As a contractor in New Hampshire, having proper insurance coverage is crucial for protecting your business, meeting state requirements, and securing contracts. This comprehensive guide breaks down the essential insurance coverages New Hampshire contractors need, including costs based on our analysis of actual quotes from leading carriers.
Reinforce your operations with our guide to general contractor policy insurance.
General Liability Insurance for New Hampshire Contractors
General liability insurance protects your contracting business from third-party claims of property damage and bodily injury. Based on our analysis of over 800 contractor quotes, here are the typical costs for New Hampshire contractors:
Average Annual Premiums by Revenue Size
| Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $500K | $8,600 | 1.7% | $5,800 | 33% |
| $1M | $14,500 | 1.5% | $11,300 | 22% |
| $2.5M | $33,500 | 1.3% | $27,000 | 19% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- Typical mix of residential and commercial work
- Approximately 10% subcontractor costs
Worker’s Compensation Insurance for New Hampshire Contractors
Worker’s compensation insurance is mandatory for New Hampshire contractors with employees. Based on our analysis, New Hampshire contractors typically pay around $4,689 per employee annually for workers’ compensation coverage.
Key premium factors include:
- Employee classification codes
- Annual payroll
- Claims history
- Safety programs
- Experience modifier rating (EMR)
For New Hampshire contractors, typical workers’ compensation costs per $100,000 of payroll average $9,540, which is moderate compared to other states.
Common contractor classification codes and their approximate rates in New Hampshire:
- Code 5606 (Project Manager/Supervisor): $3-5 per $100 of payroll
- Code 5645 (Residential Construction): $8-12 per $100 of payroll
- Code 5403 (Commercial/Large Projects): $12-17 per $100 of payroll
Additional Business Insurance for Contractors in New Hampshire
1. Commercial Auto Insurance
- Typical cost: $1,000-$4,000 per vehicle annually
- Required for business-owned vehicles
- Higher limits often needed for larger contractors
- Coverage for business vehicles used on jobsites
- Protection against accidents, theft, and damage
2. Tools & Equipment Coverage
- Cost: $1,500-$5,000+ annually for $15k-$50k coverage
- Protects both owned and rented equipment
- Coverage follows equipment to all jobsites
- Protection against theft, damage, and vandalism
- Coverage for equipment in transit between locations
3. Commercial Property Insurance
- Protects offices, storage facilities, and workshops
- Annual premiums: $2,000-$20,000+ based on property value
- Coverage for fire, theft, vandalism, and natural disasters
- Protection for business personal property
- Coverage for inventory and materials storage
4. Builder’s Risk Insurance
- Premium: 0.15-0.75% of project value
- Covers projects under construction
- Protection against fire, weather, vandalism
- Coverage for materials and equipment on-site
- Protection during renovation projects
5. Contractor License Bonds
- Provides financial protection for clients
- May be required for specific projects
- Typical cost: 1-3% of bond amount
- Premium varies based on credit and experience
- Guarantees compliance with state regulations
Get New Hampshire Contractor Liability with ContractorNerd
ContractorNerd specializes in making insurance simple and data-driven for New Hampshire contractors. Our platform offers:
- Instant online quotes from top-rated carriers
- Side-by-side coverage comparisons
- Contractor-specific expertise and guidance
- Streamlined application process
- Ongoing policy management support
- Claims advocacy when needed
Our team of contractor insurance specialists understands New Hampshire’s unique requirements and can help you:
- Optimize coverage levels based on your specific risks
- Find competitive rates through our carrier network
- Bundle policies for additional savings
- Ensure compliance with state regulations and contract requirements
To get started with tailored quotes for your New Hampshire contracting business, visit our online quote tool or speak with one of our contractor insurance specialists today.