New Hampshire Parking Lot Insurance Policy Information
New Hampshire Parking Lot Insurance. Owning and operating a garage may seem like a simple business, but there are many liability risks you face as an owner. When people are on your property, there are at risk of being injured. If a person gets injured on your property, you could be held liable.
Parking facilities can be flat, on-the-ground lots or multi-story above- or below-ground garages. Customers can be charged hourly, daily, or monthly. Facilities can be stand-alone businesses or be owned by another firm. Some have car washing, charging stations for electrically powered vehicles, toilet facilities, or valets. Some public transit systems offer "park and ride" lots for suburban commuters who ride public transportation into urban areas. Some businesses that own the facilities contract the day-to-day running of the operation to an outside firm.
Having insurance is the best way for you to protect your business. What you need comprehensive insurance to protect your business from the damage of lawsuits. In this post, we'll take a look at some of the different New Hampshire parking lot insurance policies you can get to protect your lot.
New Hampshire parking lot insurance protects your garage from lawsuits with rates as low as $77/mo. Get a fast quote and your certificate of insurance now.
Liability Protection For Your Parking Business
Having liability insurance allows you to protect your business from many of the risks that can destroy it. Financial losses from third-party injury or property damage can be devastating for your garage when you don't have New Hampshire parking lot insurance. Following are some of the different insurance policies you can consider to protect your business:
Commercial General Liability Insurance - Having this type of policy for your business gives you broad protection from many of the risks involved with this business. A New Hampshire parking lot insurance covers you from many of the costs associated with lawsuits against your business. The most common claim against parking lots is 'slip-and-fall' usually after a rain or snow.
Garagkeepers Liability Insurance - NH parking lots accept their customers cars for parking, and they assume a legal liability for doing do. Garagekeepers liability insurance covers this exposure. It covers the parking lot if a customer's vehicle is damaged due to their negligence while it is in their care, custody or control.
Business Property Insurance - This New Hampshire parking lot insurance policy keeps your business protected from fire, vandalism, smoke or any other event that can cause damage to your property. It also can protect the contents inside the garage and buildings you use for the operation of your parking business.
Business property insurance can also include business interruption coverage. When your business has to cease operations for a period, this is the insurance provides you with the coverage you need. It helps to cover the parts of your business such as rent, employee salaries, and other expenses that occur when your business operations are halted.
Business Owners Policy - This type of New Hampshire parking lot insurance policy is designed to fit the needs of many small businesses. It creates and affordable package for property, liability, and business interruption coverage.
Employee Theft And Crime Coverage - This insurance protects your parking business from any costs associated with theft or dishonesty in your business by employees. This insurance provides coverage for any fraudulent acts in your business. You can't control what your employees do, but at least you can control the type of protection you have when they do something wrong.
NH Business Auto Insurance - When your business owns vehicles, you must have insurance to protect those vehicles. Commercial auto insurance is how you protect them. With business auto insurance you protect your vehicles if they get in an accident while working for your business.
Workers' Compensation - Workers comp is mandatory in most states for any non owner employees With NH workers comp, your employees get medical assistance if they are injured while working for you. Any medical cost associated with the injury is covered when you have this insurance for your business. If an employee is injured and the injury results in the death of that employee then this insurance will pay benefits to the surviving family of the victim.
Steps To Minimize Parking Garage Losses
When you own a parking lot or large garage, there are things you can do to increase the safety and the security of it. This will reduce the amount of slip and fall type claims you are exposed to. The best way to minimize cost is to fill potholes, clear sidewalks of obstructions and fix anything you find that can cause damage to the people who use your facilities. Anything you feel an individual may sue your business for you must take the time to have it fixed.
New Hampshire Parking Garage Operations Risks & Exposures
Premises liability exposure is moderate due to public access to the parking lots. Facilities must have a level, smooth, unobstructed surfaces to avoid trips and falls. The parking spaces, traffic flow within the facility, and exits must be lighted and well-marked. Snow and ice should be promptly removed.
If the facility provides services 24 hours a day, the safety of patrons is critical, as the business may be held liable for injuries due to assault or robbery by third parties. Call boxes should be conveniently placed throughout the facility in the event of an emergency. Attendants should be on duty at all times.
Surveillance cameras and security guard services are recommended for high-crime areas. Personal injury exposures include assault, invasion of privacy, and discrimination should there not be enough handicapped parking spaces available to meet local codes.
Garagekeepers exposure comes from the care, custody, and control of the vehicles left in the lots. Fencing or chains should be in place to prevent unauthorized access and theft. Valet parking requires controls and procedures to avoid giving the wrong key to the wrong driver.
