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In 2016 alone, commercial insurance providers paid out more than $751 million in business insurance claims in New Mexico. Without insurance, business claims have to be paid out of your pocket, meaning they have to be paid out of your business’s revenue.
Needless to say, you need a comprehensive insurance plan that gives you 360 degrees of protection if something unexpected happens.
40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:
New Mexico business insurance will pay for covered claims so your business doesn’t have to. It gives you peace of mind so you can focus on what matters: your business's bottom line.
Here’s what a standard business insurance policy should do:
Pay For Damage To Your Building
Pay For Damage To Your Business Property
Pay For Damage To Someone Else’s Property
Pay For Someone Else’s Medical Bills
Pay For Accidents in Company Vehicles
Pay For Employee Injuries & Compensation
Commercial insurance is not mandatory for New Mexico business owners, but certain aspects of it may be. For example, in this state, businesses that employ three or more people must carry workers' compensation insurance.
And businesses that have company-owned vehicles must carry commercial auto insurance. To learn more about coverage that you may need to carry, you can talk with a local independent insurance agent.
It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.
Business insurance rates are calculated using a number of factors such as the risks to your business property, your liability coverage needs and the amount and types of coverage you want. Policies can vary significantly by business industry, so it is best to talk with an experienced insurance agent when building a suitable and comprehensive policy for your business.
It’s usually wise to work with an independent agent in New Mexico since they have access to obtaining quotes and coverage options from multiple insurance companies. Sometimes it’s difficult to find an insurance company who will offer the coverage your business needs.
Number of businesses in the US: 27,626,360
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
|City||No. businesses||Burglaries / 1,000 people||Auto thefts / 1,000 cars|