Never underestimate the potential of business-ownership in New Hampshire. Just because this is a small state does not mean there is no room for new companies. In fact, New Hampshire offers business owners many advantages. There are multiple resources dedicated to starting a business and there are a variety of large cities nearby so you will have access to a broad consumer base. If your business relies on company-owned vehicles, you will need to cover them with a New Hampshire commercial vehicle insurance policy.
New Hampshire Liability Insurance Requirements
- Bodily injury per person: $25,000
- Bodily injury per accident: $50,000
- Property damage per accident: $25,000
Because your business is likely to have a lot in assets, you have a lot to lose if your company is sued for liability following an accident. For this reason, many insurance experts recommend that you purchase much higher liability limits than the state requires.
Do I Need New Hampshire Commercial Vehicle Insurance?
For some companies, the need for a commercial vehicle policy is obvious. It comes as no surprise that businesses like trucking companies, taxi and limousine services, and bus companies all need commercial vehicle insurance. These are not the only businesses that require this type of insurance, however. Even less obvious businesses, such as a restaurant that uses a supply van, will need this coverage.
Does an independent contractor need a commercial auto policy? This depends on who owns the vehicle. If it is business-owned, it will need to be covered by this type of policy. It if is a personal vehicle that is sometimes used for business purposes, you can cover it with a personal auto insurance policy, but your business will need to add for-hire or non-owned liability insurance to its business insurance policy. Without this additional coverage, your company could be sued if an accident occurs while the vehicle is being used for business-related purposes and your insurance company could refuse to honor your claim.
What Does NH Commercial Vehicle Insurance Cover?
Opening a business comes with its share of risks, and having business-owned vehicles raises it further. Whether you are insuring a single company car or a fleet of commercial trucks, you can count on your New Hampshire commercial vehicle policy to provide you with the coverage you need. A commercial auto policy works like a personal auto policy by offsetting your risk factor with a layer of protection.
The main difference is that while a personal auto policy only covers those listed in the contract, a commercial policy covers all drivers in your business. If a new employee gets into an accident, you do not have to worry about lacking coverage. You can build your commercial vehicle insurance policy to meet your company's specific needs. While liability coverage is required, the other coverage types are optional, though highly recommended. New Hampshire commercial auto insurance can include:
- Liability coverage: This is arguably the most important part of your policy. If you or one of your drivers causes an accident while driving a company vehicle, your business is responsible for all property damage and injuries suffered by any third-parties. Liability insurance will cover these costs. Because your business may have a lot in assets, it is important to ensure that you have sufficient liability coverage.
- Medical payments coverage: If you or one of your drivers is at fault for an accident and your driver or any passengers on board suffer injuries, this coverage pays for the associated medical expenses.
- Uninsured/underinsured motorist coverage: If you or one of your drivers is involved in an accident caused by an uninsured or underinsured driver, this portion of your policy provides coverage for your damage and medical expenses.
- Collision coverage: If you or one of your drivers is responsible for a collision of any type while in your company car, this will cover the cost of repairs or replacement of your company vehicle.
- Comprehensive coverage: Not all damages occur as a result of an accident. If a tree branch falls on your car or if your vehicle is stolen, this portion of your policy, also known as “other than collision” coverage, provides you with compensation for your losses.
You may also wish to purchase insurance to cover the goods you haul with your commercial vehicle. If you own a fleet of tractor-trailers, they are likely to be hauling highly valuable cargo.
Get New Hampshire Commercial Auto Insurance Quotes
Finding the right combination of New Hampshire commercial vehicle insurance policy options along with appropriate coverage limits can be a difficult task, especially when you are also trying to run a company. As a business owner, you most likely realize the importance of delegating responsibility, so let an agent help you with your insurance search by doing the legwork for you.
These independent agents will take the time to acquire a variety of New Hampshire commercial auto insurance quotes and will help you compare policies and rates. If you are ready to purchase a comprehensive policy, it only takes a few seconds to find an agent near your home or business to get more information.