Home Improvement Store Insurance New Hampshire

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Home Improvement Store Insurance New Hampshire Policy Information

NH Home Improvement Store Insurance

Home Improvement Store Insurance New Hampshire. Home improvement stores carry everything you would need to make commercial property and home upgrades. It includes electrical supplies, plumbing supplies, hand & power tools, appliances, supplies for gardening and yard work, flooring, windows, doors, toilets, sinks, paint, fixtures and many more accessories and supplies.

While you might have a profitable business selling many products, you're also at the risk of shoplifting, customer slip and fall accidents and other many other liabilities. To be on the safe side, you can protect your business from such risks with home improvement store insurance New Hampshire.

Home improvement store insurance New Hampshire protects your shop from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.

Types of Home Improvement Store Insurance

Due to various risks you might be exposed to, you need to choose multiple home improvement store insurance New Hampshire coverages. Consider the following home improvement store insurance:

Commercial General Liability - The insurance policy you purchase should have none of these excluded; products liability, completed operations and premises liability. Product liability is for damage from the goods you sold, while premises liability is for the injuries to customers in your store. Completed operations entail coverage for the services you provide such as tile flooring or installing counter tops. General liability is an essential home improvement store insurance New Hampshire you should not be without.

Product Liability Insurance - Product liability should be included in your general liability policy - but be careful - many carriers exclude it by default. It protects you from either legal or medical cost since the products you sell can either cause loss or damage. For instance, a consumer may purchase paint from your store that contains chemicals that could make a person ill. Even though you didn't manufacture the products, you might be drawn in on a lawsuit by the plaintiff's attorney for medical plus legal costs.

NH Commercial Auto - If you or your workers use personal vehicles for business operations, consider getting commercial auto insurance. This policy covers property damage, vehicle damage as well as body injury for any person in the car accident. Many NH home stores offer delivery and thus need commercial vehicle insurance.

Business Property - Business property insurance is imperative since accidents or some events could occur with little or no warning. Calamities such as flood, fire, natural disaster or severe weather conditions cause serious damage to your property. When this happens, there is nothing you can do rather than wait until the repairs are complete. However, with the business property insurance, you can get help replacing the merchandise destroyed as well as having assistance make the repairs required. Note that flood is different policy not included on commercial property policies.

Cyber Liability Insurance - This home improvement store insurance New Hampshire policy will protect you against cyber crimes such as hackers who steal customer financial information, a person paying for goods with stolen debit cards or getting a virus on your site. All of these crimes plus others are covered by the cyber liability insurance.

Workers Compensation - Your employees are putting themselves at risk with the products you sell such as; box cutters, lifting heavy machines or get injured while stocking shelves. Most states require you have workers comp for any non partner or owner employees. This policy will assist in paying for medical costs for your workers if they come across work related injury. For example, if an employee is stocking shelves with the gardening supplies and a tool falls on him or her causing a body injury, NH workers comp pays for all the medical care they need. If they're unable to work, it covers lost wages.

Crime Insurance - Crimes such as vandalism, theft and shoplifting can affect your cost of doing business and income. While you cannot totally prevent them from happening, you can protect your store with the crime insurance coverage. Commercial crime helps manage the loss exposures and replace merchandise or money that was stolen and/or damaged during the event of a crime.

NH Improvement Store Insurance

To protect your store and ensure that you're always on the safe side, you need to secure adequate coverage by protecting various risks your operation faces daily.

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.

Additional Resources For Retail Insurance

Read valuable small business 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.


Retail Insurance

Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.

All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.

Crime insurance, in the form of employee theft and money and securities coverage, is also very important.

The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.

Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.

Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.

When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.

Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.

Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.

Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.

Other commercial insurance policies to consider: Building, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Bailees Customers, Goods in Transit, Jewelers Block, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.


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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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