Between 2011 and 2019, 1,775 New Hampshire businesses filed for bankruptcy. Many of these bankruptcies could have been avoided if the companies had been protected by suitable business insurance policies. Independent insurance agents in Lebanon can help you find the right coverage for your business.
Independent agents make shopping for commercial insurance easy. Set up a one-on-one consultation with an insurance agent near you to learn more and to start comparing customized business insurance quotes.
How Much Does Business Insurance Cost in Lebanon?
The cost of business insurance can vary significantly from one company to the next. While a small business run out of someone’s home may only cost a few hundred dollars a year to fully insure, covering a larger company with several employees can cost several thousands of dollars.
Your business insurance costs can be influenced by several factors such as:
- The type of company you own and its annual revenues
- The number of employees you have
- The value of your company’s assets
- Whether your company owns and operates motor vehicles
- The liability risks your company faces
- The crime rate and weather risks where your business is located
The only way to find out how much a comprehensive business insurance policy package will cost for your company is to contact insurance companies and request customized quotes. Independent insurance agents can save you time and money by doing this for you.
Why Do Businesses in Lebanon Need Liability Insurance?
If your company ends up on the wrong end of a liability lawsuit, things can get very expensive very quickly. Business liability insurance is designed to absorb expenses like court costs, legal defense fees, settlements, judgements, and other financial damages if your company is sued for a covered event.
To be fully covered, you will need to have the right policies to cover against each of the potential liability risks your company faces. Local independent agents can perform a complete risk assessment on your business and can recommend the right products to cover against each of its exposures.
Some of the many commercial liability products your agent may discuss with you include:
- Premises liability insurance: This covers third-party injuries or property damage that occur on your business premises.
- Product liability insurance: This covers third-party injuries or property damage caused by a product your company produces or sells.
- Commercial vehicle liability insurance: This covers against the increased liability risks your business may face if one of your employees causes an accident while operating a company-owned vehicle.
- Cyber liability insurance: This covers your company’s financial responsibilities if hackers break into the computer system and access sensitive data like your customers’ financial and personal information.
- Employment practices liability insurance: This covers against accusations of illegal business practices such as wrongful termination, discrimination, harassment, and retaliation.
- Errors and omissions insurance: This covers individuals in professional positions if they make a professional mistake or an error in judgement that causes their clients to incur financial losses or other damages.
Talk to your insurance agent to get more in-depth information about these and any other commercial liability products that may be a good fit for your Lebanon business.
What Are the Property Damage Risks in Lebanon, NH?
Businesses in Lebanon are most likely to experience property loss or damage due to hazards such as:
- Property crimes like theft and vandalism
- Accidental fires and explosions
- Severe storms, including electrical storms, windstorms, tropical storms, tropical cyclones, and hurricanes
- Heavy snows
- Ice accumulation and freezing temperatures
Fortunately, commercial property insurance, which is a standard part of any business insurance policy, can cover your business property against loss or damage caused by all of these hazards.
You may need to supplement your commercial property insurance with additional insurance products in order for your business property to be fully covered. These additional policies include:
- Flood insurance: If your business is at risk, your agent can help you obtain an affordable commercial flood insurance policy through the NFIP. This is important because flood damage is not covered by commercial property insurance.
- Inland marine insurance: This can cover your company’s portable property during the times that it is in transit or is being stored away from your place of business.
- Boiler and machinery insurance: This can cover the cost of repairing or replacing your company’s well-maintained essential machinery and equipment if it breaks down or malfunctions.
- Bailee's insurance: This can cover your customers’ valuable property whenever it is in your business’s custody, care, or control, such as if you are providing repair, maintenance, or alteration services on it.
A local independent insurance agent can explain these coverage options in greater detail and can help you be sure that all your business assets are suitably covered.
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How Does Business Interruption Insurance Help Companies in Lebanon, NH?
Major disasters can force businesses to remain closed for a long time while repairs are made. For instance, on Christmas Eve in 2019, a fire and explosion at Lebanon’s Element Hotel forced a closure until early April when the hotel reopened as a business offering short-term apartments.
When businesses need to close to make repairs, they cannot generate revenue, and this can force many small and mid-size businesses into bankruptcy.
Business interruption insurance protects against this risk by providing a continuation of income during the times that your company is forced to close for an extended period because of damages caused by a covered event. That way, it will have the funds necessary to continue paying regular expenses like rent, bills, loan installments, and employee salaries.
Talk to a local independent insurance agent for help deciding whether business interruption insurance is a good fit for your Lebanon business.
Are Businesses in Lebanon Required to Carry Workers’ Compensation Insurance?
Workers sometimes get injured on the job. That is why, with few exceptions, all employers in New Hampshire are required by law to carry workers’ compensation insurance.
Workers compensation insurance is designed to cover your employees’ medical treatments and lost wages if they are injured on the job or are stricken with an occupational illness. It can also provide death benefits to surviving family members if a work injury proves fatal.
A local independent agent can help you compare policies and quotes from a few authorized providers that specialize in covering businesses like yours.
Are You Looking for Insurance Products for Your Employee Benefits Package?
A competitive employee benefits package that includes perks like subsidized health insurance, life insurance, paid vacation, paid sick time, retirement plans with an employer match, and other benefits, can help your company recruit and retain a talented pool of employees.
A local independent agent can help you review your various life and health insurance options so you can make an informed decision about which products are ideal to include in your employee benefits package.
Why Work with an Independent Insurance Agent in Lebanon, NH?
Insurance companies offer business owners a wide range of policies and options. This makes it possible for you to fully customize your business insurance policy package, but it also makes choosing the right coverage a bit complicated.
Independent insurance agents in Lebanon can simplify the process. These agents can review your company’s risks and exposures and can recommend the best and most affordable products to cover against each of them. Consult an insurance agent near you to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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