Several Insurance Policies to Address Your Business Needs

When first undertaking a new business venture it can be difficult to know exactly which types of New Mexico Business insurance you’re going to need is. It’s also not always that easy to answer. Your lines of coverage depend on the type of business, whether there are employees, or if there are cars being used strictly for business purposes. You will also have concerns over the sort of products or services being sold or offered.

 

Every business is unique and requires coverage for the type of exposures and risks faced in its daily operations. Most companies start out with a basic general liability policy. For all other coverages, there’s the common sense approach, but it pays to get advice from an agent familiar with the type of business being operated. Getting the right business insurance doesn’t have to be difficult, but it does require a little research so that you wind up with the right types and proper amounts of coverage.

 

Lines of coverage to consider

 

  1. Liability insurance

 

Liability insurance protects your company in the event you are sued due to acts of negligence. This protects you, the owner, and employees that become embroiled in litigation over accusations from someone who feels they were injured, physically or financially by the company or a product you manufacture.

 

  1. Property insurance

 

Property insurance protects you against damage or loss of your business location and its contents. It may also insure the property of others in your care during any loss. The terms of property insurance are well defined and may only cover certain circumstances, such as fire or theft.

 

  1. Casualty insurance

 

Casualty insurance is generally purchased with property insurance and covers against damage or any loss to the business itself.

 

  1. Workers’ compensation insurance

 

Workers comp is required for businesses that have a certain number of employees. Each state has different requirements regarding workers comp and most require some type of policy to be in place. You cannot be sued by an employee for an injury because your insurance automatically pays employees’ medical bills and specific damages in the event of injuries on the job.

 

  1. Commercial auto insurance

 

Commercial auto insurance covers your business if the use of one of your vehicles results in property damage or personal injury. Personal automobile insurance does not cover vehicles used by a business.

 

There are other important products to consider like umbrella insurance, professional liability, and business interruption to name a few. Speak to an agent that can help you to determine which types of New Mexico Business insurance suits your current needs.

Insurance Risk Advisors

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