From the shops, restaurants, and offices that line Central and Main Streets to sole proprietorships run out of people’s homes, many businesses in Franklin, New Hampshire, can benefit from the protections offered by business insurance.
Putting together a suitable insurance policy package for your business can be complicated, but it doesn’t need to be. Local independent agents can help you find appropriate and affordable policies that are customized to meet your company’s specific coverage needs. Talk to an insurance agent near you to learn more.
What Kinds of Liability Insurance Do Businesses in Franklin Need?
If a liability lawsuit is filed against your business, it has the potential to lead to bankruptcy if your company is not properly insured. Business liability insurance can cover expenses like court costs, legal fees, settlements, judgements, and other financial damages.
It is important that you carry the right commercial insurance products to cover against each of your company’s potential liability risks. The following are just a few of the many available liability policies that may be a good fit for your business:
- Premises liability insurance: This covers third-party injuries and property damage caused by accidents that occur on your business premises.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by products your company produces or sells.
- Cyber liability insurance: This covers your company’s financial obligations if criminals hack into your computer system and access sensitive data such as your employees’ or customers’ personal and financial information.
- Employment practices liability insurance (EPLI): This covers against accusations of illegal employment practices such as discrimination, harassment, and wrongful termination.
- Professional liability insurance: This covers individuals in professional positions against lawsuits related to errors in judgement or other professional mistakes if they led to financial losses, injuries, or other damages to their clients.
You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent.
Does Franklin Business Insurance Cover All Your Business Assets?
Commercial property insurance is designed to cover the cost to repair or replace your business’s merchandise, inventory, furniture, supplies, computers, tools, outdoor signs, and other property if it is lost or damaged due to a covered event.
In Franklin, businesses may experience property loss or damage due to hazards such as theft, fire, tropical storms and cyclones, windstorms, electrical storms, hail, heavy snows, ice accumulation, and freezing temperatures. Fortunately, each of these hazards is covered by commercial property insurance.
Some businesses may benefit from supplementing their commercial property insurance with additional policies. Depending on what your business does, how it operates, and where it is located, your insurance agent may recommend any of the following:
- Flood insurance: Many businesses in Franklin, particularly those located near the Merrimack and Pemigewasset rivers, are at risk for flood damage, but this hazard is not covered by commercial property insurance. Fortunately, a local independent agent can help you secure an affordable commercial flood insurance policy through the NFIP.
- Inland marine insurance: This covers your company’s portable property whenever it is being transported over land and when it is being stored away from your place of business, such as at a job site.
- Boiler & machinery insurance: This covers the cost to repair or replace your well-maintained essential business equipment and machinery if it breaks down. It can also compensate your business for losses sustained due to the machinery malfunction.
- Bailee's insurance: This covers your customer’s valuable property whenever it is in your business’s custody, care, or control, such as while you are performing repair, alteration, or maintenance services on it.
A local independent insurance agent can help you be sure that all of your company’s assets are suitably covered against all potential risks.
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How Can Business Interruption Insurance Help Franklin Businesses?
As a business owner in Franklin, it is important that you are prepared for the possibility of a major disaster.
Common disaster statistics in New Hampshire:
- Number of federally declared disasters in NH since 1953: 55
- Most common reasons for declared disasters: Severe Storms, Floods, Heavy Snows, and Hurricanes
- Average number of tornadoes per year in NH: 1
- Amt. paid out in business insurance claims in NH in 2019: $1,209,413,000
Major disasters like structure fires and hurricanes can do more than just damage your commercial property. They also have the potential to force your business to remain closed for an extended time while repairs are made.
A forced long-term closure can be financially devastating, especially for small businesses that don’t have a lot of resources to fall back on. Business interruption insurance provides a solution to this problem.
This insurance delivers a continuation of income during the times that a covered event leads to a necessary extended closure. That way, your company will have the funds it needs to continue paying regular expenses like loan payments, rent, bills, and employee salaries.
Talk to a local independent agent for help determining whether this coverage is a good fit for your Franklin business.
Do Franklin Businesses Need Workers’ Compensation Insurance?
Even when companies are adhering to all recommended safety protocols, workers sometimes get hurt on the job. That is why, in the state of New Hampshire, if you employ at least one full- or part-time worker, you are required by state law to carry workers’ compensation insurance.
There are only a few exceptions. For instance, self-employed individuals are not required to cover themselves, and in most cases sole proprietors, partners, and LLC members are exempt from coverage. If your business uses subcontractors, you are responsible for ensuring that they are covered.
If your workers are injured on the job or are stricken with an occupational illness, workers’ compensation insurance can cover the cost of any necessary medical treatments including hospital stays, prescription medications, physical therapy, medical equipment like crutches, and follow-up care. It can also provide disability pay, and, in the worst cases, death benefits.
Premiums for workers’ compensation are based mainly on the number of employees you have and the types of jobs they do. The higher the risk that your workers will suffer serious injuries on the job, the more it will cost for you to cover them. For instance, an emergency room nurse at Franklin Regional Hospital would cost more to insure than a loan officer at Franklin Savings Bank.
Independent insurance agents can help you find suitable coverage at a competitive price.
What about Insurance Products for Employee Benefits Packages?
Human resource professionals have demonstrated that when businesses offer attractive employee benefits like life insurance, health insurance, paid vacation time, sick time, and employer-matched retirement savings plans, they are better able to attract and retain highly qualified workers.
If you are shopping for policies to include in an employee benefits package, you will find there are many different products available for you to choose from. For instance, health insurance plans can be PPOs, HMOs, or managed care plans, and can offer different copays, deductibles, and prescription plans.
This can make it difficult to decide which policies make the best choices for your workers while still being affordable for your company. An independent insurance agent can explain the pros and cons of each of your options and can help you compare rates from competing providers. That way, you will be able to make an informed decision about which policies are the best to purchase.
Why Work with an Independent Insurance Agent in Franklin, NH?
Every business has specific risks, and these can vary from one company to the next. That is why insurance companies make it possible for business owners to fully customize their company’s insurance coverage.
Independent agents can do a complete risk analysis on your Franklin business to ensure that your insurance policy package does not include any unintended coverage gaps. Your agent can also shop around to find the best and most affordable policies to meet all your business’s coverage needs.
Set up a one-on-one consultation with an independent insurance agent near you to start comparing customized business insurance quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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