Albuquerque is a haven for small businesses in New Mexico, with many local incentives and a thriving economy. Tourists pour into Albuquerque, NM each year to visit the National Museum of Nuclear Science and History or to check out the International Balloon Festival. This brings a steady flow of income opportunities for local businesses. During previous years, there were 154,405 small businesses in New Mexico, providing employment to 328,862 people. Of course, owning a business also carries serious risks. Recently, loss payouts to New Mexico businesses totaled $1,607,417. Investing in Albuquerque business insurance is the best way to minimize the risks for your business.
Our Independent Insurance Agents offer one-on-one support for Albuquerque businesses that are searching for affordable commercial insurance solutions. Whether you’re worried about liability lawsuits or the potential for commercial property damage, our experienced agents can help you design a policy that will safeguard your business from common Albuquerque business threats. Liability lawsuits are one of the most damaging risks that a new business will face.
According to a recent Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and more than 30% said they felt the least prepared to handle this issue. There is no guarantee that you won’t face a liability lawsuit in the future, so choose an Albuquerque business insurance plan that specifically covers general liability.
- Product Liability: According to a national study, 71% of product liability awards and 53% of medical malpractice awards by the courts amounted to $1 million or more. If your company is involved in the design, manufacturing, distribution or sales of physical products, product liability insurance is something you can’t afford to go without. This policy is lifesaving protection if you are ever sued based on a product defect.
- Errors & Omissions/Professional Liability: Professional liability insurance protects companies that are focused on service-based industries. Contractors, therapists, tutors, and even beauticians can benefit from this coverage option. Professional liability insurance specifically safeguards you against lawsuits where a client alleges that you made an error or gave bad advice that was ultimately damaging. These types of lawsuits are increasingly common, making professional liability insurance more important than ever before for Albuquerque businesses.
Business Interruption Insurance for Albuquerque Businesses
- Recent Gross domestic product: 2.2%
- Recent New Mexico gross state product: 1.5%
- The recent GSP increase was 0.7% less than the recent GDP increase
Small businesses typically operate on tight budgets, and even a temporary shutdown can be disastrous financially. Imagine for a moment that a severe winter storm hits Albuquerque, dumping a foot of snow on the city overnight. When you head out to check on your business in the morning, you discover that the roof has collapsed under the weight of the heavy snow. Suddenly, you are forced to shut down operations until you can make repairs and replace the inventory that was ruined. In the meantime, you have no revenue coming in; so how will you pay your suppliers and keep up the rent on your commercial space?
Business interruption insurance was designed specifically for this situation. When your business is forced to shut down due to an unexpected disaster, this policy compensates you for the profits you lose. It’s a lifeline that keeps many small businesses afloat after a tragic natural disaster.
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Property Insurance for Albuquerque Businesses
- Number of recent natural disasters: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
Property insurance is another important piece of the commercial insurance puzzle in Albuquerque. Just like your homeowners insurance policy pays for any damage to your home in a natural disaster, a commercial property insurance policy covers damage to your workspace. Property insurance can safeguard your business financially from a range of worst-case scenarios, from theft to fires to natural disasters.
Workers' Compensation for Albuquerque Businesses
Workers' compensation insurance protects Albuquerque business owners from lawsuits and major financial ruin if an employee gets injured on the job. By investing in a workers' comp policy, you add an important benefit for your staff, giving them peace of mind that any work-related injuries are covered in terms of lost wages and medical bills. At the same time, you have peace of mind that you won’t face a lawsuit after an accidental injury.
Employee Coverages for Albuquerque Businesses
- Total recent spending on premiums in New Mexico: $267,330
- Ranked 14th for the highest premiums in the U.S.
- Annual cost of health care for small businesses in recent years: $5,145/person or $15,207/family
One of the most critical aspects of building a loyal staff is offering good benefits, including health and life insurance. This is increasingly hard for Albuquerque employers to do, thanks to the rising premiums. Our agents can help you overcome this obstacle by matching you with affordable employee coverage options. In fact, our agents can provide you with rate quotes on multiple policies so you can compare the options and choose a plan that will be a good fit for your company’s budget.
Cyber Crime Insurance for Albuquerque Businesses
- 1,611 identity theft complaints in New Mexico in recent years
- Ranked #23 highest for identity theft complaints in the U.S.
Cyber crime is one of the most commonly overlooked threats to small businesses in Albuquerque. It takes only a single data breach to do significant damage to your business bank account, and it could even put your customers’ sensitive financial information in jeopardy. Only 22% of small businesses have a response plan in place to deal with cyber crime and data breaches. You can protect your business from cyber threats by adding cyber crime coverage to your commercial insurance policy.
Investing in commercial insurance is one of the best things you can do to help your business succeed. Our Independent Insurance Agents understand that there is no one-size-fits-all policy for business insurance. That’s why our agents take time to really assess your company’s risks and build a custom solution that will best safeguard your business assets.
Contact an agent today, and get a free quote on Albuquerque commercial insurance for your business.