Located in the beautiful southern region of Hillsborough County, Concord is one of New Hampshire’s finest cities. This community has deep roots in education and is home to New Hampshire’s only law school. The local economy is thriving, and unemployment rates remain consistently low. If you’re looking for the best place in the state to launch a new business, Concord, NH could be the perfect location. During previous years, there were 131,593 small businesses in New Hampshire, providing employment to 284,035 people. Of course, owning a business also carries serious risks. Recently, loss payouts to New Hampshire businesses totaled $1,055,290.
The best way to minimize your risk is to be prepared with comprehensive Concord business insurance. Our Independent Insurance Agents provide complete support for Concord business owners who are shopping for affordable rates on commercial insurance. Whether you are a budding entrepreneur or a successful CEO, our experienced agents can match you with the best rates on business insurance in Concord.
General Liability Insurance for Concord Businesses
Liability remains one of the most worrisome threats for American companies, and Concord businesses are no exception. According to a recent Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and more than 30% said they felt the least prepared to handle this issue. Liability lawsuits happen every single day, and as a business owner, you need to have liability insurance as a safeguard. There are two types of liability coverage that can protect your business from lawsuits.
- Product Liability: According to a national study, 71% of product liability awards and 53% of medical malpractice awards by the courts amounted to $1 million or more. Your company could end up in an expensive lawsuit due to just one faulty product. Product liability insurance steps in to foot the legal fees if you are sued so that you can continue using your company’s resources to focus on improving product quality. This coverage protects your company and its financial future, and it’s a must-have if you are involved in design, manufacturing or retail sales.
- Errors & Omissions/Professional Liability: Professional liability insurance is designed for companies that offer a service rather than a physical product. This coverage protects against errors and omissions, contract breaches and lawsuits alleging negligence. If you are sued, your E&O liability policy helps shoulder the burden of legal fees and pays for any court-ordered fines that you incur.
Business Interruption Insurance for Concord Businesses
- Recent Gross domestic product: 2.2%
- Recent New Hampshire gross state product: 0.9%
- The recent GSP was 1.3% less than the recent GDP
You never know when the next winter storm will hit and cause damage to your Concord business. What would you do if your roof collapsed under heavy snow, leaving you unable to operate? This is where business interruption insurance would step in and pay for lost revenue to keep your business afloat while you waited for roofers to repair the damage. This type of insurance could be the only thing that keeps you from closing your doors permanently after a natural disaster. Talk to an agent today to make sure you have business interruption insurance as part of your Concord commercial insurance policy.
Property Insurance for Concord Businesses
- Number of recent natural disasters: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
Natural disasters can be devastating for small businesses. In Concord, the looming threats are heavy snowfall and frigid temperatures. Severe weather can wreak havoc on business property, so it is essential to be prepared with comprehensive commercial property insurance before disaster strikes. This coverage gives you the financial resources you need to make property repairs after a serious flood or fire or a weather-related catastrophe.
Workers' Compensation for Concord Businesses
Workers' comp is coverage that every business needs from the start. One of your employees being injured on the job can lead to catastrophic financial losses for the business. Workman’s compensation is an essential part of your insurance policy. After an employee injury, this policy pays for lost wages and medical bills and protects against lawsuits. Most states legally require business owners to have workers' comp plans in place before hiring even the first employee.
Employee Coverages for Concord Businesses
- Total recent spending on premiums in New Hampshire: $214,560
- Ranked 7th for the highest premiums in the U.S.
- Annual cost of health care for small businesses in recent years: $6,478/person or $17,024/family
Affordable health insurance is getting harder to find, especially for small businesses in New Hampshire. Health care costs are on the rise nationwide, but our agents can provide you with quotes on multiple policies and point you toward the most budget-friendly employee coverage options on the market.
Cyber Crime Insurance for Concord Businesses
- 726 identity theft complaints in New Hampshire in recent years
- Ranked #41 highest for identity theft complaints in the U.S.
Cyber crime is gaining attention in recent months as more and more businesses fall prey to malicious hackers. This growing problem is usually overlooked by small businesses until they are targeted and the damage is done. Studies show that only 22% of small businesses have a response plan in place to deal with cyber crime and data breaches. Make sure your business is prepared by adding cyber crime coverage to your commercial insurance policy in Concord.
The world of business insurance can be overwhelming, with so many coverage options to consider. Whether you need basic liability insurance or a more comprehensive policy that includes protection against business interruption and cyber crime, our Independent Insurance Agents can help. When you work with an independent agent, you enjoy the unique opportunity to get quotes on multiple policies. This adds up to significant savings as you compare premium costs and find a budget-friendly plan that will best protect your business.
Contact an agent today to get your free customized quote on Concord business insurance.