Insurance for Small Business Owners in New Hampshire

Workers’ Compensation Insurance.

The only small business insurance New Hampshire state law requires is Workers’ Compensation. All businesses with employees fall under this requirement, including full-time or part-time employees. Workers’ compensation policies cover medical bills for employee work injuries and illnesses in exchange for employees agreeing not to sue your business over the accident or illness. Workers’ compensation coverage typically includes healthcare and legal costs, providing relief for employees and companies. 

Small Business Owner’s Insurance.

New Hampshire small business owners are well served by a Business Owner’s Policy (or BOP)—a package policy that saves you money by bundling both property insurance and general liability into one convenient, comprehensive policy. Typically a BOP covers a business’s liability when it comes to a customer’s medical expenses for onsite accidents, advertising damage claims, and losses and damages related to property used for business purposes.

General Liability Insurance.

General Liability can be secured as a separate minimum coverage if your New Hampshire small business does not entirely need a BOP. If you lease space, your commercial property contract may require General Liability Insurance. General Liability Insurance helps protect your business from the financial burden of property damage claims or customer injury, as well as slander and libel lawsuits.

Professional Liability Insurance.

This type of insurance is ideal for New Hampshire small businesses that provide expertise as a service, like financial advice, real estate, architecture, design, or hairstyle services. Professional Liability insurance coverage focuses on work mistakes and errors, missed deadlines, incomplete work, and professional negligence lawsuits. It’s also referred to as “errors and omissions insurance” or “E&O.” 

Commercial Auto Insurance.

While New Hampshire does not require your business to have a commercial auto insurance policy, it is highly recommended. If you choose to do so, your commercial car insurance must include property damage liability of $25,000 per accident, bodily injury liability of $50,000 per accident and $25,000 per person, medical payments coverage of $1000, uninsured motorist coverage of $50,000 per accident and $25,000 per person. If your business does not own cars, but your employees sometimes use their personal vehicles to complete business tasks, we recommend Hired and Non-Owned Automobile Insurance coverage. 

Cyber Liability Insurance.

The FBI reported that New Hampshire individuals and businesses lost over $4 million in 2020. The average loss to businesses was more than $23,000. Cybercrimes are on the rise everywhere, making it more critical than ever to consider Cyber Liability coverage. Cyber liability insurance helps with customer notification and fraud monitoring costs following a cyberattack, as well as associated legal fees. This helps your business recover from common cyberattacks like ransomware and malicious hacking.