Interior Design Insurance New Hampshire Policy Information
Interior Design Insurance New Hampshire. Interior decorators and designers work with residential or commercial clients to plan the design of an interior space, room, group of rooms, or an entire building. The design may focus on aesthetics, functionality or both. It may be purely decorative or include practical elements such as ergonomics.
The interior decorator may determine the color, style, and location of furnishings, floor coverings, lighting, walls, wallpaper, window treatments and woodwork. Some assist clients with selecting paintings or other decorative artwork. Interior decorators may arrange the purchase of furnishings, materials, and accessories needed to complete the project.
Some may have significant values in storage in commercial or industrial buildings, while others function as sales representatives for suppliers. Interior decorators often need to know about construction techniques and be able to work with engineers and architects to meet local, state, and federal codes and regulations, such as those needed to properly locate stairways and exits.
You work hard as an interior designer to revamp the look of your clients' spaces, but with each interaction you have with your clientele, you put yourself at risk of financial disaster. Today's society is nothing if not litigious, and having the right interior design insurance New Hampshire in place is paramount to running a successful interior design business. Whether you work out of a retail space, design studio, office or your own home, you need to have the right coverage in the right amount in place at all times. A trusted agent can help you determine how much and what types of coverage you need, but the tips below can also help.
Interior design insurance New Hampshire protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Risks Faced by NH Interior Designers
No matter where you conduct your business, you face a variety of different perils that can lead to harm for your business' future. Interior design insurance New Hampshire help protect against the following:
- Injuries at your workplace such as slips, falls, and trips
- Employee or vendor injuries
- Damage to property belonging to another
- Professional mistakes
- Weather events
- Breach in cyber security
- Work-related motor vehicle accidents
Business Owners' Policies (BOPs) For Interior Designers
The BOP is a bundle of insurance products (often at a discount) that provides essential coverage without buying multiple policies. This convenient type of policy is designed especially for the small interior design businesses, but not all are eligible. When deciding whether to write a BOP policy for you, insurers look at an array of factors, such as:
- Liability limits needed
- Business type
- Business property size
- Off-site activity of the business and its owners
If your business qualifies for a BOP policy, the premium you will pay for coverage is based on your business' location, the financial prowess and stability of your business, the security features your business has in place, the type of construction that houses your business, and any apparent hazards, such as fire or falling hazards.
Property coverage provides valuable protection for your business, including the structure where you do business and any contents inside the business, such as office furniture, computers, design samples and material, fixtures, furnishings, office equipment and drafting tables. This includes both leased and owned items, and the interior design insurance New Hampshire policy reimburses the business for any lost or damaged property when the loss results from a covered peril, such as storms, lightning and other weather-related events, vandalism, theft, and more.
BOP policies may also include business interruption coverage. This important coverage repays the business for any income loss that arises from a covered event under your policy. This includes income for operating expenses or for relocating the business after an event such as a tornado or fire.
Liability coverage is a type of interior design insurance New Hampshire that pays out money for claims of property damage or bodily injury during covered accidents or other events. For instance, if a client falls on your premises and becomes injured or an employee damages property belonging to your client, then the policy has you covered. If you face a lawsuit, the liability coverage will also usually pay the cost of hiring an attorney to represent you in court as well as any judgement or settlement rendered against you or your business. Depending on the policy, it may also pay claims resulting from purported slander or libel or advertising liability claims against your business.
Professional Liability Coverage
General liability coverage is not enough for the interior designer. You should also take out professional liability coverage. This type of coverage protects you in the event that you do not provide the type of professional service expected of you, such as when you make a mistake in your duties, fail to finish a project to specifications, measure inaccurately when fitting a home with expensive carpeting or drapes, or other potential errors.
New Hampshire Interior Decorater's And Designer's Risks & Exposures
Premises liability exposures are generally limited at the interior decorator's office due to lack of public access. If there is a showroom or retail sales, customers may slip and fall over displays. If the decorator acts as a general contractor and hires subcontractors on behalf of the client, the liability exposure increases. Poorly written contracts can result in liability hazards not anticipated for this classification.
