Professional Liability Insurance
in New Hampshire

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According to the U.S. Small Business Administration (SBA) Office of Advocacy the number of small businesses in The Granite State is 138,199 small business in NH as of 2022. They make up 99 percent of all businesses within the state. Small businesses contributed just under 53,392 new jobs to the state economy, making them a key driver of economic growth in New Hampshire.

New Hampshire’s top five industries for small businesses include:

  1. Health Care and Social Assistance
  2. Accommodation and Food Services
  3. Construction
  4. Professional, Scientific and Technical Services
  5. Retail

As more and more small companies take advantage of the booming NH economy, many may discover that they require an insurance plan to safeguard their expanding business.

What is Professional Liability insurance?

A Professional Liability insurance policy (also known as Errors and Omissions or E&O insurance) is an essential policy that protects you and your company in case of a lawsuit due to alleged professional wrongdoing.

What does Professional Liability insurance cover in New Hampshire?

Even if the claim is not legitimate, legal fees and court costs could easily reach the thousands. The financial burden can also have a negative impact on entrepreneurs who are just starting out with their small business. The reality is that the impact of a liability claim could cause bankruptcy or even the closure of a business.

Based on the kind of coverage you choose, and the limit agreed in your insurance contract, Professional Liability insurance may provide protection from the financial side of claim including things like:

  • Legal Fees – Hiring an experienced legal professional can be costly. In fact, most lawyers charge on an hourly basis.
  • Court Costs – This includes filing documentation in court, underwriting fees and administrative expenses.
  • Settlements – If your client agrees not to go to court, it may save you from an expensive and lengthy legal process, but you’ll be required to pay a fee depending on the advice of your lawyer.
  • Judgments – If your case is decided by the plaintiff in court, you may need to pay the amount determined by the judge.

Importantly, Professional Liability insurance in New Hampshire will cover you even if you are not the one to blame. Baseless claims could cost as much to resolve as legitimate ones. Professional Liability insurance will assist in protecting your business’s image and cover the costs mentioned above so that you aren’t totally out of pocket.

What is not covered?

Professional Liability insurance protects companies from risk exposures they could face. However, Professional Liability insurance does not cover all risks. If you have events that aren’t included in your insurance plan, you might consider searching for alternative coverage options such as:

  • Damage to property or loss of commercial property
  • Damage to client property or property belonging to third parties
  • Work-related illness or injury for employees
  • Injuries to third parties on your premises
  • Business interruptions

BizInsure provides other forms of coverage that can help shield your business against these and other common risks that small-sized businesses face. NH small-scale business owners may be interested in General Insurance, Workers’ Compensation and Business Owner’s Insurance for greater protection against various risks that could impact their company.

Who may need Professional Liability insurance?

Professional Liability insurance is designed for companies and individuals that provide professional services, including management solutions, giving clients advice, making educated recommendations or those who represent the needs of others.
Professions that require Professional Liability insurance in New Hampshire include but aren’t limited to:

Architects Notary Publics 
Consultants Personal Trainers
Engineers  Pilates Instructors 
Home Care Providers and Businesses Yoga Instructors 

There are a variety of occupations and professions that may benefit from Professional Liability insurance. A policy is there to help shield your small business from liability claims when you offer advice, services or represent the interests of others.

Professional Liability insurance requirements in New Hampshire

Some professional associations require their members to have minimum levels of insurance coverage for professionals to be licensed or work in the area. You can learn more information about Professional Liability insurance requirements on the websites of any professional associations which you may be a member of.

It is possible that you may be required to have a Professional Liability insurance policy in place if you work with clients. The insurance is usually included in a business contract. You may be required to show proof of insurance before signing the contract or launching work on the project.

Although you’re not legally required to do so, it may be prudent to have a Professional Liability insurance policy. Without it, you may be left liable to pay for any liability claims from your own pocket and this could be financially devastating to your business and personal savings too.

How much does Professional Liability insurance cos in Nevada?

Every Professional Liability policy differs because each one is tailored to the specific requirements of the small business they cover. On average, the yearly price of Professional Liability insurance for small companies in The Granite State is around $884.

Insurance companies use a variety of factors to help determine how much you typically pay for Professional Liability insurance (commonly called the “premium”). These are some of the elements that affect the cost of Professional Liability insurance premiums.

  • The nature and risk of your business – just as any other kind of insurance, the higher risk your company faces, the more expensive it will cost to insure those risk.
  • The size of your business and the turnover – More work volume or bigger projects could increase the risk you face.
  • The individuals who are covered. Their ability to perform their duties, and whether any claims have been filed against the individual
  • The field in which you work
  • Previous claims history
  • The insurance coverage that is required

As a specialist in your field, you may require unique coverage that is designed to meet the particular challenges that you face in your field.

What is the difference between E&O and Professional Liability insurance?

Professional Liability insurance and Errors and Omissions insurance both provide the same coverage. This type of insurance provides protection for your company from claims arising out of misrepresentation, negligence and mistake. It could pay for your defense costs, as well as any damages or settlements that are a result of the complaint.

Recommended reading: General Liability vs. Professional Liability insurance

How to get Professional Liability insurance in New Hampshire?

BizInsure allows you to compare Professional Liability policies with the highest-rated U.S. insurance companies, and help secure your small business at a reasonable cost.

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This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.
As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
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