Many NH businesses have particular insurance needs that require individualized attention -- not just when the business launches, but throughout the life of the business. The company that stands still and does not evolve will not be able keep up with innovative competitors. The very nature of a competitive business environment, especially in an area like Bedford, NH, means that a company's NH business insurance package must keep pace.
How often should a Bedford business review their NH business insurance package?
Business owners should review their business insurance policies at least annually. A good time to do this is upon the policy's renewal date when you receive the actual policies either electronically or in the mail. Taking a few moments to not only review what is on the policy, but also what is not can be the difference between what is covered and what is not!
What should Bedford business owners consider while reviewing their NH business insurance policies?
Each policy should be looked at separately and carefully, but here are some tips to get you started:
NH Workers Compensation Insurance:
- Review states listed to ensure all the states where you conduct business are listed
- Review the payroll indicated
- Review job classifications
- Review excluded officers
Reviewing your NH workers compensation insurance policy is very important given it is subject to state law. If there is inaccurate or missing information, you could not only be subject to an unexpected audit, you could also face an uncovered claim or possibly a fine from the state.
NH Commercial Auto Insurance:
- Review vehicles
- Review drivers
- Review discounts
If you are a business that has a lot of vehicles, you need to ensure the vehicle list on the policy matches what you own. Even if you are a sole proprietor, you need to consider the ramifications if you sell your personal auto to your business because the vehicle owner needs to match the named insured, whether an individual or an entity. If not, there would be a problem with coverage should a claim occur. Lastly, driving history is a big factor in determining premium. Ensure your driver's list is accurate so you are paying a fair premium.
- Review business property coverage amounts
- Review building limits and locations
- Review liability limits
Other considerations include:
- Do you keep inventory or business property in storage or off premises?
- Do you provide professional advice or council?
- Has the scope of your business changed?
- Have you started a new operation or acquired another company?
- Do you keep confidential client information, including payment information, on file?
Insurance policies are contracts with the terms agreed upon by the insurance company when the policy was issued. If the nature of your business changes then the terms of coverage may change. You want to be confident that your commercial insurance keeps pace with the business. Changes can be obvious like initially selling a component in a model airplane to selling directly to the aerospace industry. It can also be less obvious like having a hair salon add a tanning booth. The possible impact of what you do can dramatically impact your coverage and pricing.
How to get help with your NH business insurance:
Insurance can be complicated, but thankfully, with the help of an insurance agent like the commercial risk control specialists at HPM Insurance, you can review your policies with a Bedford professional. If you work with a professional and have an open discussion, the agent can help guide you to best protect your business as it evolves.
If you own a business in Bedford or beyond and haven’t reviewed your business’s insurance needs and coverages recently, contact HPM Insurance, or another local insurance agency. If you would like us to contact you directly, simply add your zip code above with just a couple of additional questions and we will be happy to reach out to you.
This material is for informational purposes only. All statements herein are subject to the provision, exclusions, and conditions of the applicable policy, state and federal laws. For an actual description of all coverages, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional.