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What is Business Insurance?
New Hampshire businesses don’t all have the same risk exposures, but no company is immune from a law suit or potential property loss that could impact the bottom line, if not its very existence. Business insurance helps corporations large and small protect themselves from such financial disaster and keeps them doing what they do best - their work.
“Business insurance” is often used interchangeably with “commercial insurance.” Both terms describe policies that are intended for businesses, from sole proprietors to corporations, as opposed to
All businesses in New Hampshire ought to consider getting commercial insurance, as no business is free of risk. While businesses don’t all need the same set of commercial policies, almost every business can benefit from at least a few protections that are available.
Insurance companies offer a wide variety of commercial policies. Some protect against common risks and therefore, are appropriate for a range of businesses. Others are more specialized and only helpful in certain situations.
Some of the broader and more common policies that are available include:
Commercial Auto Insurance
Commercial Property Insurance
General Liability Insurance
Professional Liability Insurance
Errors and Omissions Insurance
Cyber Liability Insurance
Workers Compensation Insurance
A few examples of more specialized policies that only certain businesses use are:
Apartment Owners Insurance
Auto Dealers Insurance
Convenience Store Insurance
Lawyers Professional Liability Insurance
Salon and Barber Insurance
In many cases, these specialized policies are package policies that combine several coverages together. They may combine some of the above-listed coverages and many others, depending on a business’ specific risk exposure and coverage needs.
Personal insurance policies normally aren’t intended to
The premiums that insurance companies charge for commercial policies
Size and annual sales of a business
Location where a business’ headquarters is
Types of coverage and limits selected
Past claims history of a business
Despite how much premiums can vary, most policies are affordable -- especially once the protections they afford are taken into account. Paying a policy’s premiums is often much cheaper than facing a large claim without any protection.
Generally speaking, insurance premiums paid on commercial policies that provide coverage for businesses can be deducted as a business expense when filing taxes. If any portion of a policy’s coverage is used to provide personal insurance for someone (e.g. the business owner), the premiums may not be deductible. Because every business’ tax situation is different and tax laws change, business owners should consult a qualified tax professional to find out if their particular insurance premiums can be deducted.
Since there are many commercial policies to consider and each policy’s premiums can vary, business owners should work with an independent insurance agent who specializes in business insurance when picking out policies. An independent agent can compare policies from multiple insurance companies, and someone who knows commercial coverage will be able to provide sage advice. For help finding the right policies for your New Hampshire business, contact the independent and knowledgeable insurance agents at HPM Insurance.