Business Insurance for
New Mexico Small Business Insurance
New Mexico may only have 154,405 small businesses, but these firms combined employ 328,862 local residents, and that’s only growing since the unemployment rate went from 6.8 percent in 2013 to 6.5 percent in 2014. (Source: BLS). The owners of these businesses have a duty to protect their employees, as well as their customers and even themselves. A New Mexico small business insurance policy can do just that, as long as it includes the following types of coverage.
New Mexico Small Businesses Need The Following Insurance
Protect your business (GL): General liability is among the most crucial kinds of coverage you can include with your New Mexico small business insurance policy. That’s because this is the coverage you will need when someone injures themselves at your business. So if a client slips on a wet floor or a customer is injured on a product you sell, general liability can pay for any doctor bills that result. If someone comes to your business property and ends up with damage to his or her personal belongings, general liability will pay for that so you do not have to. Another reason to acquire general liability as part of your New Mexico small business insurance is that it will pay for any legal expenses incurred if you get accused of libel, slander, or copyright infringement.
Insure Your Property (BPP): When you make sure your policy for your business includes BPP, you can breathe a sigh of relief when it comes to keeping your property looking great. After all, this part of your New Mexico small business insurance will pay to make repairs when your building is damaged during a fire, burglary, vandalism, sewer backup, or other incident. This coverage also applies to your furnishings and products inside the building, which means you won’t be expected to pay on your own if they get damaged or stolen.
Employee Protection (WC): More than 33,000 small businesses in New Mexico have employees, and one thing these businesses have in common is that they need workers compensation. When you get this along with your New Mexico small business insurance coverage, you’ll rest assured that the medical bills incurred by injured employees will be covered, as long as the injuries occurred while they were on the clock or performing work-related tasks. Workers compensation pays for hospital bills, long-term medical bills associated with the injury, and even missed wages. This way, you won’t be expected to pay for those expenses on your own.
Umbrella/Excess Liability: Excess liability is great to have when your general liability limits are exceeded. For example, if a major incident occurs on your business property that results in several people being hurt, your general liability coverage might run out. This would leave you responsible for paying the rest, unless you have excess liability coverage on your business policy.
Cyber Crime Liability: If cyber crime is at all a concern for you – and it is for so many businesses – you need cyber crime liability once you get New Mexico small business insurance. This coverage will be there to help your company quickly bounce back if it is ever targeted by cyber criminals.