Nicknamed The Granite State, New Hampshire is known for its lush landscapes including vivid blue lakes, mountains, forest areas, and coastlines. The state is ranked several times on the CNBC 2011 Top States for Business, including being second for Quality of Life, tenth for Economy, seventh for Education, and sixth for Business Friendliness. Small businesses in the tourism industry thrive in New Hampshire as it commonly referred to as a natural magnet for vacationers, thanks in part to its attractive landscapes and vacation attractions. Aside from tourism and activities like fishing, boating, camping and hiking, manufacturing is also a leading industry in New Hampshire. Some of the most important industrial products in the state are electrical, machinery, textiles, and paper products. Regardless of industry, business in New Hampshire owners understand the importance of acquiring business insurance.
Standard Business Insurance Coverages in New Hampshire
A business owner’s insurance policy is a complete package for small companies that combines different types of liability coverages in one package; also known as a BOP. A BOP includes two important coverages in one policy: property insurance and general liability. The BOP covers a number of areas of liability, which include buildings, materials, and legal liabilities. Business owners insurance transfers risk away from the Granite State employer to the insurance company. Typical claims that business owners insurance in New Hampshire coverage protects the business from include: legal liability claims, injury, financial burden, breakdown of equipment, fire, worker dishonesty, money and securities, important papers, and property claims. Depending on the types of risks the enterprise intends to face, other components may be added to the original BOP policy.
General liability insurance in New Hampshire is written to provide companies with protection from financial burden that may be associated with negligent business practices, omissions, or both, caused by the business owner or employees that results in physical harm or damage to property. Some of the exposures that might be covered under general liability insurance include: wares sold, accidents on the premises of the insured, and contractual liabilities. The damage or injury may be from negligence and must be unintentional. General liability insurance in the New England State of New Hampshire can either be a single policy or in combination with other liability policies.
A package policy, sometimes known as a bundle policy, is an insurance policy that benefits New Hampshire employers and includes several types of insurance in a sole policy. Generally, the package policy in New Hampshire will include general liability insurance (depicted above) and commercial property (depicted below); depending on the unique needs of the business, a package policy may also incorporate other types of coverage. A package policy is convenient for small business owners in the Granite State as it makes room for notable flexibility to adapt a policy primarily for the individual needs and risk exposures of the company.
Commercial Property Insurance in New Hampshire is helpful to a number of businesses as it provides coverage for commercial property, and includes building, supply, equipment, supplies, furniture, important documents, and personal property. Commercial property insurance offers protection for employers in Manchester, New Hampshire against several alarming events, including vandalism, fire, explosion, windstorm, hail, lightening strikes, theft, and natural disasters. Commercial property insurance is recommended for many different types of companies, like bed and breakfast operators, textile manufacturers, retailers, not-for-profit entities, and many other businesses providing services.
Companies that have employees working for them are required by law in the state of New Hampshire to carry workers’ compensation insurance. This type of insurance offers protection against worker occupational illnesses and work-related injuries sustained through professional duties. Workers’ compensation insurance in New Hampshire is a no-fault, state-mandated insurance system designed to pay employees who suffered injuries or an illness during work-related duties. Workers’ compensation insurance is required by law in New Hampshire, therefore any New Hampshire firm found without workers’ compensation insurance can face severe fines and civil penalties, along with being responsible for the cost of injuries suffered by their workers. Through workers’ compensation insurance, staff receives medical care and lost wage coverage in exchange for the pledge that they will not sue their employer.
If your New Hampshire-based company owns at least one vehicle, it’s necessary to procure commercial auto insurance. Commercial auto insurance offers enterprises extra protection to the employers and workers by offering coverage for a company’s use of vehicles such as trucks, vans, cars, and other types of vehicles used for business purposes. Commercial auto insurance in New Hampshire covers damages and medical costs that may result from accidents, vandalism and hail damage. Coverage for your New Hampshire business may include vehicles owned, rented, leased, or hired by the employer, as well as vehicles owned by the employee who uses it for work-related duties. Because of this, it’s recommended that entities purchase a commercial auto insurance policy if employees use their personal vehicle for work-related duties, also known as non-owned commercial auto insurance.
