Business Owners Policies in New Hampshire

Also providing business owners policy insurance to residents in Massachusetts, Maine, Rhode Island, & Vermont.

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What is a business owners policy?

Many New Hampshire small businesses are exposed to common risks that lots of businesses face. For insuring against these risks, a business owners policy might be perfect.

A business owners policy is designed to meet the basic insurance needs that many small businesses have. Policies usually offer foundational coverages at affordable rates.

Which small businesses in New Hampshire does BOP insurance make sense for?

BOP insurance is most often used for small businesses that have fairly standard insurance needs. This includes many small businesses operating in New Hampshire.

Should home-based businesses be insured with a BOP?

Yes, even home businesses often should consider getting BOP insurance. Regardless of whether a business is run from home, a store, an office or somewhere else, almost every business is exposed to certain risks. 

What protections are included within BOP insurance?

BOP insurance provides fairly standard, yet potentially very important, coverages. There are three main ones that most BOP policies come with:

• General Liability Coverage: Usually covers routine accidents that result in third-party injuries, or damage to third-party property.
• Commercial Property Coverage: Usually covers buildings and other assets a business owns, typically insuring against damage or loss.
• Business Interruption Coverage: Usually covers certain prolonged revenue losses if income is impacted by a covered disaster.

In addition to these coverages, many BOPs offer options like commercial auto coverage and/or cyber liability coverage too.

Can business owners get professional liability coverage through a BOP?

Professional liability coverage normally insures against errors that professionals make, often when providing advice but possibly in other situations too.

Since professional liability coverage is only needed in situations where a business owner (or employee) gives advice, this often isn’t included in business owners policies. Instead, it’s frequently obtained through a slightly broader package insurance policy.

Do business owners need to get auto coverage through BOP if using their personal car?

Some form of commercial auto coverage is often needed anytime that vehicles are driven for work purposes. This doesn’t necessarily mean that business owners need a commercial policy for their personal vehicles, however.

In many situations where a personal car is used for works, sufficient coverage can be obtained through the business owners’ personal auto insurance policy. Some personal policies already include coverage for basic work-related driving that a business owner might do. Others may offer this coverage as an add-on.

In the less common situation where sufficient coverage for work driving isn’t available through a personal policy, business owners might indeed need to include commercial auto coverage in their BOP.

This is something that an insurance agent specializing in small business insurance can help assess. A knowledgeable agent will be able to determine how auto coverage for work driving can most easily be obtained.

What are business owners policies and commercial package policies?

Business owners policies and commercial package policies are two of the most common types of multi-coverage commercial insurance.

Business owners policies are mainly for small businesses that have basic insurance needs. These policies tend to have basic coverages, fewer options and lower premiums.

Commercial package policies might be purchased by slightly larger businesses, or by small businesses that have particular insurance needs which a BOP won’t cover.

An insurance agent who’s familiar with business owners policies will be able to help business owners choose between these two options.

How are BOP premiums calculated?

The premiums charged for business owners policies are based on numerous factors. A business’s location, industry, operations, assets, revenue and past claims are just some of the details that can impact cost.

In general, however, these policies are intended to be quite affordable. Although their premiums can vary, they fit within most small businesses’ budgets.

Where can New Hampshire businesses find a business owners policy?

If a business owners policy sounds like it might be the right option for your business, contact the independent insurance agents at Insurance24. Our agents have worked with many small businesses in New Hampshire, and are ready to assist you.