Working with Insurance Companies

Every business should have a general business insurance policy, which includes liability and other standard coverage. Your place of business, if you own it, should be insured; and if you rent, you still should possess your own coverage that is separate from your landlord's insurance, which will not cover you.

If a business has one or more employees, it is required to have worker's compensation insurance. Depending on the industry -- for example, a manufacturer will likely need product liability insurance – the business may need additional types of insurance. If you already have a relationship with an insurance agency, begin investigating coverage options and requirements with that company. It is also recommended that you obtain quotes from several agencies with experience insuring businesses in your industry, being sure to compare coverage recommendations, deductibles and price.

• Other types of insurance include key person insurance, flood insurance, fidelity and surety bonds, boiler and machinery insurance, product liability, business interruption insurance, overhead expense, disablility insurance, and life insurance.
• Technology businesses may also need additional risk management services such as intellectual property insurance, environmental liability, product warranty, and supply chain risk coverage, while pharmaceutical manufacturers and medical device manufacturers may need clinical trial, data security and privacy and other coverage.

The New Hampshire Insurance Department promotes and protects the public good by ensuring the existence of a safe and competitive insurance marketplace through the development and enforcement of the insurance laws of the State of New Hampshire. The Department's website includes information on insurance industry licensing and regulatory requirements, as well as the latest Life & Health rules, Property & Casualty form and rate filing requirements and other key industry information.

The New Hampshire Insurance Department is located at 21 South Fruit Street, Suite 14, Concord, NH 03301. Call (603) 271-2261 or fax (603) 271-1406.