses need general liability insurance NH? The main reason is to protect the company from lawsuits from liability resulting from property damage or bodily injury.

Here are some of the reasons that you need to have a comprehensive general liability policy for your company:

  • Acquiring New Business and Contracts - Depending on the type of business you are in, you may need to demonstrate that you have a general liability insurance NH policy before signing a contract or even submitting a bid or quote. In the construction industry, for example, general contractors need to submit proof of insurance. The same may be true if you are submitting quotes to municipalities and other government entities.
  • Protecting Against Lawsuits - One of the most common uses of general liability insurance NH is to pay for lawsuits. Like it or not, every business is at risk of being sued for something. Even a business with a seemingly low risk of injury can end up having a problem. All that needs to happen is for a potential client to visit your office or warehouse and sustain a fall or other injury. In such cases, they may be inclined to blame you for their injury even if it doesn't appear to be your fault. The problem with such lawsuits is that it can take a lot of time and money to get to the point where you can prove that the injury was not your fault - and, of course, there is always a chance that the case will go against you. Juries are notoriously difficult to predict and you have no way of knowing what will happen if you are sued. A general liability policy will cover various aspects of your expenses related to such suits, including your legal expenses. It can also help reimburse you for lost wages if you end up having to spend time in court, and cover any eventual settlement or damages awarded by a judge or jury.
  • Coverage Extends to Your Employees - The larger a company is, the more likely it is that one of its employees will end up making a mistake that results in an injury to a customer, client, or an innocent bystander. If you have employees making deliveries, waiting on customers, or doing any activity that brings them into contact with other people, you have to be concerned about your liability in the event that someone gets hurt, either physically or in some other way. General liability insurance NH will cover all of the people who work for you, including your directors, officers, employees, and even unpaid volunteers and interns. As long as they are operating in an official capacity, representing your New Hampshire company when the accident occurs, then you will be protected.
  • It Can Help Save Your Company - The biggest single reason you need to have commercial general liability insurance is that it can help to save your company. You might be operating on a razor-thin profit margin and think that you can save money by skimping on insurance. However, it is important to keep in mind that you could end up paying far more if you don't have insurance.

No matter how carefully you run your business, there are going to be times when you just can't predict what will happen, or how it will happen. Even the most careful and responsible employee can have a bad day. Even the best maintained facility can run into a problem that results in a defective product or a tripping hazard on the factory floor.

When those things happen, you need to have protection. The costs associated with a serious accident or injury can quickly spiral out of control. An injury that might not appear to be bad on the surface might end up costing you significantly more than you anticipate, especially when you add things like lost labor or pain and suffering. If you are found liable for a major accident, the possibility exists that a jury could award the plaintiff punitive damages totaling many times what the actual cost of the accident was.

The bottom line is that you could end up losing your business if you're not careful. Commercial general liability insurance can help protect your assets, ensuring that you can keep your business up and running even if you do end up in the midst of a lawsuit. It means that you will have the money to keep going even if you end up losing in court.

When you look at it that way, it's easy to see why it is worth it to spend a bit of money up front to get the commercial general liability insurance you need. Even if it cuts into your profits and requires you to operate on a shoestring budget for a while, you'll have the peace of mind that comes with knowing you are protected - and that your company and its employees are, too.

Picking the Right Coverage

How much general liability insurance NH do you need? Choosing the right policy limits, deductibles, and coverages can be tricky. You want to make sure you're protected but you also want to be careful not to overspend. You should understand what you need so you can negotiate the right policy to protect your business.

Coverage Considerations

There are many different things to take into consideration when shopping for commercial general liability insurance. Let's look at them each in turn.

Deductible

The first thing you want to think about is your policy deductible. A deductible is the amount of money you will have to pay up front in the event that you have a general liability claim resulting from an injury or lawsuit.

As a general rule, the higher the deductible on your policy is, the lower your premium will be. It might be tempting to opt for a very high deductible to save money; however, it is important to be realistic about what you can afford. Remember, if you do end up getting sued or having to pay for medical expenses, your deductible will have to be paid immediately. That means that if you don't have the cash on hand, you could end up having a real problem.

The best thing to do is to choose a deductible that is in a range that allows you to save some money on your premium without putting you in an impossible situation in the event that you have to pay it.

Coverage Limits

The next thing you need to consider is the policy limit. Many small business advisers recommend getting a minimum one million dollar policy so that you will have sufficient coverage to protect you in the event of a catastrophic injury or accidental death.

You will need to take several things into consideration when considering your liability limit:

  • How large is your company? Do you have many employees? Remember, the more employees you have, the more open you are to lawsuits and accidents.
  • What industry are you in? Some industries have a higher risk of liability than others. A company that provides basic office services will likely require less insurance than a construction company. You need to think about what you are doing and how it affects your risk.
  • How probable is it that you will end up with a catastrophic claim - the kind that could cost you your business? It can be difficult to predict, but think about the kinds of things you are doing and how they might result in claims.

A small construction company might want to carry several million dollars of general liability insurance NH, and might want to purchase an umbrella policy too. An umbrella policy covers you in the event that you max out your general liability insurance. For example, imagine you had a $2 million general liability policy and you ended up with a $3 million claim or settlement. The policy would pay the first $2 million. If you didn't have an umbrella policy, you would be liable for the remaining $1 million - but if you had an umbrella policy, it would pick up where your New Hampshire commercial general liability policy left off.

It's a good idea to envision a worst-case scenario and then tack a little more coverage on top of it to determine your ideal policy limit. An experienced insurance agent will be able to help you do this.

Premiums

In addition to looking at your deductible and policy limits, you also need to make sure that you can afford to pay your premiums. Depending on the insurance carrier you choose, you may need to pay your premiums monthly, or they maybe be paid partially in advance. Whatever your agreement is, you need to build your premiums into your budget so you can be sure to keep your policy up to date.