Property exposure depends on whether the facility is an open-air lot with only a small shelter house or a full aboveground or belowground parking structure. While exposure to fire is low, all are subject to vehicle and vandalism damage. Parking garages may collapse from earthquakes or the ongoing vibrational movement of vehicles.
Automobile exposure is minimal unless there are a number of lots and employees use vehicles to pick up cash for deposits. All drivers should have a valid driver's license and an acceptable MVR. Any owned vehicles must be maintained with documentation kept.
Workers compensation exposure is moderate due to the constant movement of vehicles and from holdup and/or assault. Pay booths located in isolated areas, and especially those open 24 hours per day, are particularly subject to holdups. All employees must be trained in safety procedures to protect themselves and the customer in case of robbery. Protective equipment such as bulletproof cages, surveillance cameras, panic buttons, and guards may be needed.
Crime exposure is high from employee dishonesty and theft of money and securities, from either holdup or safe burglary. Employee dishonesty is controlled through background checks, control of the cash register through surveillance cameras and cash register tapes, disciplined controls, and division of duties. Thieves may be drawn to the accumulation of cash on premises.
Bank drops should be made at irregular intervals throughout the day. As parking lots are targets for holdups, cashiers should be protected. Depending on the area, they may need to stay in a bulletproof enclosure. Security officers, panic buttons, and other techniques should be used to help in curtailing crime. Holdup controls at the lots are best managed by frequent pickups and bank deposits.
Inland marine exposure comes from accounts receivables if the business offers long-term parking and valuable papers and records for permits and contracts. There may be computers used for recordkeeping or signs. Duplicates of all data should be made and kept off premises for easy replication in the event of a loss.
NH Parking Lot Insurance
As an owner of a parking lot or a NH garage, you should have New Hampshire parking lot insurance policy to protect your business from the many risks you face. Now that you have an idea of the different insurance types available it's a good time to speak with a professional insurance agent and find the right insurance for you.
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 Auto Service & Repair Insurance
Read useful small business auto service and repair insurance policy information. In an aotu related business, you need to have the right type of commercial insurance coverage so that your garage, employees, and customers vehices & other property is protected.
- Auto Dealers
- Auto Detailing & Mobile Car Wash
- Auto Dismantlers
- Auto Garage
- Auto Glass Repair Shops
- Auto Paint Shops
- Auto Service Repair
- Auto Supply Parts Store
- Car Rental
- Car Wash
- Gas Station
- Motorcycle Dealers
- Parking Lot
- RV Dealers
- Snowmobile Dealers
- Truck Rental
- Used Car Dealer
There is a Auto Service Risks Program is an enhancement of the Commercial Package Policy that is available to certain Auto Service Operations.
Automobile repair shops and garages offer a wide variety of mechanical services, from engine repair to tune-ups. The operation may be stand-alone or be part of another business such as an automobile dealership or filling station.
Gasoline stations are normally limited to the dispensing of gasoline, kerosene, diesel or fuel oil with incidental sales of auto accessories and pre-packaged snack food items. Larger gasoline stations may offer other services, such as auto repair, retail sales of food or auto parts, snack bar or restaurant, propane tank exchange, towing, or baths and overnight lodging facilities for truckers.
Car washes provide facilities for cleaning automobiles and other motor vehicles. Some are drive-through with either partially or fully automated conveyance of the vehicle throughout the operation. Hand washing, waxing, or interior cleaning of the vehicle may be offered, with customers sent to a waiting area. Damage to the customers' vehicles is the primary exposure as machinery and washes can break antennas, pull off stripping, crack glass and damage tires.
The three basic types of risks that are contemplated by the Auto Service Risks Program include:
- Repair Shops - operations primarily engaged in auto repair. This includes shops that do body, fender, radiator, ignition service and paint work.
- Service Stations- operations primarily engaged in servicing autos. The sale and installation of auto accessories are a part of this category as long as major engine or bodywork is not performed. Car wash facilities are eligible.
- Storage garages and other parking places.
The following classifications are specifically listed as eligible: Automobile:
- Quick Lubrication Services
- Repair or Service Shops
- Repair Shops–Self Service
- Car Washes–self-service and full-service
- Convenience Food/Gasoline Stores–self-service, full-service and combined
- Gasoline Stations–self-service, full-service and combined
- Parking–public-open air and not open air
Automobile, motor home, mobile home, trailer, and motorcycle dealers are NOT eligible for this program.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Signs, Valuable Papers and Records, General Liability, Employee Benefits, Environmental Impairment, Underground Storage Tank Liability, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Computer Fraud, Forgery, Goods in Transit, Cyber Liability, Employment-related Practices, Business Automobile Liability and Physical Damage, Garagekeepers and Stop Gap Liability.
Request a free New Hampshire Parking Lot insurance 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 NH local small businesses by General Liability Class Code 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.