What to Know about Business Insurance

What Does Your Business Insurance Policy Cover?

Every business is different. That is why commercial insurance providers make it possible for business owners to customize their insurance coverage. An independent insurance agent can explain your various coverage options and advise you about what policies and options are right for your particular business. You can expect a typical business insurance policy in New Mexico to include the following:

1. Property insurance: Pays to repair or replace business-owned property if it is lost or damaged due to covered hazards such as severe weather, fire, and theft. Vehicles in your used car lot are damaged during a hailstorm.
2. Commercial vehicle insurance: Pays for property damage and injuries if one of your employees is in a collision while on the job. A sudden snowstorm creates hazardous road conditions, and your delivery driver is in a multi-vehicle collision.
3. Workers’ compensation insurance: Pays for medical treatment, lost wages, and related expenses if an employee is injured on the job. An employee at your computer chip manufacturing plant sustains a serious injury that requires surgery.
4. Liability insurance: Pays for legal fees, court costs, and damages if your business is sued for a covered event. There are several types of liability coverage available to businesses. A guest at your Santa Fe resort is injured in a slip-and-fall accident. 
5. Business income insurance: Provides your company with a continuation of income if a covered hazard forces an extended closure while repairs are made. A wildfire demolishes your restaurant and you must completely rebuild before reopening.

Be aware that flood damage is rarely covered by business insurance. If your business is located in a flood zone or is otherwise at risk for damage caused by flash flooding, your independent insurance agent can help you supplement your coverage with a commercial flood insurance policy through the National Flood Insurance Program (NFIP). Talk to your agent to learn more.

Top Insurance Companies That Support Independent Agents in New Mexico

There are currently 146 independent insurance agencies in New Mexico that are ready to help you build a comprehensive business insurance portfolio. These agents can save you time and money by helping you find competitively priced coverage that is customized to meet the specific coverage needs of your New Mexico business. Contact an insurance agent near you to get more information and to start comparing commercial insurance quotes from some of these highly rated companies.