Before you commit to a policy, make sure you understand how and when payments are due. You need to buy coverage, but you also need to make sure you can afford to keep it up. Don't buy so much that you can't afford to make your payments. That's the equivalent of having no insurance at all - and that's not a risk you can afford to take.

Policy Provisions and Other Coverage Options

The final thing you need to consider is what your policy's provisions are. Insurance contracts tend to be long and fairly dry, but you need to make sure to read yours thoroughly. It's important to understand what coverage you have, and to ask questions about coverage you may need to get to supplement your commercial general liability coverage NH.

Let's look at an example. I mentioned earlier that many general liability policies cover accidents that happen in non-owned cars, such as when an employee rents a car in your company's name or drives their own car to do company business. However, if you plan on buying company cars, you also need to insure them - and injuries caused by someone driving them may not be covered by your general liability policy.

The same goes for certain other errors. If you do plan on serving liquor at company functions, you should make sure that your policy includes liquor liability coverage related to such service. You also need to check to see when the coverage is valid. As I mentioned earlier, if you charge for liquor then you may not be covered. Make sure you understand the provisions and how they work.

It's always a good idea to ask for a specimen contract up front. That way you can read through it, highlight sections that confuse you or require illumination, and go back to your agent or underwriter and clarify them. At the same time that you buy your general liability insurance NH, you may want to inquire about related insurance, such as umbrella insurance or professional liability insurance. Companies sometimes offer discounts if you buy more than one type of insurance from them, so inquiring may be a good way to save a bit of money.

Buying insurance isn't a simple thing. You need to make sure that you have a full understanding of your policy and what it covers before you sign on the dotted line.

General Liability Cost

Find the best CGL insurance New Hampshire policy for your business' unique needs by working with a seasoned agent. Consult with an agent to determine which coverage types you need and any riders or policy addendums that you must purchase to fully protect your business' financial future.

NH General Liability Insurance By Industry

Small Business

Protect your company and employees with NH commercial insurance. Read informative articles on New Hampshire small business insurance coverages - and how they can help shield your company from legal liabilities.


Construction Contractors

Learn about New Hampshire construction contractors insurance, including how much the premium costs and what is covered - and how commercial insurance can help protect your NH construction business from lawsuits.


Contractors and Home Improvement

Learn about New Hampshire contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your NH business from lawsuits.


Commercial Property

Read up on New Hampshire commercial property insurance, including how business property insurance protects your company's building's and/or their contents from damage, destruction, theft and vandalism.


Warehouse and Storage

Learn about New Hampshire warehouse and storage insurance - which protects storage and warehouse facilities and protects their inventory from property damage from fire and weather, vandalism and theft and liability coverage as well.


Professional Services

Get informed about New Hampshire professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.


Advertising, Marketing and Media

Learn about New Hampshire media liability insurance - a specialized form of professional liability insurance that provides protection for legal claims brought by third parties.


Real Estate

Learn about New Hampshire real estate insurance coverages including liability and commercial property policies for realtors, mortgage companies and more.


Retail

Read valuable New Hampshire retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.


Auto Sales, Service and Repair

Read about New Hampshire auto sales, service & repair insurance, which provides protection for damages done to customers vehicle's and other property as well as injuries resulting from the work done.


Health and Beauty

Learn about New Hampshire health and beauty insurance coverages that help protect tattoo artists, salons, spas, estheticians, cosmetologists, barbers, hairdressers, nail salons and more from legal liability.


Information Technology and Internet

Learn about New Hampshire IT technology insurance policies that help protect IT businesses, consultants & subcontractors from the unique risks that small tech businesses face when they work.


Food and Drink

Learn about New Hampshire restaurants, bars, liquor stores commercial insurance coverages. See how food service insurance help protect against accidents, oversights and lawsuits resulting from business operations.


Medical and Dental

Discover New Hampshire business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.


Manufacturing

Learn all about New Hampshire manufacturing insurance. Manufacturers face many unique risks such as product libility and/or product recall exposures due to the nature of their business operations.


Wholesale and Distribution

Read informative articles on New Hampshire wholesale distribution insurance. Distributors and wholesalers face specific risks including fire, flood and weather damage that can destroy products in the distribution center - and every part of the supply chain including late supplier shipments to unpaid invoices - can effect the entire operation.


Education, Colleges, Universities & Schools

Learn about New Hampshire commercial insurance for educators that helps protecting your professional reputation and other legal liabilities arising from your educational services.


Sports and Fitness

Learn about New Hampshire sports & fitness insurance policies and what they cover so that your customers, employees, and equipment are protected.


Children and Pets

Discover what New Hampshire commercial insurance policies cover for children and pet related businesses.


Miscellaneous

Find informative articles on miscellaneous NH businesses including the types of commercial insurance they need, costs and other considerations.


Non-Profit

Find useful articles on business insurance for New Hampshire non-profit 501(c)(3) organizations, charities and associations.


Arts and Recreation

Read up on New Hampshire arts and recreation commercial insurance.


Agribusiness

Learn about NH agribusiness insurance - a type of commercial insurance protects farmers against loss of, or damage to crops or livestock.


Bonds

Learn about surety and fidelity bonds which are types of insurance that are used to protect against damage or loss in commercial transactions.


Commercial Auto

Learn about New Hampshire commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.


New Hampshire General Liability Insurance Information

NH Commercial Insurance Articles

Read informative articles on New Hampshire commercial insurance including costs and coverages.




New Hampshire Economic Data, Regulations And Limits On Commercial Insurance

Made In New Hampshire

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
  • Education
  • Energy
  • 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.

Request a free General Liability Insurance Cost New Hampshire 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 cities near me in NH - 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.

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