Business insurance can be a sore spot for small business owners because oftentimes, it appears to be an unnecessary expense. However, most business and financial experts would agree that the cost of not carrying insurance outweighs the cost of carrying it. Here are three basic insurance coverages to consider when signing up for New Mexico insurance.
General Liability Insurance
General liability insurance protects your business in case a third party experiences bodily injury or property damage because of your business activities. If a lawsuit is filed, your policy will pay for attorneys’ fees, settlements and judgments.
Property insurance protects your business in case your property is damaged or destroyed because of a
fire, storm, theft or vandalism. Items that can be covered under your policy include your building, landscaping, equipment, furniture and electronic data. Your policy will pay to repair or replace the covered items.
Workers Compensation Insurance
Workers compensation protects your business in case an employee is injured or becomes ill because of work-related activities. Your policy will pay for medical and rehabilitation expenses as well as lost wages while your employee is out of the office.
General liability, property and worker’s compensation are just three of the basic insurance coverages that should be included in your policy. An agent with experience in New Mexico insurance can help you create your perfect policy.