Signing up for business insurance can feel like a struggle for new business owners. However, an understanding of the foundational coverages that go into a policy can go a long way in simplifying the process. As you conduct your search for New Mexico business insurance, here are three foundational coverages that you should plan to include in your policy.
Property insurance protects your property against loss or damage due to fires, certain storms, theft and vandalism. You can usually cover your items including your building and landscaping, furniture, equipment and digital assets. If a disaster were to strike, your policy would cover the cost to repair or replace them.
Workers’ Compensation Insurance
Workers’ compensation protects you in case one of your employees becomes ill or is injured because of job-related activities. Your policy will cover the medical expenses related to such an incident as well as your employee’s lost wages while he or she is out of work.
There are many forms of liability insurance but the two most popular are general and professional liability. The purpose of these coverages is to protect you against 3rd party lawsuits filed against your company. When needed, they can be used to cover the legal fees associated with fighting a lawsuit.
There are many other coverages available to cover your business depending on your needs. Work with an experienced New Mexico business insurance agent to craft the best policy for you.