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.
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.
Protects against damages, or claims made by others.
Insures physical property, including inventory and equipment, against fire and other losses.
Covers physical damage to vehicles.
Employee benefit which offers optional additional coverage above and beyond what is provided by Social Security.
Employee benefit which covers medical, dental, eye care, prescriptions, and/or other health related services for employees and/or family members.
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.
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.