When you are a business owner, you want to make sure you work with a qualified agent or broker to get the best coverage. If you are looking for New Mexico business insurance, here are a few types of policies you should discuss with your agent to see if they are right for you.
There are several kinds of liability insurance. Most businesses need a general liability policy to cover any legal fees or damages settled against them. Depending on your industry, you may also consider adding other liability insurance. Employment practices liability protects your company in the event that employees claim misconduct from other employees or management, and directors and officers liability specifically covers the leadership of your company. Professional liability is specifically tailored to your industry to pay for the legal fees associated with errors and omissions.
Other policies you may consider as part of your New Mexico business insurance package are designed to compensate you for damages to your property or commercial vehicles. Workers’ compensation coverage protects both workers injured on the job from the exorbitant costs of medical bills and lost wages and their employers from legal settlements that could result from those incidents. Finally, for additional costs that other policies don’t cover, an umbrella policy can prove useful. When you discuss the appropriate coverage for your business with your agent, you can get a better idea of which policies benefit you the most.