New Mexico, home to beautiful desert vistas and ancient cultures, is a state built on the hard work of small business owners and their employees. According to the U.S. Small Business Administration'a 2017 state profile, 99% of New Mexico businesses are small businesses and together they employ 55.9% of all employees in the state. Small business owners know that their hard work cannot be taken for granted, which is why you should protect your future success with the right insurance solutions.
Insurance Considerations for New Mexico's Small Businesses
Under New Mexico law, most small businesses with employees are required to carry workers' compensation and general liability insurance. While there are a few exceptions to this rule, even those who are not legally obligated to carry such insurance might consider doing so anyway to avoid the biggest risks.
Meeting the bare minimum coverage required by the law is rarely sufficient for addressing the potential financial and legal damage posed by many common risks. Due to high litigation, medical, and claims costs, small business owners in New Mexico should consider at least some of the following policies in addition to what they are legally required to carry to ensure they are adequately covered:
- Businessowners Policy (BOP)
- Cyber Liability
- Employment Practices Liability (EPLI)
- Commercial Auto
Common Policies for Businesses in New Mexico
Workers' Compensation: New Mexico law generally requires any business that employs three or more people to carry workers' compensation for their workers. With workers' compensation, your employees will have coverage for medical treatment, partial lost wages, and other costs associated with workplace-related injuries and ailments. Workers' compensation also protects business owners in New Mexico by covering the costs related to a workers' comp claim and ensuring your people have the support they need to properly recover and return to work.
Businessowners Policy (BOP): Many business owners see a businessowners policy (BOP) as an essential component to their overall insurance plan. A BOP can usually be tailored for your individual business, but most packages include coverage for general liability, commercial property damage, and business interruption coverages. Your BOP is your line of defense against some of the most common risks that New Mexico business owners may face, including third party liability claims and property damage.
Commercial Auto Insurance: If you own or operate even one vehicle for commercial purposes, then you need to consider commercial auto insurance. In most cases, your personal insurance policy will not cover you if you are involved in a crash while using your vehicle for business purposes. You want the assurance of knowing that your fleet, drivers, and bottom line are protected in case of an accident. A commercial auto insurance policy can help cover the medical, legal, and repair costs that stem from an accident involving your business's vehicles.
How to Get Small Business Insurance in New Mexico
The bespoke small business insurance solutions designed through AmVenture are here to cover your business against many of the most common risks you may face. Contact us today or fill out our brief form for your free quote. One of our friendly representatives will show you how our insurance solutions can help keep your business safe in a competitive and often challenging environment.