The state of New Mexico is home to more than 151,000 businesses. In Clovis, over 1,900 businesses represent a variety of industries including healthcare, hospitality, and education. Unforeseen events involving your Clovis business can threaten your livelihood at any time if you do not have the right business insurance. Working closely with an independent insurance agent, you can determine exactly what risks you have and find tailored business insurance policies to cover them. A local independent insurance agent can help you assess your risks, compare policies and quotes, and make an informed decision.
Liability Insurance for Small Businesses in Clovis, NM
Business liability insurance protects you in a variety of scenarios in which your company is negligent or causes harm to individuals or other businesses. Commercial general liability (CGL) insurance is the most important component of your business liability coverage. It is the first line of defense from lawsuits and liability claims against your business.
Any business owner, no matter how many precautions they take, is at risk for liability claims. These claims can arise from injuries or property damage that occur on your business property or those that are caused by you or your employees in the course of doing business. CGL policies pay for attorney fees and any judgments that you might have to pay if you are sued, and also provide coverage for claims of libel, slander, copyright infringement, and false advertising.
CGL policies do not cover every type of liability exposure that you might have. Since every business is unique, you may need tailored liability protection depending upon the type of business you do and the risks you face. You might need additional liability policies, or you may need to add endorsements to other insurance policies in order to cover all of the bases. A local independent insurance agent can help you determine which commercial liability products are right for your business.
Cyber Liability Insurance for Clovis Businesses
Whether you are a multi-million dollar company or a sole proprietor of a small business, you can be susceptible to a data breach that can cost you your business.
- Number of identity theft complaints in New Mexico per year: 1,611
- Ranked 23rd highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
Some typical coverage areas for cyber liability policies include:
- Legal defense, settlements, and judgments
- Public relations expenses
- Your own damaged equipment, lost information, and digital assets
- Customers, partners, or others who were negatively affected by the breach
Cyber liability coverage can be added to a business owners policy (BOP) or commercial general liability policy, or it can be a customized stand-alone solution. Work with your independent insurance agent to make sure it addresses your exposures.
Property Insurance for Small Businesses in Clovis, NM
Property claims make up a significant portion of small business claims. Fires and floods are a serious threat to commercial property in New Mexico, as are severe storms, wind, hail, break-ins, and vandalism.
- Number of federally declared disasters in New Mexico since 1953: 86
- Most common reasons for declared disasters in New Mexico: Fires and Floods
Commercial property insurance protects buildings and their contents, including computers, office equipment, furniture, artwork, and all of your business personal property—whether it is owned or leased—if it is damaged by fire, smoke, theft, vandalism, weather, or certain other covered perils. If you own your building, you need commercial property insurance to cover damage to the structure and what’s inside. If you lease your space, you need this coverage for your business personal property.
An independent insurance agent can help you determine if you need more than just a basic commercial property policy. Some businesses have specialized machinery or equipment that needs additional coverage. And if you have tools, equipment, or other materials stored at job sites or in transit, you may also need additional coverage to protect those assets.
Business Interruption Insurance for Clovis, NM Businesses
Property damage can be far more devastating than you ever imagined. If your commercial property is damaged or destroyed, you may also be forced to close your doors for weeks or longer while you make repairs, rebuild, or relocate. Without a consistent revenue stream, small businesses especially may find themselves failing to pay fixed expenses, defaulting on loans, and facing bankruptcy. You need business interruption insurance that provides income continuation if you must close temporarily because of property damage caused by a covered event. You can continue to pay for expenses like loan payments and employee salaries until you resume normal operations.
Workers’ Compensation Insurance for Clovis, NM Businesses
Workers’ compensation insurance provides coverage when accidents happen at work, ensuring medical care and income protection for injured workers. Workers' compensation insurance is more than just another expense—it is an affordable means of protecting both you and your employees. All New Mexico employers with three or more employees must purchase workers’ compensation insurance. This includes charities, nonprofits, and religious organizations.
Construction employers with one or more employees must purchase New Mexico workers’ compensation insurance. Owners, family members, and part-time and seasonal workers must be included in the employee count. Partners and sole proprietors are excluded from coverage but can elect to include themselves. Corporate officers and LLC members are included in coverage but can exclude themselves if they own 10% or more of the company. Exempted officers must still be included in the employee count used to determine if coverage is required. Other exemptions from New Mexico workers’ compensation coverage include:
- Real estate agents and domestic employees
- Independent contractors
- Agricultural workers
You can purchase New Mexico workers’ compensation insurance from any private insurance carrier or agency that is licensed to sell it in the state. Businesses can also self-insure with approval from the New Mexico Workers’ Compensation Administration.
Employee Benefits for Small Businesses in Clovis, NM
Most employers choose to offer an employee benefits plan because programs like group health insurance, group life insurance, vacation time, and sick time help attract and retain good employees. While employee benefits are often complex and expensive, they are a necessary part of keeping employees healthy and satisfied.
- Average amount spent per year on healthcare coverage by New Mexico businesses: $267,330
- Ranked 38th for highest health insurance spending in the US
- Average annual cost of health care coverage in New Mexico: $5,145/person or $15,207/family
There are many different health insurance and life insurance policy types and options available for you to choose from, as well as numerous laws and regulations that you must comply with. It’s important to get expert advice and to shop around for quality, affordable coverage.
Why Work with an Independent Agent?
Clovis business owners have a lot of options when it comes to business insurance. That’s why it’s best to work with an independent insurance agent who can help you assess your risks, evaluate your coverage needs, and obtain competitive quotes from insurance companies that specialize in your line of work.
Contact a local agent to get started.
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