The state of New Hampshire is home to more than 134,000 businesses. In Portsmouth, nearly 4,000 businesses represent a variety of industries including professional services, education, and healthcare. Unforeseen events involving your Portsmouth business can threaten your livelihood at any time if you do not have the right business insurance. Working closely with an independent insurance agent, you can determine exactly what risks you have and find tailored business insurance policies to cover them. A local independent insurance agent can help you assess your risks, compare policies and quotes, and make an informed decision.
Liability Insurance for Small Businesses in Portsmouth, NH
Any business owner, no matter how many precautions they take, is at risk for liability claims. These claims can arise from injuries or property damage that occur on your business property or those that are caused by you or your employees in the course of doing business. Commercial general liability (CGL) insurance is one of the most important components of your business liability coverage. It is the first line of defense from lawsuits and liability claims against your business.
CGL policies pay for attorney fees and any judgments that you might have to pay if you are sued, and also provide coverage for claims of libel, slander, copyright infringement, and false advertising. CGL policies do not cover every type of liability exposure that you might have. Since every business is unique, you may need tailored liability protection depending upon the type of business you do and the risks you face. You might need additional liability policies, or you may need to add endorsements to other insurance policies in order to cover all the bases. An independent insurance agent can help you determine which commercial liability products are right for your Portsmouth business.
Cyber Liability Insurance for Portsmouth Businesses
It seems we hear of a new hacking case or cybercrime every day. No business is immune, whatever the size or type of business you engage in.
- Number of identity theft complaints in New Hampshire per year: 726
- Ranked 41st highest for identity theft complaints in the US
- Only 22% of US businesses have a cyber/data breach response plan
Cyber liability insurance is the best way to protect your business from many of the costs associated with a data breach or some other type of cybercrime. Some typical coverage areas for cyber liability policies include:
- Legal defense, settlements, and judgments
- Public relations expenses
- Your own damaged equipment, lost information, and digital assets
- Customers, partners, or others who were negatively affected by the breach
Cyber liability coverage can be added to a business owners policy (BOP) or commercial general liability policy, or it can be a customized stand-alone solution. Work with your independent insurance agent to make sure it addresses the exposures that you have.
Property Insurance for Small Businesses in Portsmouth, NH
Property claims make up a significant portion of small business claims. Severe storms and floods are a serious threat to commercial property in New Hampshire, and your commercial property insurance can help you recover if your building, warehouse, or any of your business property is damaged as a result.
- Number of federally declared disasters in New Hampshire since 1953: 44
- Most common reasons for declared disasters in New Hampshire: Severe Storms
Commercial property insurance protects buildings and their contents, including computers, office equipment, furniture, artwork, and all of your business personal property—whether it is owned or leased—if it is damaged by fire, smoke, theft, vandalism, weather, or certain other covered perils. If you own your building, you need commercial property insurance to cover damage to the structure and what’s inside. If you lease your space, you need this coverage for your business personal property.
An independent insurance agent can help you determine whether you need more than just a basic commercial property policy. Some businesses have specialized machinery or equipment that needs additional coverage. And if you have tools, equipment, or other materials stored at job sites or in transit, you may also need additional coverage to protect those assets.
Business Interruption Insurance for Portsmouth, NH Businesses
A severe storm has damaged the roof of your factory, sending rain and debris into the building and leaving you unable to operate while you make repairs. How would you continue to pay employee salaries, rent, and other expenses while your revenue came to a screeching halt? Would you be able to afford to temporarily relocate during the rebuilding process? Would you ever be able to reopen?
A storm or a fire can happen when you least expect it. Without a consistent revenue stream, small businesses can quickly find themselves failing to pay fixed expenses, defaulting on loans, and facing bankruptcy. That’s where business interruption insurance comes in. Business interruption insurance provides income continuation if you must close temporarily because of property damage caused by a covered event. You can continue to pay for expenses like loan payments and employee salaries until you resume normal operations.
Workers’ Compensation Insurance for Portsmouth, NH Businesses
New Hampshire workers’ compensation insurance provides wage replacement, medical care, and death benefits when an employee is injured or becomes ill on the job. Workers’ compensation insurance coverage compensates employees for their injuries and protects employers from potentially devastating negligence claims. New Hampshire workers’ compensation insurance is required for any employer with one or more full- or part-time employees. Every employee must be covered; there are no exceptions for family members of employers or for employees of non-profit organizations.
Sole proprietors, partners, and self-employed persons, however, do not need to purchase workers’ compensation insurance for themselves, but they may choose to do so. Sole proprietors who are operating as subcontractors, even if they do not have employees, may be required by a general contractor to carry workers’ compensation coverage for themselves. Corporate officers and LLC members are automatically included in New Hampshire workers’ compensation coverage but can elect to exempt themselves.
A corporation or LLC may choose to exclude up to three executive officers, but this rule does not apply if the person engages in on-site construction work. Exemptions from coverage are not automatic and must be applied for. Volunteer workers are exempt from New Hampshire workers’ compensation insurance requirements. You can purchase workers’ compensation insurance for your New Hampshire business through an insurance agent or insurance company that is licensed to sell it in the state. Employers can self-insure with approval from the New Hampshire Commissioner of Labor.
Employee Benefits for Small Businesses Portsmouth, NH
Employee benefits can help you attract and retain top employees, making them a significant but also an essential expense for most businesses. In order to make the best decisions about what kind of health insurance, life insurance and other benefits are best for your unique employee population, it’s best to work with a knowledgeable independent insurance agent.
- Average amount spent per year on healthcare coverage by New Hampshire businesses: $214,560
- Ranked 45th for highest health insurance spending in the US
- Average annual cost of health care coverage in New Hampshire: $6,478/person or $17,024/family
A local independent insurance agent can help you find suitable coverage at a competitive price.
Why Work with an Independent Agent?
There are many business insurance products and options available to protect your Portsmouth business. You probably have a lot of questions, and a local independent insurance agent can help. An independent agent can work with insurance companies that specialize in the type of work you do. And your agent can help you assess your risks and get quotes from multiple, highly rated insurance companies.
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