There are over 151,000 businesses operating in New Mexico. In the city of Hobbs, over 2,400 businesses participate in a variety of industries, including mining, quarrying, and oil and gas extraction. No matter what kind of work you do as a Hobbs business owner, you need a comprehensive business insurance plan to protect your assets and your employees when something goes wrong. Since every business has unique risks, it’s important to understand all of your exposures and find tailored 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 Hobbs, NH
Lawsuits against businesses are common. If someone accuses you of negligence, the costs to defend yourself and pay the injured party can be devastating—even if the claims against you are unfounded. Commercial general liability (CGL) insurance provides broad coverage for lawsuits that are filed against your business. It helps you pay for direct costs related to a claim (e.g., medical expenses, repairing or replacing damaged property) as well as your legal defense if you are sued.
Not every kind of liability risk is covered by a CGL policy. There are additional commercial liability policies available for many of these scenarios. Talk to your independent insurance agent about why you might need commercial auto liability insurance, environmental liability insurance, or professional liability insurance to appropriately protect your assets from lawsuits.
Cyber Liability Insurance for Hobbs Businesses
Your use of computer systems and electronic data leaves you susceptible to a variety of potentially expensive scenarios. When sensitive data is stolen by outside hackers, you’re responsible for making things right with your business partners and customers. What’s more, you are likely to be sued for the financial harm that was caused.
- 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
Standard general liability policies will not adequately cover losses related to cybercrimes or data breaches. Cyber liability insurance protects your business assets by paying for many of the costs related to a cyber breach and any resulting legal action against you. Cyber liability coverage can vary significantly from one carrier to another, so you need to know exactly what your policy covers and where you still might have some gaps. Be sure to ask an independent agent about how cyber liability insurance can help you protect your business.
Property Insurance for Small Businesses in Hobbs, NM
Wildfires and occasional floods can cause extensive damage to your New Mexico commercial property. What’s more, severe weather, vandalism, break-ins, and other perils can lead to a variety of property losses and can be extremely costly for your business.
- Number of federally declared disasters in New Mexico since 1953: 86
- Most common reasons for declared disasters in New Mexico: Fires and Floods
Whether you own your building or lease your office space, you need some type of protection for your business property. Commercial property insurance covers damage to a building and its contents (computers, office equipment, and furniture, supplies, fixtures, etc.) if it is damaged by a weather event, a wildfire, theft, vandalism, and other causes of loss. An independent insurance agent can help you determine if you need more than just a basic commercial property policy. If you live in an area that is prone to flooding, you probably need flood insurance designed for businesses. Flood insurance is available from the National Flood Insurance Program (NFIP), and your local insurance agent can help you purchase coverage.
Business Interruption Insurance for Hobbs Businesses
Unexpected events from minor to catastrophic can easily damage your building, your suppliers’ buildings, local utilities and more. A fire can leave you unable to operate for an extended period while you repair or rebuild your commercial property. Business income coverage, or business interruption insurance, protects your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown, or some other covered event.
If you are forced to close your doors for some time in order to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more. 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 Hobbs, 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 New Mexico
An employee benefits plan that includes health insurance and life insurance, dental and vision insurance, vacation and sick time, and other perks help companies attract and retain top employees. Good employee benefits programs can help improve employee morale and satisfaction and even decrease absenteeism.
- 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 employee benefits options available, and not every business needs the same types of plans or programs. A local independent insurance agent can help you find suitable coverage at a competitive price.
Why Work with an Independent Agent?
There are many business insurance products and options available to protect your Hobbs, NM business. You probably have a lot of questions, and a local independent insurance agent can help. An independent agent can work with insurance companies that specialize in the type of work you do. And your agent can help you assess your risks and get quotes from multiple, highly rated insurance companies.
Find an agent in or near Hobbs to get started.
©2021, Consumer Agent Portal, LLC. All rights reserved.