Workers compensation exposure is generally limited to an office. Workstations should be ergonomically designed to prevent repetitive motion injuries such as carpal tunnel syndrome. If there is delivery of goods or installation of furnishings or wallcoverings, workers can incur hernias, sprains and strains from lifting, be injured in automobile accidents, by falling objects, cuts, falls, and awkward positions. If the interior decorator hires subcontractors, the workers compensation exposure increases unless all subcontractors carry their own insurance.
Property exposures may be limited to an office, but some will have storage or sales of furniture, home furnishings, and wallpaper. Electrical wiring should meet current codes for the occupancy. Fire can occur from overheating or malfunctioning of equipment.
Property in storage facilities can be damaged by fire, smoke and water. Flammables kept on site should be properly labeled, separated and stored. Storage facilities can be targeted by thieves. Appropriate security controls should be taken including an alarm system that reports directly to a central station or the police department.
Crime exposures are from employee dishonesty. Background checks, including criminal history, should be performed on all employees handling money. All ordering, billing and disbursement should be handled as separate duties with reconciliations occurring regularly. Physical inventories and annual audits should be conducted.
Inland marine exposures may include accounts receivables if the interior decorator offers credit to clients, audio and visual equipment used for presentations, computers for office use, contractors' equipment and tools, fine arts, goods offsite, in transit or at exhibitions, salespersons' samples, and valuable papers and records for clients' and suppliers' information.
There may be a bailees' exposure if the interior decorator purchases items on behalf of a client and stores or transports goods until delivered and installed. Clear documentation of ownership is important. There may occasionally be an installation exposure. Decorative items and furnishings may be expensive and targets for theft. They may be highly susceptible to breakage, marring or scratching, smoke, temperature change, or water damage.
Appropriate security controls should be taken including an alarm system that reports directly to a central station or the police department. Professional packers may be used to reduce the potential for breakage and theft losses while the items are in transit.
Business auto exposure is generally limited to driving to and from clients' premises. If the interior decorator delivers goods, the exposure increases. MVRs for drivers must be run on a regular basis. Random drug and alcohol testing should be conducted. Vehicles must be well maintained with records kept in a central location.
Other Coverage Types to Consider
In addition, your interior design coverage should include cyber liability insurance, especially if much of your business is conducted online. This coverage protects the business if any of your customer's sensitive information becomes targeted by cyber attackers who retrieve things like credit cards numbers from your files.
Buying a commercial auto policy is important too when you use your vehicle in the course of doing business or if you own a business vehicle. Be sure to cover both owned and non-owned vehicles with an adequate amount of auto insurance.
Additional Interior Designer Insurance Coverage Types
- Commercial umbrella policies. These policies protect your business from claims in excess of your business insurance's declared limits.
- Flood insurance. This is an important policy if your business lies in a declared flood zone.
- Worker's compensation. Most states require that you maintain this coverage on any employees.
- Employment practices policies. Guard yourself against claims of discrimination or wrongful termination with this type of policy.
As you can see, NH interior design insurance is a complex insurance product. Work with your agent to determine the amounts and types of coverage that will work best with your particular business structure.
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 Arts & Recreation Insurance
Read up on small business arts and recreation commercial insurance.
- Disc Jockey DJ
- Entertainers And Performers
- Event Planning
- Film Production
- Interior Decorator
- Interior Design
- Photo Booth
- Wedding And Special Event
Commercial insurance policies for arts, entertainment and recreation are specialized policies that protect against the unique risks that arts and recreation businesses face.
Performing artists and companies, entertainers including musical groups, theatre groups, comedians and more, writers, performers, photographers, videographers, DJ's and so many other types.
Professional liability coverage (errors and omissions) is needed in these cases to protect their financial interests due to mistakes, errors or omissions by these professionals in doing their jobs. Fr example - a bride and groom did not like the way their wedding photos turned out.
Or a wedding planner might plan a lavish wedding, but the bride's parents who are paying for it did not like the way it went. There is a lot of gray areas with arts, and you need to be protected if your clients don't agree with you that your work was what the agreed to.
If your business is involved with children, you need to review your coverages very carefully so certain important protections are not excluded. Abuse and molestation insurance might be needed to fully protect yourself in this instance.
Minimum recommended small business insurance coverage: Business Income with Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Commercial Articles Floater, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Bailees Customers Floater, Money and Securities, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Interior Design Insurance 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.
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