When seeking a commercial insurance quote for contractors in New Hampshire, it is important to understand several types of business insurance policies that are available. If you have not opted to insure your work area, you can be responsible for property damage, injuries to customers, or even employee illness. In New Hampshire, 136,000 small businesses employ nearly 300,000 people. In addition to General Liability insurance, New Hampshire businesses must also carry Workers’ Compensation insurance. To help you make the best decision possible for your company, we’ve put together some information on the various types of business insurance available to contractors.
General liability insurance
There are several reasons to purchase general liability insurance for contractors in New Hampshire. Not only do accidents happen but they can also cause injury to people on the job, property damage, or even job shutdowns. General contractors and artisan contractors both need this type of coverage to avoid lawsuits and win bids and permits. The risk of liability is significant and mistakes can result in major lawsuits and injuries. Purchasing liability insurance for contractors in New Hampshire is critical to protecting yourself and your business.
You should research several insurance companies before purchasing a policy. For instance, you can pay a low annual rate for several years. However, it’s important to check the reputation of a company before choosing their insurance policy. Additionally, if you want to reduce the amount of premiums you pay, consider grouping your policies and paying yearly instead of monthly. By doing so, you can save money on general liability insurance for contractors in New Hampshire.
Workers’ compensation insurance
If you employ employees, whether full-time, seasonal, or part-time, you are required by law to carry workers’ compensation insurance. Coverage is also required for family members and non-profit employees. You can buy coverage through an insurance broker, directly from an insurance company, or through a state-registered nonprofit organization. If you are a contractor in New Hampshire, you will likely need to purchase insurance based on the size of your payroll, the type of work you do, and your past claims history. Roofing contractors, for example, will likely have more claims than a small office administrator, so premiums should be based on the size of your business, the type of work you do, and your previous claims history.
If you are a prime contractor, you will have to pay a premium for workers’ compensation insurance for contractors in New Hampshire. While many companies don’t offer this type of coverage, it’s possible to get a policy from a self-insured group trust. You’ll typically have to become a member of an association before you can obtain a quote. The risk pool manager is the NCCI, which is required by law to refer applicants for insurance to them.
Builders risk insurance
Most contractors in New Hampshire need to carry some kind of liability insurance. This type of policy protects contractors against claims of negligence, including damages to property and medical bills. Having this type of insurance can also provide peace of mind to lenders, as it covers the cost of lawsuits if a customer slips and falls while using your services. This type of policy covers most common risks contractors face, including theft and vandalism.
The type of work performed by a general contractor can determine the cost of insurance in New Hampshire. Businesses are typically rated based on the level of risk associated with their industry. For example, a tree service performs complex work high in the air while a lawn care specialist focuses on more predictable work from the ground. These two types of businesses will have different rates for the same level of coverage. Rates vary based on business size and location. Higher coverage limits will increase the cost of the policy.
Professional liability insurance
Whether you are a construction company or a landscaper, you will need professional liability insurance for contractors in New Hampshire. It is an important coverage to have, as you may find yourself in court over a mishap. While workers compensation insurance is a legal requirement in New Hampshire, it is not sufficient coverage. You should compare quotes and budget carefully before purchasing any insurance. The amount of coverage will depend on the type of work you do.
General liability insurance is important for many businesses, including construction companies. This type of coverage protects a business from claims of negligence or omissions, and may pay for medical expenses or legal costs. Although you are not required to carry general liability insurance in New Hampshire, it is strongly recommended that you get it anyway. It is also necessary if you intend to do contract work on a large scale. You should always double check the legal requirements for such work.