Commercial umbrella insurance begins at the point that commercial auto insurance, general liability, or other liability coverage ends. Due to existing liability policies having coverage limits, and not always covering expenses for unexpected events, this type of insurance is ideal. Commercial umbrella insurance in New Hampshire is an essential supply of protection that fills in the gaps in your primary business liability coverage. Umbrella insurance is a fantastic way to have added protection against property damage, injury, or certain other liabilities.
Some Additional Business Insurance Coverages in New Hampshire to Consider
Errors and Omissions insurance policies are also called E&O insurance policies. Regardless of whether you prefer the long phrase or shorter abbreviation, this type of policy provides added security to businesses in New Hampshire and their workers from lawsuits and claims made by clients or customers for negligent work, inattentive acts, mistakes, and oversights made through business operations that ended up causing a loss of wages or amount produced on the part of the client or customer. Errors and Omissions insurance in the state of New Hampshire covers the cost of legal defense and court expenses, as well as with settlements as stated on the insurance contract. Just like medical practitioners need malpractice insurance, owners of small companies in New Hampshire who provide services or consulting advice, either directly or with subcontractors, need errors and omissions insurance.
Professional liability insurance helps company owners in New Hampshire, such as auditors, legal advisors, and general contractors, with not being liable for the legal cost of defending against a claim of carelessness, errors, failure to perform, or omission made by a client as well as damages awarded in that claim. The coverage’s key focus is on monetary burden on the part of the client from these types of implicit claims with respect to a product or service sold by the employee. Professional liability insurance in New Hampshire may offer claim coverage, even if the legal actions turn out to be unproven. Professional liability insurance is required by law in the state of New Hampshire in some types of professional practices, primarily legal and medical, but is also widely used in other professionals.
Employers in New Hampshire may receive additional securities against claims like unlawful termination, breach of contract discrimination, violations of wage laws, sexual harassment, counterfeit imprisonment, libel, slander, emotional pain, mental anguish, careless hiring and promotion decisions, and claims of defamation with Employment Practices Liability Insurance, also known as EPLI. Employment practices liability insurance in New Hampshire focuses on laws, acts, and protection brought under Title VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act, and Family and Medical Leave Act — all of which the Equal Opportunity Employment Commission (EEOC) enforces throughout the country.
Fidelity Bonds in New Hampshire
Fidelity bonds in New Hampshire are a type of insurance that may be purchased by an employer to have added security against losses, such as fraud, theft or embezzlement by one or more employees. Because reimbursement from employee fraudulent practices is probably unlikely due to the cash being unavailable, fidelity bonds represent an important protection for a New Hampshire business owner who would otherwise be liable for the financial burden. It is important to have security practices such as employee screening, internal controls, and close supervision, but it’s not always enough. Financial losses suffered from employee fraud and thefts of money, property, or securities are all covered under fidelity bonds insurance. There are three common types of fidelity bonds: business service bonds, standard employee dishonesty bonds, and ERISA bonds.
Surety Bonds in New Hampshire
A surety bond is an enforced agreement or contract among three parties: the principal, obligee, and surety (insurance company). It represents the assurance to pay a distinct amount if a party fails to meet an obligation, such as fulfilling the terms of the contract. A surety bond protects the beneficiary against loss if the contract isn’t fulfilled, while the surety company takes responsibility for nonperformance. A surety bond is generally required to obtain financial settlement. Enterprises in New Hampshire may need a surety bond to make certain of payment of utility bills or state sales taxes, while a contractor may need to post a bond to protect work or qualify for licenses. While surety bonds in New Hampshire are seen often in the construction industry, they are also used by automobile dealers, financial/mortgage brokers, medical supply firms, notaries public, health club owners, and others. Because of the variety of small entities that need and make use of bonds, there are a number of types and features of surety bonds in the state of New Hampshire that provide guarantees.
The beautiful landscapes and popular attractions of New Hampshire draw in many tourists and visitors year-round, which only add to the success of many of the state’s small businesses. Whether you operate a bed and breakfast in Concord or a boat renting company in Manchester, your business will thrive in this scenic state. However when you are operating a business, it is essential that you have broad insurance coverage to protect your business and assets that will supplement your standard business insurance policy. It’s recommended that you acquire additional insurance policies outside of the traditional and required policy in order to protect your New Hampshire-based business from risk exposures like litigation, natural disasters, fire, extreme weather, and additional risks.