Business Owners Policy in New Hampshire
What is a Business Owners Policy?
Small businesses in New Hampshire frequently have similar insurance needs, and insurers in the state have developed a specific product to meet those needs. A business owners policy, also known as a BOP, is intended to provide many small businesses with the right combination of protections all on one policy.
Business owners policies are usually package policies that combine several individual coverages together. In most cases, the exact coverages that are included can be adjusted slightly so that they’re well-suited for a specific small business’ situation.
What New Hampshire Businesses is a Business Owners Policy Right For?
Business owners policies are generally good for small businesses that have fairly typical insurance needs. Some larger businesses may have risks that BOPs aren’t designed to protect against, while some smaller businesses in New Hampshire may find that they have specialized risks that require more specialized protection. Most small businesses, though, should have an insurance professional look for a Business Owners Policy first.
Do Home-Based Sole Proprietors Need Business Owners Policies?
Even home-based businesses need insurance, as the threat of a lawsuit or loss to business property does not go away just because the business is conducted in a home. A BOP may be a great coverage solution for a home-based business as it is typically reasonable priced and packages many necessary coverages together under one policy.
What Coverages Are Offered Through Business Owners Policies?
While the list of available coverages that business owners policies can vary, most policies offer some combination of the following protections:
General Liability Insurance, which might protect a business from lawsuits related to common accidents, slander, libel and false advertising
Commercial Property Insurance, which might protect land, buildings, equipment, supplies and inventory that a business owns
Business Interruption Insurance, which might help businesses financially survive the aftermath of a covered disasters
Workers compensation is notably absent from the above list. Although the exact list of protections that a BOP makes available can differ from what’s above, BOPs generally don’t offer workers compensation coverage. Small businesses that want or need this protection typically have to acquire it through a stand-alone policy.
Commercial Auto Insurance is also not on the above list, as this too typically needs to be purchased on a separate policy.
How Much Do Business Owners Policies Cost?
The premiums charged for business owners policies vary and are based on many factors. In most cases, however, these policies are specifically designed to be affordable for small businesses. Moreover, they’re almost always less expensive than facing a potentially major claim without any insurance protection in place.
How Can Business Owners in New Hampshire Get a Business Owners Policy?
For help determining whether a business owners policy is right for your New Hampshire business, contact the independent insurance agents at HPM Insurance. Our specialized team is familiar with the many insurance options available to businesses, and they’ll be able to help you decide whether this is the best type of policy for your business. HPM represents many companies so we can help find the coverage and price right for your company's needs.