Gallup, New Mexico is the most populous city between Flagstaff, Arizona and Albuquerque, New Mexico. The community has around 21,000 residents and around 3,700 local businesses. The education, healthcare, and hospitality industries dominate the Gallup economy. If you’re a Gallup business owner, you’ll want to protect your investment with a comprehensive business insurance plan. A local independent insurance agent can help you identify the unique risks your company faces and can recommend the commercial insurance products you need to cover them.
Liability Insurance for Small Businesses in Gallup, NM
One of the most important components of any business insurance plan is commercial liability insurance. When you purchase a commercial general liability (CGL) policy, you gain protection from lawsuits and claims of negligence. These types of lawsuits happen when your business is responsible for damage or injuries to third parties. Even if the claims against you are unfounded, you still have to defend yourself. Any legal defense can be extremely expensive. But with a CGL policy, you can recover. It will reimburse you for court costs, attorney fees, and even any settlements or judgments that you are required to pay to an injured party.
CGL policies cover a lot, but not everything. Certain types of liability claims are specifically excluded from general liability coverage. Fortunately, there are several additional types of commercial liability policies available. And in some cases, the additional coverage you need can be added on to your CGL policy with an endorsement. Talk to your independent insurance agent about whether you need employment practices liability insurance, environmental liability insurance, liquor liability insurance, or professional liability insurance.
Cyber Liability Insurance for Gallup Businesses
Any business that handles electronic data—especially personally identifiable information about its customers—is susceptible to cyber threats. Electronic data can be breached in many ways, from stolen laptops and other portable devices to rogue employees, theft of digital assets, human error, and more.
- 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
If your business is sued because of a data breach or other cybercrime, you’re responsible for paying legal fees, court-ordered judgments or settlements, and any other court-related costs. You’ll also need to notify your customers of the breach, provide them with credit monitoring services, and undertake extensive public relations efforts to repair your public image. Cyber liability insurance protects your business assets by helping you pay for many of these expenses. Cyber liability coverage can be added to a business owners policy (BOP) or commercial general liability policy, or it can be a stand-alone solution.
Property Insurance for Small Businesses in Gallup, NM
Commercial property insurance is another basic building block of a comprehensive commercial insurance program. Commercial property insurance covers your company’s physical assets, including buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs due to fires, severe weather, theft, vandalism, and so on.
- Number of federally declared disasters in New Mexico since 1953: 86
- Most common reasons for declared disasters in New Mexico: Fires and Floods
Major disasters like fires or floods can cause extensive damage to your business property. Talk to your agent about the appropriate coverage limits for your unique business, so you can make repairs or rebuild without taking a major financial hit. Be sure to talk to your agent about whether you need flood insurance for your New Mexico business, too. Flood insurance is only available through the National Flood Insurance Program (NFIP), but your local independent agent can help you purchase the coverage you need for your unique circumstances.
Business Interruption Insurance for Gallup Businesses
Floods, fires, and other unforeseen events can easily damage your building, your suppliers’ buildings, local utilities, and more, leaving you unable to operate for some time. Fires can destroy your entire operation, and even a small fire can create widespread damage and force you to close in order to rebuild. If you couldn’t afford ongoing expenses during the time you needed to make repairs, would you be forced to close for good?
Business income insurance, or business interruption insurance, reimburses you for lost revenues when your business is unable to operate after a disaster. It pays for certain ongoing expenses and allows your company to stay afloat until you are able to reopen. Business interruption insurance is usually a part of your commercial property policy or a business owners policy (BOP). An independent insurance agent can help you assess your risks and help you get the coverage you need.
Workers’ Compensation Insurance for Gallup, NM Businesses
Workers’ compensation insurance makes it possible for workers to pay their medical bills and be compensated for lost wages if they are injured at work. The New Mexico Workers’ Compensation Act requires employers to purchase workers’ compensation insurance, which provides benefits to injured workers regardless of fault. Any New Mexico employer with three or more employees must purchase workers’ compensation insurance. This includes charities, nonprofits, and religious organizations. 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
- Farm and ranch workers who spend the majority of their time growing or harvesting produce, meat, or dairy products
Construction employers with one or more employees must purchase New Mexico workers’ compensation insurance. New Mexico has a private workers’ compensation market. You can purchase it 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 Gallup
While offering employee benefits is optional for small employers, the impact that they can have on a workforce is immense. Employee benefits like group health insurance and life insurance serve a critical purpose for many employees. The positive impact of offering employee benefits tends to far outweigh the costs. Employee benefits, in general, are linked to a decrease in employee absenteeism and improved morale. What’s more, a good employee benefits plan that includes health insurance, life insurance, vacation and sick time, and more, helps companies attract and retain top employees.
- Average amount spent per year on healthcare coverage by New Mexico businesses: $267,330
- Ranked 38th for highest medical insurance costs in the US
- Average annual cost of health care in New Mexico: $5,145/person or $15,207/family
There are many different health and life insurance policy types and options available for you to choose from. A local independent agent can help you find suitable coverage at a competitive price.
Why Work with an Independent Agent?
There is no such thing as a one-size-fits-all business insurance policy. The wide variety of insurance products and options available to business owners allows you to cover your assets against the unique risks you face. Independent insurance agents can help you find the right policy for your needs and budget. Independent agents can work with multiple insurance companies, so you can compare competitive quotes and make an informed choice.
Contact a local agent to get started.
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