Belen Business Insurance

From companies that employ many to small businesses run out of people’s homes, each of the more than 400 businesses in the city of Belen, NM, plays an important role in the health of the local economy. The right business insurance products can protect these companies from undue financial losses.

Building a comprehensive business insurance policy package can be challenging, but you do not need to do it alone. Local independent agents can help you identify your company’s various exposures and can recommend the right policies to cover against each of them. Contact an insurance agent near you to get help finding suitable, yet affordable, business insurance coverage.

Why Do Businesses in Belen, NM, Need Liability Insurance?

A study by the SBA (Small Business Administration) found that approximately one-third of all liability lawsuits filed against companies in the US are against small businesses with fewer than 50 employees.

A liability lawsuit filed against your company can lead to insurmountable financial losses if it is not properly insured. This can hold true even if the courts ultimately rule in your business’s favor.

Business liability insurance can protect your company by covering expenses like court costs, legal fees, settlements, judgments, and other financial damages if it is sued for a covered event.

There are several different liability insurance products available to businesses. You will need to be sure to purchase the right policies to cover against each of your company’s potential liability exposures. Some of the commercial liability products your insurance agent may recommend include:

• Premises liability insurance: This covers third-party injuries and property damage caused by accidents that occur on your business premises.
• Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by products your company produces or sells.
• Employment practices liability insurance: This covers against accusations of illegal employment practices like discrimination, harassment, wrongful termination, and breach of contract.
• Cyber liability insurance: This covers your company’s obligations to affected individuals if cybercriminals access sensitive personal or financial data your business has stored electronically.
• Errors and omissions insurance: This covers individuals in professional positions if negligence, errors in judgment, or other professional mistakes lead to financial losses or damages to their clients.
• Liquor liability insurance: This covers your business against potential liabilities if a patron becomes intoxicated in your establishment and then goes on to cause property damage or injuries to others.
• Environmental liability insurance: This covers clean-up costs and damages if an accident or a natural disaster causes toxic substances sold, used, or produced by your business to pollute the land, water, or air.

Talk to an independent insurance agent to learn more about these and any other business liability products that may be a good fit for your Belen business.

What Insurance Products Cover Your Business Property?

Businesses in Belen, NM, are most likely to experience property loss or damage due to hazards such as:

• Property crimes, including theft, vandalism, and arson
• Fires, including accidental fires, wildfires, and explosions
• Severe weather, including electrical storms, windstorms, tropical storms, hurricanes, and hail

Fortunately, each of these hazards is covered by commercial property insurance, which is a standard part of every business insurance policy.

Commercial property insurance does have some limitations, however, so you may need to purchase additional supplemental coverage for your business property to be fully covered. For instance, your insurance agent may recommend products such as:

• Flood insurance: Flooding poses a significant risk in Belen, but flood damage is not covered by commercial property insurance. Fortunately, your insurance agent can help you purchase an affordable commercial flood insurance policy through the NFIP.
• Inland marine insurance: This can cover your company’s portable property during the times it is in transit or is being stored away from your place of business, such as at a job site or in a warehouse.
• Boiler & machinery insurance: This can cover the cost to repair or replace your company’s well-maintained essential machinery and equipment if it breaks down or malfunctions. It can also cover revenue losses caused by the mechanical failure.
• Bailee's insurance: This can cover your customers’ valuable property when it is in your business’s care, custody, or control, such as when you are performing repair, alteration, or maintenance work on it.

A local independent insurance agent can help you be sure that all your business assets are suitably covered by the right insurance policies.

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

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

If a fire or severe weather event impacts your business, property damage isn’t the only expensive risk you need to worry about. A catastrophic event could also necessitate that your company close down for several weeks while repairs are made.

If your business is forced into a long-term closure due to damages caused by a covered event, business interruption insurance can help ease the financial burden by providing a continuation of income until you are able to resume normal operations.

This can enable your business to continue paying regular monthly expenses like loan installments, rent, and employee salaries even though it is unable to generate revenue.

Consult an independent agent near you for help determining whether business interruption insurance is a good fit for your Belen business.

Do Businesses in Belen Need Workers’ Compensation Insurance?

If one of your employees suffers a serious injury on the job or develops an occupational illness due to exposure to toxins at the workplace, your business is responsible for covering their medical treatments and lost wages. Workers’ compensation insurance is designed to provide this coverage.

In New Mexico, you are required by law to carry workers’ compensation insurance if you have at least three employees. If your business is in the construction industry, you must carry this coverage regardless of how many employees you have.

Exceptions are made for:

• Sole proprietors
• Domestic servants
• Real estate salespeople
• Farm and ranch laborers

Rates for workers’ compensation insurance are based mainly on the types of jobs your employees do and the likelihood they will be seriously injured while doing them. An independent agent can help you find a suitable policy at a competitive price.

What about Insurance Products for Employee Benefits Packages?

An employee benefits package that includes perks like paid vacation, sick time, a pension or retirement plan, subsidized health insurance, and life insurance options can give your business a competitive edge when it comes to hiring and retaining a talented pool of employees.

When you are shopping for insurance products to include in your employee benefits package, you will find that there are many different health insurance plans to choose from.

These can include HMOs, PPOs, and managed care plans, and each type of policy can come with several options pertaining to deductibles, copays, prescription plans, and coverage limits. Having so many options can make it difficult to determine which policies make the best choices.

Independent insurance agents can go over the pros and cons of each of your options and can help you get the coverage you want at the best price.

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

There are many insurance products and policy options available to business owners in Belen. This makes it possible to fully customize your company’s coverage. Independent agents can ensure that you are buying the policies your business needs and that you are getting them at a competitive price.

A local independent agent can perform a complete risk assessment on your Belen business and can make appropriate coverage recommendations. Contact an insurance agent near you to get started.