Do You Need Small Business Insurance in New Mexico?
New Mexico is one of the nation’s youngest states, but it can brag that it has the oldest capital city in all of North America! It is also the founding spot of Microsoft and is home to more PhDs than any other state. With all that swagger, it is no surprise that New Mexico is a popular state for small businesses like construction and healthcare businesses. Home to not only the green chile capital of the world, the Land of Enchantment also boasts more top industries that include food services, retail, and manufacturing.
- There are 156,996 small businesses in New Mexico
- 99% of businesses in New Mexico are considered small businesses
- The healthcare and social assistance industry employs over 62,000 people in New Mexico
As sure as the white gypsum crystals of White Sands National Monument, small business owners in New Mexico are working hard to make their businesses succeed. New Mexico small businesses employ over 339,000 people, making small businesses crucial to the state. Protecting New Mexico small businesses with business insurance is more important than ever. Some insurance coverages are even required for all New Mexico businesses—find out more here.
Required Business Insurance Coverage in New Mexico
Workers’ Compensation Insurance.
Like many states, New Mexico requires businesses with employees to have Workers’ Compensation insurance. Its requirement is more specific, though. Your small business must obtain workers’ compensation insurance if you have three or more part-time or full-time employees. If you choose not to comply, the penalty can be devastating. New Mexico law enforcement could ultimately close your business! After a lengthy court battle, of course. It is far simpler to comply by purchasing a policy from a provider or the state fund. Workers’ compensation covers medical bills for employee work injuries and illnesses in exchange for employees agreeing not to sue your business over the accident or illness.
Commercial Auto Insurance.
All business-owned vehicles in New Mexico must be covered by commercial auto insurance. The complying commercial car insurance policy must include coverage for property damage liability of $10,000 per accident, bodily injury liability of $50,000 per accident, and $25,000 per person for bodily injury liability. Note that if your employees sometimes use their personal vehicles to complete business tasks, B2Z recommends Hired and Non-Owned Automobile Insurance coverage.
Recommended Business Insurance Coverage in New Mexico
Small Business Owner's Insurance.
A Business Owner’s Policy (or BOP) is a convenient option for small businesses in New Mexico. A BOP saves you money by bundling property insurance and general liability into a single comprehensive policy. Typically a Business Owner’s Policy covers a New Mexico small business’s liability when it comes to a customer’s medical expenses for onsite accidents, advertising damage claims, and losses and damages related to property used for business purposes.
General Liability Insurance.
General Liability as a separate minimum coverage is an option if your business does not need the property liability portion of a business owner’s policy. If your New Mexico small company leases a space, your commercial property contract may even require General Liability Insurance. General Liability Insurance helps protect your small business from the financial burden of property damage claims, customer injury, and slander and libel lawsuits.
Professional Liability Insurance.
The professional services sector employs over 24,000 people in New Mexico. Professional liability insurance includes crucial coverage for small services businesses that provide professional advice and expertise like financial advisors, electricians, real estate agents, architects, designers, and hairstylists. Professional liability insurance is also called “errors and omissions insurance” and focuses on work mistakes and errors, missed deadlines, incomplete work claims, and professional negligence lawsuits.
Cyber Liability Insurance.
The FBI reported that New Mexico's cybercrime losses totaled almost $24 million in 2020. Business email compromises accounted for nearly $10 million in losses. New Mexico small businesses are impacted by cyber attacks! Cyber Liability Insurance is critical to help your business with fraud monitoring and customer notification costs following a cyberattack, as well as the associated legal fees. With this coverage, your business gets help recovering from common cyberattacks like malicious hacking and ransomware.
Our Small Business Insurance Company Is Here to Help
- QDoes B2Z offer small business coverage in New Mexico?
- QHow do I get a quote for my small business insurance in New Mexico?A
It’s simple: Click on the Get Your Quote button and answer a few questions. And if you like what you see, purchase your policy online!