There are over 5,400 businesses operating in Rio Rancho, New Mexico, making the city a regional economic hub. Intel’s Fab 11X, one of the largest semiconductor fabrication plants in the world, calls Rio Rancho home. In addition, the retail, government, and service sectors play a major role in the city’s economy. If you’re a Rio Rancho business owner, you’ll want to protect your assets 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 Rio Rancho, NM
One of the most important components of any business insurance plan is 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 business liability policies available. And in some cases, the additional coverage you need can be added on to your CGL policy with an endorsement. Your local independent insurance agent can help you decide if you need employment practices liability insurance, professional liability insurance, or any other type of supplementary liability coverage.
Cyber Liability Insurance for Rio Rancho 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 could be sued for any 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
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. The cyber liability insurance market is still evolving, so finding the right policy can be challenging. What’s more, policies and coverage vary among insurance companies.
Property Insurance for Small Businesses in Rio Rancho, NM
Commercial property insurance is another basic building block of a comprehensive commercial insurance program. It 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: 85
- Most common reasons for declared disasters in New Mexico: Fires and Floods
Major disasters like wildfires, severe storms, and floods can cause extensive damage to your business property. Talk to your insurance 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 insurance agent about your need for 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 Rio Rancho Businesses
Heavy rains can cause major flooding, while wildfires can easily damage your building, your suppliers’ buildings, local utilities, and more, leaving you unable to operate for some time. 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 interruption insurance, or business income 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. A local independent insurance agent can help you assess your risks and help you get the coverage you need.
Workers’ Compensation Insurance for Rio Rancho, NM Businesses
If one of your employees is injured on the job, your company is responsible for covering the costs of their injuries and even providing lost income if they can’t return to work. Workers’ compensation insurance covers medical treatment, lost wages, and other miscellaneous expenses for injured employees. All New Mexico employers with three or more employees must purchase workers’ compensation insurance. This includes:
- 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
- Agricultural workers
Construction employers with one or more employees must purchase New Mexico workers’ compensation insurance. 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 Rio Rancho
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 group 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 insurance 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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