Aztec Business Insurance

Your Complete Guide to Aztec, NM, Business Insurance

Independent insurance agents can help you be certain that your business is suitably covered.

Aztec New Mexico Business Insurance

There are more than 600 small businesses operating in the city of Aztec, NM. From the shops and restaurants that line Aztec Boulevard to the many sole proprietorships run out of people’s homes, each of these companies can benefit from the protections offered by business insurance.

Independent insurance agents make it easy to find the best policies to cover your Aztec business. These agents work for you, not for a particular insurance company, so they can shop around to find the policies your business needs at the most affordable prices. Contact an insurance agent near you to learn more.

Why Is Business Insurance Important in Aztec, NM?

Every business has risks. Some can prove very costly. If your business is impacted by a liability lawsuit, a damaging weather event, or a forced long-term closure, the costs can be insurmountable if it is not covered by the right business insurance products.

Consider this: in 2019, insurance companies paid out more than $2.2 billion in insurance claims to New Mexico businesses. Will your business be covered if disaster strikes? A local independent insurance agent can help you be certain that it will.

Why Do Businesses in Aztec Need Liability Insurance?

Small businesses are not immune from the risk of a liability lawsuit. A study conducted by the Small Business Administration (SBA) found that of all liability lawsuits filed against businesses each year, approximately 36% are against companies with fewer than 50 employees.

Business liability insurance products are designed to protect your business by covering expenses such as court costs, legal defense fees, settlements, judgments, and other financial damages.

Some of the liability products your agent may recommend include:

  • Premises liability insurance: This covers third-party injuries and property damages that occur due to accidents on your business premises.
  • Product liability insurance: This covers third-party injuries, illnesses, and damages that are caused by products your company produces or sells.
  • Cyber liability insurance: This covers your business’s financial obligations to affected individuals if criminals hack into your company’s computer system and steal sensitive information like personal or financial data.
  • Liquor liability insurance: This covers against potential liabilities if someone becomes intoxicated at your place of business and goes on to cause injuries or property damage to others.
  • Employment practices liability insurance: This covers against accusations of illegal employment practices like harassment, discrimination, retaliation, and wrongful termination.
  • Errors and omissions insurance: This covers individuals in professional positions if an error in judgement or other professional mistake causes their clients to experience financial losses or other damages.

There are several additional commercial liability insurance products available. A local independent agent can do a complete risk assessment of your business to identify its various liability exposures and can recommend the right policies to cover against each of them.

What Are the Property Damage Risks in Aztec?

Businesses in Aztec are most at risk for damages caused by:

  • Property crimes (including theft, vandalism, and arson)
  • Fires (including wildfires and accidental fires)
  • Severe storms (including monsoons, windstorms, electrical storms, hurricanes, and tropical storms)
  • Hail
  • Floods
  • Droughts

With the exception of floods, each of these hazards is covered by commercial property insurance.

Commercial property insurance, which is a standard part of every business insurance policy, is designed to cover the cost to repair or replace your business-owned property if it is lost or damaged due to a covered event.

Depending on what your business does and where is it located, your insurance agent may recommend supplementing your commercial property insurance with additional policies such as:

  • Flood insurance: Flood damage is excluded from commercial property insurance, even if it is the direct result of a covered monsoon. Fortunately, your business can purchase an affordable commercial flood insurance policy through the NFIP.
  • Inland marine insurance: This covers your business’s portable property whenever it is being transported over land or is being stored away from your business premises.
  • Boiler and machinery insurance: This covers repair costs and business losses related to mechanical malfunctions of your well-maintained essential business equipment and machinery.
  • Bailee's insurance: This covers your customers’ valuable property whenever it is in your business’s custody, care, or control. It is advisable for businesses that offer services such as alterations, maintenance, or repair work on their customers’ belongings.

When you work with a local independent agent, you can rest assured that your company’s valuable assets are appropriately covered against all the hazards you are likely to face as a business owner in Aztec.

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Is Business Interruption Insurance a Good Idea in Aztec, NM?

Since 1953, there have been 100 federally declared disasters in the state of New Mexico. The top causes of these disasters were wildfires, floods, and severe storms.

If a major disaster like a fire impacts your Aztec business, property damage isn’t the only expensive risk you need to worry about. If the damage is excessive, your company may need to remain closed for several weeks while repairs are made.

Many small businesses do not have the financial strength to withstand a long-term forced closure following a disaster. Business interruption insurance offers a solution to this problem.

Business interruption insurance is designed to provide the funds necessary for your company to continue paying regular expenses like rent payments, monthly bills, loan installments, and employee salaries during the times that it is unable to generate any revenue do to damages caused by a covered event.

A local independent insurance agent can help you determine whether business interruption insurance is a good fit for your Aztec business.

Is Workers’ Compensation Insurance Required for Aztec Businesses?

If an employee is injured on the job or develops an occupational illness due to exposure to toxins at the workplace, workers’ compensation insurance can cover the associated costs such as medical treatments, follow-up care, prescription medications, and disability pay.

In New Mexico, all construction businesses must carry workers’ compensation insurance. All other businesses are required to have this coverage if they have three or more employees. It is not necessary to cover domestic workers, real estate salespeople, farm and ranch workers, or sole proprietors.

Rates for this insurance are based on your company’s overall payroll, the number of employees you have, and the types of jobs they do. The more dangerous the job is, the more your coverage will cost. A local independent agent can help you compare policies and quotes from a few competing providers that specialize in covering businesses like yours.

What about Employee Benefits for Businesses in Aztec?

Good employees are the lifeblood of any business. You can make your company more attractive to highly qualified workers by offering a competitive employee benefits package that includes perks like an employer-matched retirement plan, paid vacation and sick time, life insurance, and subsidized health insurance.

When you are shopping for insurance product for your employee benefits package, you will find there are many different products available, and each has a variety of coverage options to choose from. This can make it difficult to determine which are the best choices for your business.

You may therefore find it beneficial to have the assistance of a local insurance professional. An independent agent can explain the pros and cons of each option and can help you find suitable, yet competitively priced, policies for your workers.

Why Work with an Independent Insurance Agent in Aztec, NM?

Local independent agents can help you build a comprehensive, yet affordable, business insurance policy package for your Aztec business.

These agents can offer guidance and advice as you navigate through your many options and can obtain customized quotes from a variety of top-rated insurance companies on your behalf. That way, you can be sure you are purchasing suitable coverage at a competitive price.

Set up an obligation-free consultation with an insurance agent near you get started.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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https://www.census.gov/quickfacts/fact/table/azteccitynewmexico,US/PST045219
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