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The most important aspect of running a business is managing risk. It’s one of the skills that distinguish successful businesses from everyone else. Many small business owners in New Mexico don’t have an adequate understanding of business insurance and how to manage risk, which can put their businesses in jeopardy. If you’re a New Mexico small business owner, We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
Businesses in New Mexico must meet the minimum requirement of business insurance that includes workers’ compensation and business liability. Businesses will also be required to offer workers’ compensation insurance for their employees. Employers with three or more employees are also required to have coverage. Some businesses, such as contractors, manufacturers, and railroad companies, may have additional requirements. You can reach out to the New Mexico Workers Compensation Administration if you have any questions or concerns regarding your business insurance needs.
Here are the most common types of coverage small businesses need to protect their assets and employees:
General liability insurance does not cover damages to your business property, employee injuries, slander, or professional advice. It also won’t protect you from injuries caused by defective products you manufacture or sell. For such coverage, you’ll need additional policies.
General liability insurance typically excludes:
Malicious intent or illegal acts committed by you or your employees. Any liability insurance does not cover these.
Claims related to auto accidents involving a vehicle owned or operated by you or your employee. These are covered by commercial auto insurance.
Workers compensation is a type of insurance that provides wage replacement and medical benefits to injured employees while performing their job duties. It covers lost wages and medical expenses, including rehabilitation. It can also cover funeral expenses if a worker dies on the job. You may be required by state law to have workers comp insurance if you have employees; some states require it for businesses with just one employee.
Self-inflicted injuries caused by fighting or intoxication aren’t covered. Injuries sustained during the commission of a felony are also not covered. In addition, some benefits may be limited for employees who have pre-existing conditions or occupational diseases (like black lung).
Professional liability insurance covers both court costs and damages if you’re sued for allegedly failing to perform your professional duties. For example, if you’re an accountant who files incorrect tax information for a client, professional liability can protect you from any lawsuits resulting from the error.
Professional liability does not cover bodily injury or property damage, which general liability insurance covers. criminal or dishonest acts, including theft and intentional violations of laws or regulations
The product liability policy protects manufacturers, wholesalers and retailers against claims that the products they sold caused physical injury or property damage. This insurance policy can be purchased separately or part of a Business Owner’s Policy (BOP). Some businesses, especially those hazardous marketing products, may require this coverage because their product liability exposure is high.
Product liability policies do not cover claims that allege intentional harm. For example, if someone intentionally assaults another person with one of your products, product liability insurance will not cover this claim or any resulting damages or injuries.
Commercial auto insurance protects vehicles owned by the business, whether they are used for personal or business purposes. Most personal auto insurance policies exclude vehicles owned by the employer and used by their employees for business purposes.
Commercial auto insurance doesn’t cover your vehicle while you’re using it for personal driving. For example, if you use your pickup truck to haul supplies for your business but then use it on the weekends to drive to sporting events and visit friends, your commercial auto policy won’t pay for damage to the vehicle or injuries to those in other cars if you have an accident.
Certain factors are predictive of risk and can be used to determine your premiums. Here are some of the most significant:
To help you make the best decision for your business, here are five tips on finding the right insurer: