Insurance for Small Business Owners in New Hampshire

Do You Need Small Business Insurance in New Hampshire?

The Granite State has a great reputation for small businesses. New Hampshire attracts a strong consumer market by offering zero sales tax. More bang for your buck means happy customers! Having the third-lowest car insurance cost in the nation is undoubtedly attractive to potential residents, as well. From the stunning Atlantic coastline to the vast Appalachian Mountains, New Hampshire is the very definition of small but mighty—that goes for small businesses, too! Common small business industries in New Hampshire include healthcare, accommodation and food services, retail, and manufacturing.

  • There are over 136,000 small businesses in New Hampshire
  • 99% of businesses in New Hampshire are considered small businesses
  • 46% of small business employees in New Hampshire work in healthcare

As sure as the snowy peaks in White Mountains National Park, small business owners work hard to make their businesses succeed. New Hampshire strives to be friendly to small businesses with its comparatively lower overall tax burden. As the overall growth rate of New Hampshire continues to rise, it is essential to consider small business insurance to help protect your business. Some insurance coverages are required for all New Hampshire businesses—find out more here.
 

Required Business Insurance Coverage in New Hampshire

New Hampshire requires the following insurance coverage for small businesses:
  1. 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. 

Recommended Business Insurance Coverage in New Hampshire

The following insurance coverage is recommended for New Hampshire small businesses:
  1. 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.

  2. 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.

  3. 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.” 

  4. 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. 

  5. 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.

Our Small Business Insurance Company Is Here to Help

B2Z understands that insurance can be confusing, so we set out to make it understandable and easy to purchase.
  1. Q
    Does B2Z offer small business coverage in New Hampshire?
    A

    Yes. We currently offer the following types of insurance policies to small business owners in New Hampshire:

  2. Q
    How do I get a quote for my small business insurance in New Hampshire?
    A

    It’s simple: Click on the Request a Quote button and answer a few questions. And if you like what you see, purchase your policy online!