New Mexico Retail Store Insurance (NM) – policies and cost

Retail store Liability Insurance in New Mexico  – (NM), is an important type of insurance to have for any individual who conducts business selling to the public from malls shops.

If you’re a retailer, you have to buy retail store liability insurance, and here’s why! 

What actions do retail stores do in New Mexico? 

But first, a retailer should not to be confused with a shop. There are many studios that include the word shop in their name, like auto body shop that are not selling products, but provide work to the public.

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The latter usually has some type of registered license, and so they need to get their own liability insurance in NM. A first-line supervisor in New Mexico is likely to be younger than the average for the state, and to earn less than the average for New Mexico.

Retailers deal in public to sell merchandise to other businesses for household consumption and so need Small Business insurance in New Mexico to cover all possible risks.

Retail Store Insurance in New Mexico

General statistics

About 6% of the total labor force in New Mexico was engaged in the retail sector in 2020. 

Interesting fact – workers in NM are ten time more likely to find jobs in clothing stores than in florists.

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What are the common forms of retail store insurance policy types in New Mexico? 

General liability insurance.

The usual general liability policy for retail stores in New Mexico covers a total of $2 million for the whole year, with a cap of $1 million for a single submission.

Professional liability insurance

Almost all retailers in New Mexico will see the need for a policy of at least $10000, and usually choose substantially more when their own kind of business warrants it. In some cases, the insurance company in New Mexico gives an incentive to include a deductible of a few hundred dollars, to stop the nuisance of frivolous claims.

Product liability insurance

The recommended level of cover in NM, is worked out on the type of products that the store markets as well as the volume of sales.

Commercial vehicle insurance

Once goods leave your premises in New Mexico, your standard insurance stops cover. If you are doing your own issuing with a truck, then you need targeted policy giving you commercial vehicle insurance in New Mexico for the vehicle, the driver and the contents.

Commercial insurance

Retail business depends on stock and a physical shop. This means investing your money into premises and goods, and you cannot afford to let this walk out the door. Commercial insurance in New Mexico is especially designed to take into account the dangers that can end up costing you a lot of money.

Property insurance

New Mexico carries special risks when it comes to buildings, and each business must take out the appropriate cover to protect property and contents. 

As well, the possibility of disasters is increasing because of climate change, so every retailer should take care to get all the cover necessary to cover even the most remote possibility.

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Business Income insurance

There has been a history of ups-and-downs in NM, that have hit retail businesses hard. It is clever to get proper insurance in place before such a calamity occurs, rather than to expect that you can never be hurt.

Average costs of these types of insurance in New Mexico

Although every business is unique, there are enough examples of average quotes from insurance companies in New Mexico for us to give rough guidelines. Of course, you should always check with an insurance representative of what’s relevant for your business.

The below list is for annual premiums for the main types of insurance retailers need in New Mexico.

Types of insurance Price range
Business income insurance $437 – $1038
Commercial insurance $985 – $2712
Commercial vehicle insurance $1659 – $2586
Property insurance $1368 – $3648
General liability insurance $468 – $1479
Public liability insurance $324 – $717

Cost of insurance in New Mexico depends on many different factors

Please take note that the above figures are based on averages for small retail businesses. The size and location of your business in New Mexico can have a big impact on the cost, and also the type of trade and inventory will.

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For Example – a liquor store on the high street has a much different risk of robbery than a babywear shop conducting New Mexico retail sales that is located inside a large mall, so the costs of the insurance will be very different.

FAQ section:

Do you need business insurance in New Mexico?

Every retailers in NM, will have to have at least some insurance, covering regulations because they are dealing with the public, and also probably to qualify to be permitted to register with a business license in New Mexico . As well, insurance in New Mexico is especially designed to take into account the occurrences that can end up costing you a lot of money.

What is considered a retail store and what is not?

Some businesses use the title “shop” in their definition, but don’t really act as retailers.

For example:

  • dram shop
  • motorcycle repair shop
  • coffee shop
  • auto body shop
  • auto repair shop
  • bike shop
  • tire shop
  • mechanic shop
  • repair shop
  • coffee shop
  • tattoo shop
  • body shop
  • machine shop

A better wording would be if the business sells at least one of the following to the public:

  • Home living and homeware, trade, and gardening goods.
  • Apparel like babywear, kids, women’s and men’s clothing.
  • Specialty products for narrow sectors, like florists, jewellers.
  • Entertainment, communication, and technology goods.
  • Books, newspapers, magazines and office supplies.
  • Food and beverages as in supermarkets, liquor stores, fruit & vegetable grocers and specialty food stores
  • Sport, recreation, and leisure goods.
  • General retail as in department stores and clothing retailers.

Where to find the right insurance?

In every town in New Mexico you will be able to find a qualified insurance agent or broker that can advise you on your best options. Most independent brokers and agents work six days a week, with the following opening times.

Opening Hours:
Monday – 8:00 AM – 6:00 PM
Thursday – 8:00 AM – 6:00 PM
Wednesday – 8:00 AM – 6:00 PM
Thursday – 8:00 AM – 6:00 PM
Friday – 8:00 AM – 6:00 PM
Saturday – 7:00 AM – 1:00 PM

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