This type of business liability insurance is important for all New Mexico businesses. A general liability policy covers common third-party risks, and it's required by most commercial leases.
New Mexico requires workers’ comp for businesses that have three or more employees. It also protects sole proprietors from work injury costs that health insurance might deny.
This policy is required for business-owned vehicles in New Mexico. It covers injuries and property damage in an accident, along with vehicle theft and some types of damage.
A BOP bundles commercial property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for a New Mexico business.
A professional liability insurance policy provides financial protection against lawsuits related to work performance. It's also called errors and omissions insurance (E&O).
E&O, sometimes called professional liability insurance, is common with professional services in New Mexico. It can cover the cost of lawsuits related to your work performance.
This policy covers financial losses from data breaches and cyberattacks. It's recommended for New Mexico businesses that handle credit card numbers and other sensitive data.
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
When you are ready to get insurance for your New Mexico business, you can complete Insureon's easy online insurance application to get quotes from top-rated carriers.
State laws affect which business insurance coverage you need. These policies are required everywhere in New Mexico, from Albuquerque to Las Cruces.
New Mexico state law requires businesses with three or more employees, full-time or part-time, to carry workers’ compensation insurance. In the construction industry, businesses with even one employee must provide workers’ comp.
This policy covers medical bills for work-related injuries and illnesses. It also provides disability benefits to injured New Mexico workers.
All business-owned vehicles in New Mexico must be covered by commercial auto insurance. This policy covers the cost of accidents involving work vehicles.
New Mexico's minimum requirements for auto liability insurance are:
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to commercial general liability insurance or a business owner's policy (BOP).
Commercial insurance can be affordable for small business owners. Average costs in New Mexico are:
General liability: $42 per month
Workers' comp: $67 per month
Professional liability/E&O: $58 per month
Factors that influence business insurance costs include:
Insureon's licensed agents can help you find policies that fulfill New Mexico requirements and protect against financial loss. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.
Yes – that's why cyber insurance is so crucial. Hackers are three times more likely to target small businesses, as they often have fewer resources to combat a threat.
New Mexico's data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Contractors often need to carry general liability insurance or surety bonds to perform certain types of work. Having the right insurance and bonds helps you comply with state licensing requirements.
Real estate agents and brokers are required by state law to carry errors and omissions insurance (E&O), while other professionals who offer advice or services sometimes need this policy to get licensed.
State law also requires that attorneys either carry malpractice liability insurance with policy limits of $100,000 per claim and $300,000 annual aggregate, or to notify clients in writing if they don’t have this coverage. It also requires a minimum level of professional liability insurance coverage for physicians to participate in state programs that either limit the amount of damages available in a malpractice claim, or provides supplemental malpractice coverage to them.
Note that cities and counties may have their own laws, in addition to state laws.
As with any purchase, shopping around is one of the best ways to find an affordable option. With Insureon, you can compare quotes from top-rated providers by filling out a free online application.
Other ways to save include bundling policies for a discount, and choosing less expensive policy options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.