There are many options for business insurance in New Mexico. Unfortunately, so many options can make it difficult for small business owners to determine what should be included in their policy. As you seek guidance from your local insurance agent, here are three fundamental coverages that you should be sure to include in your policy.
Workers’ Compensation Insurance
Workers’ compensation covers you in case an employee becomes ill or injured because of work-related activities. Your policy will pay for the medical and rehab costs associated with such an incident. If you have at least three employees, then New Mexico law requires that you carry workers’ compensation.
Property insurance covers your buildings, furniture, equipment and electronic data against perils such as fires, certain storms, theft and vandalism. Your policy will cover the cost to repair or replace your covered items should they become damaged or lost.
General Liability Insurance
General liability covers you in case a third party sustains an injury or property damage because of your business activities. Your policy will pay for your legal fees as wells as any damages for which you may be liable.
You’ll likely need other coverages to make sure you’re protected against the risks specific to your industry. Work with an agent who’s experienced with business insurance in New Mexico to craft a policy that’s right for you.