Congratulations on your hard work and success if you have a growing New Hampshire business. There are, undoubtedly, many things to do as your business expands. One of those items is reassessing your insurance needs.

Risks for Growing Businesses: Is Your New Hampshire Business Insurance Keeping Up?

Don't presume your current commercial insurance coverages meet your needs as operations expand. Even if you purchased a robust commercial insurance policy when starting, growth presents new risk exposure that calls for an insurance reevaluation. 

Depending on your business's growth, here are a few common coverage changes you might need to make.

Hiring Employees: Workers Comp, EPLI

Hiring your first employee isn’t as simple as just shaking their hand after a job interview. You need to obtain an employer identification number, set up payroll, and withhold taxes.

You are also required by law to have workers' compensation insurance as soon as you make a hire. You should also purchase employment practices liability insurance (EPLI).

• Workers' Compensation Insurance: The law (RSA 281-A) imposes absolute liability on the employer for injury or illness suffered by a covered employee that arises from their employment. To comply with this law, most employers purchase worker's compensation insurance. 
  
  
• Employment Practices Liability Insurance: EPLI may protect your business against lawsuits that an employee or job applicant might file. This coverage is not required but is broadly recommended when you post a job listing. EPLI often covers claims such as: 
  
  

  Wrongful termination	Harassment
  Discrimination	Wage and overtime calculation disputes

  
  
• Benefits Coverages: You may want to offer employee benefits to help attract and maintain employees. Group benefits such as health insurance, dental insurance, vision insurance, and disability coverage are common benefits. Evaluate your options with an HPM agent familiar with standard employee benefits packages.

Note on Health Insurance: Most businesses with fewer than 50 full-time employees aren't required to provide health insurance. That said, if you purchased coverage for yourself through the company, you must usually provide it to your employees as well. 

Expanding Operations: Property Coverages

Expanding operations often requires investing in physical assets, and these new assets should be protected with property coverage. How you’re expanding will determine which property coverage(s) your business should add on:

• Commercial Building Coverage is recommended if you own or plan to purchase a new facility, whether an office, retail space, manufacturing facility, or something else. The good news is that most property coverage can be added to an existing business owner's insurance policy. 
  
  
• Tenant's Betterment Coverage is recommended if you build out or customize a leased space. Tenant's betterment coverage, is designed to protect against a covered loss that damages the customization you paid for within the leased space.
  
  
• Inland Marine Coverage: If you’re transporting equipment, parts, or materials, your business likely needs this inland marine insurance. (Note- contrary to its name, inland marine does not involve boats or water.)
  
  
• Equipment Breakdown Coverage is recommended if you own or purchase essential business equipment. It can help protect against breakdowns that halt operations.

Many of the coverages you need for your growing business do not require a separate policy but can be added to existing coverage. Talk with an HPM Insurance agent to help you determine what is needed.

Increased Liability Risks

Doing more inherently exposes your business to more liability. To protect against these increased risks, you should purchase more commercial liability insurance.

Review your coverage with an agent to discuss pricing options. Increasing your current limit may cost less than you expect. If you are at the maximum allowable limit for your policy, consider a commercial umbrella policy.

Protect Your New Hampshire Business

At HPM Insurance, our independent insurance agents have worked with New Hampshire businesses of all sizes. Contact us for help evaluating your business’s current commercial insurance needs.