Professional Liability Insurance New Hampshire

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Professional Liability Insurance New Hampshire Policy Information

NH Professional Liability Insurance

Professional Liability Insurance New Hampshire. Our society is a litigious one, and if you are a professional doing business in today's world, then you need to be prepared for claims and lawsuits that can wreak financial havoc on your personal assets. A professional liability policy, aka errors and omissions (E&O) is a must for all professionals, including medical professionals, who are among the most likely type of professionals to be targeted by litigants. With more than $3.3 billion paid out in calendar year 2013 to claimants in medical lawsuits, it makes sense to insure yourself with the most comprehensive professional liability insurance New Hampshire possible.

Medical professionals are not alone in their plight. Lawyers, attorneys, and others in the legal profession are quickly becoming a target for litigation. Every attorney in practice today has a 17 percent chance of being the center of a litigious suit in any given year, according to the American Bar Association.

Professional liability insurance New Hampshire protects your practice from negligence lawsuits with rates as low as $67/mo. Get a fast quote and your errors and omissions (E&O) insurance now.

No professional is safe from a liability claim. Any person whose job is to provide guidance or advice can end up being sued. Professionals who are common targets include architects, consultants, designers, accounting professionals, financial advisers, and practitioners of wellness and health practices. Even knowing the inherent risks of their fields, a lot of professionals forego the purchase of errors and omissions (E&O), and many find themselves wishing that they had.

While most people know what medical malpractice insurance is, many have never heard of professional liability insurance New Hampshire. While its specific definition varies based on which profession is seeking insurance, it usually protects against liability from errors and omissions made by professionals when providing professional services to clients. Essentially, professional liability insurance New Hampshire covers negligence or mistakes that cause your client's financial loss. It is a different type of policy than property damage insurance or bodily injury coverage.

In addition to covering awards for claims (up to the declared limits of the policy), a professional liability insurance New Hampshire policy also covers any associated legal costs. Since defending yourself in court can come with astronomical legal fees, sometimes running $100K or more, this errors and omissions insurance can be a godsend if you face a claim.

What Does Professional Liability Insurance Cover?

Some common types of insurance that covers professional liability include:

  • Malpractice insurance. This insurance is only for medical professionals and people in the healthcare industry. It guards against loss from flames due to mistakes or negligence.
  • E&O insurance. Errors and omissions liability coverage. With this coverage, you are protected from claims for giving faulty advice or counseling a client when the advice you give leads to a financial loss. Architects, designers, insurance agents, stock brokers, real estate agents, consultants, and lawyers should carry this valuable professional liability insurance New Hampshire coverage.
  • D&O insurance. Directors and officers liability insurance handles the specific risks of directors, officers, and other high-ranking executive professionals. This coverage pays for claims from scenarios such as the release of information deemed confidential, poor investments made by the officer, unlawful acts, firing and hiring issues, conflicts of interest, and gross negligence.
  • Occurrence insurance. This policy pays for expenses when a covered incident occurs, even if the policy lapses, as long as the event occurs while the policy is in force.

Which Professionals are Most Likely to Face Suits?

Although there are an endless number of professionals who can be sued for in a liability action, some are more prone to litigation. While doctors and lawyers are the most frequently sued (so much so that some states require that they carry malpractice coverage), others are also vulnerable, including accountants, graphic designers, engineers, insurance professionals, management consultants, and software developers.

Scenarios Where Professional Liability Insurance is Crucial

Reviews these scenarios to help you understand the nuances of how professional liability insurance New Hampshire can benefit different professionals.

  • Financial advisors. Regardless of claim legitimacy, if a client's investments fail of if the client has not been fully advised of his risk before making an investment, the financial advisor can face a claim.
  • Lawyers. When a lawyer misses a deadline or date, litigation can be pursued, often successfully so. With or without merit, professional liability insurance can help.
  • Private investigators. A PI who supplies incorrect information to a client can face a claim if a financial loss occurs.
  • Consultants. If a consultant makes a mistake that can cause a business shut down or a website shut down, then a lawsuit may result.
  • Contractor. A contractor or a subcontractor working under the contractor who performs shoddy work faces potential lawsuits.

As you can see, there are various ways that a client can target a professional with a claim. Protect yourself to the fullest by reviewing your professional liability insurance New Hampshire policy needs with a seasoned agent who can recommend the best types of errors and omissions policies and limits that cover all potential perils you face.

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 Small Business Insurance

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


Small Business Commercial Insurance

Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.

A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?

Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.

Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.

You need a written plan that allows you to get your operations back up and running as quick as possible.


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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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