Although New Hampshire is not large by land size or population, more than 420,000 small businesses are based there. These companies employ about 137,000 of the state’s residents, almost exactly half of its workforce.1
Whether you’ve started your own small company or are considering striking out on your own, business insurance in New Hampshire offers protection from events like:
NEXT Insurance helps more than 1,300 types of small businesses and self-employed workers quickly get the coverage they need online at the best price. We specialize in small business insurance, so we can easily help you find a custom insurance package that is right for you.
Continue reading to find out about the most important types of business insurance in New Hampshire or start a free instant quote to review options for your business.
A business insurance package in New Hampshire might include the following types of coverage:
Accusations of injuring someone or damaging property can have expensive consequences for small businesses. This is why general liability coverage is one of the most important forms of business insurance in New Hampshire.
If someone who works for your company unintentionally injures someone or destroys property, general liability insurance helps pay for damages, up to the policy limits. It also helps cover lawsuit costs if another person or company seeks additional damages after an accident.
Here’s an example of when a small business might need to use its general liability insurance:
A pedestrian in Manchester claims that a self-employed snow plow operator is partially to blame for an injury after falling on a sidewalk. General liability insurance helps the company pay for the injured individual’s medical bills, as well as court costs, lawyer fees and other damages in the event that the person sues.
Tools and equipment insurance is a general liability add-on specific to construction and cleaning companies. This type of business insurance in New Hampshire helps pay to repair or replace important business items that are damaged, lost or stolen.
Another reason your business might need to purchase general liability coverage: Landlords often require it before they’ll allow you to rent commercial office space.
If your business has employees or plans to hire them, business insurance in New Hampshire must include workers’ compensation coverage. State law requires this coverage for companies with full-time and part-time employees, including workers who are members of the business owner’s family.2
Employees who get hurt on the job might need medical care and time off to recover from an injury. Workers’ comp insurance helps cover these expenses so employees aren’t responsible for these costs entirely out of pocket.
For example, a chef at a Concord restaurant suffers severe burns in a kitchen accident, needs emergency medical care and can’t work for a month. Workers’ compensation coverage in New Hampshire helps pay for the chef’s medical bills and covers up to 60% of lost wages.3
New Hampshire is one of the few states that doesn’t require drivers to carry auto insurance.4 However, Next highly advises that all New Hampshire businesses with vehicles carry commercial automobile insurance to cover injuries and property damage costs in case there’s a work-related accident.
Without commercial auto insurance, a business might be on the hook for all damages if something like this happened:
A worker at an appliance repair firm in Derry has an accident on Interstate 93, totaling another driver’s car. The company’s commercial auto coverage helps pay to replace the damaged vehicles, up to the policy limits.
Without commercial auto insurance the business would have to pay for all damages out of pocket, since personal car insurance usually doesn’t apply in these situations.
Small companies that sometimes request employees to drive their own automobiles for work or rent them should strongly consider hired and non-owned auto insurance. If someone has an accident in a vehicle your business doesn’t own, this upgrade helps cover those damages.
Professional liability coverage, also known as errors and omissions (E&O) insurance, could be a crucial part of a business insurance package in New Hampshire, depending on your line of work.
E&O insurance helps pay to resolve claims of professional negligence that cause someone else a financial loss, including unsatisfactory work, missed deadlines and incomplete projects. If someone sues your business over these types of accusations, professional liability coverage helps cover attorney and court fees, as well as any damages for which you are found responsible.
For instance, a Nashua-based management consultant recommends that a client hire several key executives. The client later has several underperforming business quarters and says that the management consultant’s poor advice was partially to blame for lost revenue. E&O coverage helps the consultant repay the financial losses.
NEXT customers pay a median of $45 for business insurance in New Hampshire. Your individual costs will depend on aspects of your business like:
Your risk profile. Companies that routinely face more risks will pay slightly more for coverage than businesses with less exposure to causing injury or property damage. Construction firms spend a median of $49 for business insurance in New Hampshire, while cleaning companies pay $39.
Your coverage types and limits. Small businesses will spend less money on insurance by declining coverage they think they’ll never need or opting for lower policy limits. However, if something unexpected happens, expect out-of-pocket costs to be higher.
The number of people you have on staff. Workers’ compensation coverage costs increase as you hire more people. Providing an accurate employee count will help you get the best insurance quote.
Start a quote with NEXT Insurance today to explore coverage options for your business in just a few minutes.
We offer a quick and simple way for you to get business insurance quotes online, purchase coverage and share your certificate of insurance. The entire process typically takes just a few minutes.
Our team of licensed, U.S.-based advisors can help you if you have any questions.
Check out these links if you would like to learn more about starting a business in New Hampshire:
1 U.S. Small Business Administration
2 New Hampshire Department Of Labor
3 New Hampshire Department Of Labor
Learn more about insurance options in the states where you work.