Insurance Coverages

Insurance is an important consideration when forming or operating a business.  It can help protect your investment and provide assurances and security to customers, employees, suppliers, investors, etc.  If you are a New Hampshire business or non-profit and have employees, whether full or part-time, you MUST purchase insurance. 

It is important that you maintain adequate insurance coverage to protect your business and your personal assets.  Following is a list of the more typical insurance policies which business often require.

Because of the complexity of insurance matters, all SCORE clients are advised to seek advice from a licensed insurance agent.  Seacoast Chapter 185 provides a Registry of Professionals which contains information on insurance companies and agents and other useful business resources.

Payroll Related:


Required Insurance:

  • Workmen's Compensation
    Rates determined by employees' job descriptions (SIC Code).  Every employer (including non-profits) who has any employees, full or part-time, is required to cover these employees with workers' compensation insurance written by a licensed carrier.

Other Insurance:

  • Liability Insurance
    Protects against damages, or claims made by others.

  • Property Insurance
    Insures physical property, including inventory and equipment, against fire and other losses.

  • Automobile Insurance
    Covers physical damage to vehicles.

  • Disability Insurance
    Employee benefit which offers optional additional coverage above and beyond what is provided by Social Security.

  • Healthcare Insurance
    Employee benefit which covers medical, dental, eye care, prescriptions, and/or other health related services for employees and/or family members.

  • Life Insurance
    Employee benefit which pays the employee's beneficiary upon employee's death.

  • Key Employee Insurance
    Protects business from the financial impact of losing a crucial employee.  Similar to life insurance, except the beneficiary is the business.

  • Directors and Officers (D&O) Liability Insurance
    Protects the Directors and Officers from liability as a result of their capacity with the company.

  • Employee Fidelity/Surety Bonds
    Guarantees against dishonest acts of employees.

  • Performance Bonds
    Guarantees performance of contractual obligations.

  • Business Interruption Insurance
    Provides funds to pay fixed expenses during a period of time when a business is not operational due to a loss.