New Mexico Retailer Insurance
If you run a small business in New Mexico, it’s one of about 154,405 small firms in this state. More specifically, if you operate a retail store here, take note that there are 15,129 other small retail stores in New Mexico. Another fact to know is that the economy here is getting better, considering that 65.8 percent of the 3,382 small businesses that opened in 2010 remained open in 2012, while 74.6 percent of the 3,375 small businesses that opened in 2013 were still open at the end of 2014. (Source: BLS, BED). The most successful businesses here usually have a New Mexico retailer insurance policy that includes the following types of coverage.
New Mexico Retailers Need The Following Insurance
Business Liability Insurance (GL): When you’re ready to learn about how New Mexico retailer insurance can help your business, you should start with general liability. That’s because this part of your policy is meant to pay for emergency services and continuing care if someone is ever hurt on your property. For instance, if a customer trips over an uneven or wet floor at your store, general liability will pay for the medical services that may be needed. An additional reason to have general liability is that it will cover the cost of repairs if a visitor’s personal property is damaged at your store.
Business Personal Property Insurance: As important as it is to make sure medical expenses are covered by your New Mexico retailer insurance policy, it is equally crucial that you get coverage for your business property. You can do this by obtaining business personal property insurance, which will pay to fix any damage to your store after a fire, vandalism, sewer backup, or some other type of disaster. Similarly, if you lose any products as a result of such incidents, the business personal property portion of your New Mexico retailer insurance policy will pay for replacements.
Workers Comp Protection: One of the best ways to protect your employees at work is to get workers compensation added to your New Mexico retailer insurance. You need this coverage for them in case they are injured while working at your retail store. Even when you take all the necessary precautions to make your store a safe place to work, there’s a chance an employee will slip and fall, drop a heavy box on his or her foot, or become otherwise injured. When that happens, workers compensation will pay for medical care and lost income.
Umbrella/Excess Liability: Once you see for yourself how important general liability is, you will see the need for excess liability on your New Mexico retailer insurance policy. The point of this is to extend your coverage, which is helpful because medical expenses can add up fast after an accident of any kind. This can lead to you having to pay for some of those expenses once your general liability limits are exceeded, unless you have excess liability coverage.
Cyber Crime Liability: If you’re like many business owners, you worry about cyber crime, since it happens so often these days and can affect small businesses so much. But when you add cyber crime liability to your New Mexico retailer insurance policy, you can breathe a sigh of relief, knowing you’ll be covered if you are ever the target of a crime of this type.