Small Business Insurance New Hampshire Policy Information
Small Business Insurance New Hampshire. A small business, as defined by the Small Business Administration, is one with 500 or fewer employees. As of 2016, there are 27 million or more small businesses in operation within the U.S., ranging from sole-proprietorships owned by the self-employed to construction firms, small stores, beauty salons, and even community banks. Regardless of their volume of business, all small businesses share a common thread - the need for obtaining proper small business insurance to protect their businesses from all angles.
Small business owners in NH can work request a quote to find the right small business insurance New Hampshire policies for their businesses. From rate and policy comparison to finding the exact coverage that meets a specific business need, we can help you find policies for the your NH business needs. Small business insurance New Hampshire protects your investment by minimizing financial risks associated with unexpected events such as a death of a partner, an injured employee, a lawsuit, or a natural disaster.
Small business insurance New Hampshire protects your business from lawsuits with rates as low as $29/mo. Get a fast quote and your certificate of insurance now.
Statistics On Small Businesses In The United States
- The U.S. is home to more than 27 million small businesses
- Single proprietors own more than 70 percent of all U.S. small businesses
- 57 percent of the U.S. workforce, or 77 million people, work in small businesses across the country
- Around 7 out of 10 small businesses are still operating two years after opening
- Roughly 5 out of 10 small businesses are still operating five years after opening
- Home-based small businesses account for 54 percent of all small businesses
Filling Insurance Needs For Owners Of NH Small Businesses
The smallest home businesses that have no employees are not subject to governmental requirements for purchasing insurance. Nonetheless, businesses with employees, even small businesses need certain types of insurance - some to remain compliant with government requirements and others that protect the business owner in the event of work-related accidents, illnesses, injuries, or even death. Companies with employees may need:
Worker's comp policies for NH small businesses. This type of small insurance New Hampshire may be available through the worker's compensation insurance program in NH or through a commercial agent selling small business policies. The requirements for worker's compensation insurance are specific to New Hampshire, making it important that small businesses consult with an insurance pro for NH requirements to ensure their compliance.
Unemployment insurance for NH small businesses. Unemployment insurance is paid for using UI taxes collected by each individual state. After a business establishes itself and registers with the New Hampshire Department of Labor, the business owner begins paying UI taxes and is covered in the event of layoffs and other related unemployment issues.
Disability insurance policies for small NH businesses. The purchase of disability insurance by small business owners can be a valuable type of insurance for small businesses looking to build up their employee benefits packages.
Group medical coverage for NH small businesses. Small businesses with more than 50 employees may be required to purchase group health insurance for their employees under the Affordable Care Act. Even if you have no employees, you should consider coverage under a small business insurance New Hampshire policy for yourself and your family.
What Does Small Business Insurance New Hampshire Do?
A type of optional insurance coverage, small business insurance New Hampshire provides your business with the coverage it needs to maintain operations after a lawsuit or catastrophic event. Lawsuits can wreak devastation to your business model, as can extreme weather events, fires, and accidents.
As many as 50 percent of businesses that undergo a natural disaster such as a hurricane, tornado, fire, or major flooding fail within a five-year period. Businesses that fail to resume operating in the aftermath of disaster within a 10-day period tend to close within a month's time in 80 percent of instances. These NH businesses usually lack a solid insurance policy that helps the business to remain profitable and resume operations as soon as possible after setbacks due to covered perils.
Property Loss and Damage and Small Business Insurance NH
Small business insurance New Hampshire needs vary widely, due to the vast numbers and types of small businesses in operation. Some considerations for the NH small business owner when purchasing small business insurance to protect against loss and damage:
- Home-based businesses with business materials and equipment worth less than $2,500 are often served best by the purchase of riders to cover such losses on their renters or homeowners policies. These riders are designed specifically for business property.
- Home-based businesses with materials and equipment valued greater than $2,500 put less than $10,000 should consider home business insurance policies.
- Home-based businesses with materials and equipment on the premises greater than $10,000 in value and businesses located outside the home generally require the more expansive protection afforded by small business insurance policies.
- Small business owners who also own the buildings in which their businesses operate should always purchase insurance in an adequate amount to cover the actual building structure and its contents. This ensures that any damage, theft, or loss is covered in times of peril.
- No matter which policy a NH business owner chooses, flood insurance is important, since most policies exclude flood damage altogether. The purchase of an individual flood insurance policy is essential for businesses of all sizes, particularly those that lie in flood-prone or flood zone areas.
Liability Protection with Small Business Insurance
An important component of any commercial business insurance policy NH is small business liability insurance. While the risk you need to protect your business from differs based on your industry, it is difficult to find a one-size-fits-all policy. Small business insurance New Hampshire policies are customizable, so your agent can tailor the policy to fit your risk threshold and the assets you need to protect. Some NH small business liability insurance options are:
- General business liability insurance. The majority of liability claims lodged against businesses are covered by general business liability insurance. This includes payments made for property damage, slander and libel, and bodily injury. It also covers any legal fees and court costs for defending your business in such actions.
- Professional liability insurance. Sometimes referred to as "errors and omissions" insurance, this coverage protects your business from claims of liability that arise due to errors, negligence, and malpractice. In some locations, state law requires that businesses or even workers in certain fields carry this type of insurance. For example, people working in the medical niche must purchase professional liability insurance.
- Product liability insurance for small businesses. Companies that sell, distribute, or manufacture products often rely on product liability insurance to protect them in the even that a defective product associated with the company causes them to be sued due to injury or illness.
The amount and type of coverage needed by your business determines the rates. Insurers also look at the likelihood of a business facing liability suits when determining the rates charged.
Additional Coverage Options for Small Businesses
Customized small business insurance New Hampshire plans are designed to fit your particular business model and may include other types of coverage that is uniquely necessary for your individual business. For example, your business may need:
- Insurance for loss of income. Loss-of-income insurance covers your NH business in the event that you must temporarily stop operated due to a covered peril. This type of coverage provides you with ongoing income during the work stoppage so that you can continue to cover wages to employees and other business expenditures.
- Fidelity insurance for small businesses. Fidelity insurance coverage protects your business from losses that result from an employee's illegal activities that affect your business. Two such examples of potentially covered actions include embezzlement or theft.
- Commercial vehicle insurance for small businesses. For New Hampshire businesses that use vehicles for business purposes, commercial vehicle insurance is a must for protecting the business and covering risks while on the road. This is an important type of insurance for employees who drive company vehicles during the course of business.
Choosing the Best Policy for Small Business Needs
Finding the right policy for a small business is no easy task, since business vary as much as the policies available. According to the SBA, "You should discuss your specific business risks and the types of insurance available with your insurance agent or broker. Your agency can advise you on the exact types of insurance you should consider purchasing."
Request a free quote today to get help in assessing your business' risks and formulate the right policy for your specific needs and risks.
Our agents can help you get a small business insurance New Hampshire quote online from several companies, which is instrumental in finding the right policy that meets your budget. We work with multiple companies and are not bound to sales for a particular company, making it easier to compare rates and options.
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 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
- Business General Liability
- Business Interruption
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Crime
- Commercial Package Policy
- Commercial Umbrella
- Comprehensive General Liability
- Directors and Officers Liability
- Cyber Liability
- Employment Practices Liability
- Event Cancellation
- Fiduciary Liability
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Ocean Marine
- Professional Liability
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.
Request a free Small Business 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 NH cities & New Hampshire counties near me in The Granite State.
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