New Mexico General Liability Insurance – NM
New Mexico General liability insurance is crucial coverage to have for all businesses big or small.
This form of insurance protects your business against different claims stemming from damage to third parties or your customers.
The fact is that most businesses face some type of risk, which is why they require general liability insurance.
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This type of coverage can help protect your business against claims relevant to malpractice or bodily harm.
General liability insurance in New Mexico is offered in different types of coverage, and the one you require will depend on the form of business you have.
For example, if you run a construction business, then you will require a higher level of general liability insurance coverage.
5 Big Reasons Why You Require General Liability Insurance in New Mexico
One of the several common questions business owners ask is do I really need general liability insurance? And the short answer is Yes!
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As a business operator, you should already know that operating any size of a business is already risky.
General liability insurance in New Mexico not only protects your business against claims originating from injury and property damage, but also from any liabilities as a tenant if you are renting a place.
Further, it provides coverage for not only your business, but also your staff against claims originating from injury or property damage to third parties.
Apart from being an essential part of your business, here are 5 excellent reasons your business should have general liability insurance.
Workers’ Compensation Insurance in New Mexico
If you are a handyperson, you already should be aware of the cash you can give up if you fall ill.
As a handyperson, you are not covered by government workers’ compensation benefits, therefore you should check out NM handyman insurance.
Research indicates that injuries to independent workers in New Mexico were increased by a whopping 12 percent.
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When you buy New Mexico general liability insurance, you are protected financially for medical costs related to the injury at the job.
Depending on the general liability insurance plan you choose, you may also be eligible for pay for the days you are off work.
Third-Party Bodily Injury Protection
This is perhaps the biggest reason to invest in general liability insurance in New Mexico.
If your company runs services that can cause damage to others including pets, then getting general liability insurance should not be an option.
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One good example of this is NM dog walker insurance, which covers your pet sitting business if the dog causes harm to others.
Another example is when you are fixing your client’s drywall, and they slip over your tools, then you will be accountable for their injury.
If you have general liability insurance in New Mexico, your policy will pay for the costs of these claims.
Third-Party Property Damage
Another crucial reason to get general liability insurance in New Mexico is to protect your business from third-party property damage.
For example, you are repairing your customer’s roof, and you mistakenly break an expensive vase, then you will have to pay for the damages.
Depending on the cost of what you damage, you may have to pay for these claims from your own cash, that is if you do not have general liability insurance coverage.
New Mexico General liability insurance can help shield your business against any lawsuits stemming from claims that you failed to deliver services as promised.
Things such as inaccurate advice can be paid for under a general liability insurance policy.
General liability insurance can also mostly include professional liability insurance, so speak to your insurance agent to check if they give this form of insurance.
While general liability insurance protects your business against several different types of claims, professional liability insurance is more specific towards errors you make in your business services.
If you are manufacturing and selling merchandise under your own brand, then it is crucial to have general liability insurance in New Mexico, and here is why!
If a client claims bodily injury due to the use of your business’s products, then general liability insurance will cover you against these types of claims.
And if you sell your products via your website, then it is a good idea to check out NM eCommerce insurance to better protect your interests.
Take, for example, your business is selling facial creams, and a person has an allergic reaction to your cream, then general liability insurance can help cover costs if you get sued.
What is Not Shielded Under General Liability Insurance?
Depending on the kind of general liability insurance you choose, there are few things that may not be covered under your insurance terms.
The first thing that may not be covered is against lawsuits not related to your services. Employee illnesses may also not be covered under your general liability insurance contract.
As a business, you may be storing several expensive tools in your truck or even at your end user’s property.
If these things do get stolen, you will need specialized general liability insurance.
In the event of theft of your personal property, your auto insurance policy will not cover these things against theft.
Another area where general liability insurance may not offer protection is if you make glitches in your services.
When buying general liability insurance, you should pick your coverage limit wisely. Because your general liability insurance policy will not give costs that exceed your policy limit.
Different Kinds of General Liability Insurance
General liability insurance is a widely used term for several types of insurances, most notably:
General Liability Insurance
Also known as CGL commercial liability insurance or BL business liability insurance, this (type of insurance protects your company against claims that cause bodily injury or property damage to someone else.
Adding to this, general liability insurance also covers your company against reputational harm or errors in your advertising.
Some examples of things general liability insurance will protect your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also referred to as errors and omissions insurance, professional liability insurance comes claims against your entity that arise from errors in the services you offer.
For example, if you are a financial specialist that offers a client incorrect figures, and they sue you, professional liability insurance will provide the legal expenses.
If you offer professional services to customers, then you should as your insurance agent about professional liability insurance.
Employer Liability Insurance
If your company has several workers, opting for employee liability insurance is a great idea.
This form of insurance covers your workers against any injury they may experience at the worksite.
Further, employer liability insurance can also provide disability benefits, missed wages, and funeral costs.
What is the Cost of General Liability Insurance?
The cost for general liability insurance is different across insurance providers. It depends on a lot of different factors including the kind of business you are handling.
For example, if you are running a drywall business, then the cost for your premiums will be higher than other types of businesses, hence you should explore NM roofing insurance.
But to give you a rough idea, general liability insurance costs $40 per month, but a little lower if you opt to pay annually.
High-risk companies can expect to pay higher premiums such as contracting categories.
You can save cash if you pay for your insurance policy in full annually.
Further, you can also save money on your general liability insurance policy if you bundle all your policies under one insurance provider.
You should also minimize your business claims on your general liability insurance policy.
How to Locate General Liability Insurance Companies in New Mexico?
When looking for the best general liability insurance provider in your area, it is important to check the agency’s reputation.
You should then choose your coverage limit, where the higher the limit, the higher the price of premiums.
But it is critically important that you select the right amount of coverage.
If you do not know about the coverage limit you need, speak to your general liability insurance provider to help evaluate your company’s risks for the right coverage limit.
But $1 million and $2 million are the most chosen coverage limits of general liability insurance.