As a real estate agent, understanding the intricacies of New Mexico business insurance is the last thing on your mind. This is understandable as you need to be more concerned about generating new leads for your business. However, without the right insurance coverage, what you’ve worked hard to build, can all be taken away with a few lawsuits. Here are two liability coverages that you should be sure to carry in your insurance policy.
General Liability Insurance
General liability protects you in case a third party files a lawsuit claiming that they sustained bodily injury or property damage because of your business. An example where you would need this type of coverage is when a potential customer visits your office and sustains an injury on your premises. Your policy will pay for your legal fees as well as any damages for which you’re found liable.
Professional Liability Insurance
If a customer claims that you gave them bad advice and files a lawsuit, the professional liability insurance portion of your policy would come into play. Like general liability, professional liability would cover the cost of your legal fees and well as any damages you are required to pay.
You’ll most likely need coverages such as property insurance and workers’ compensation depending on your business structure. Work with an experienced New Mexico business insurance agent to create a policy that’s right for you.