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If you are a business owner in New Mexico, you need to know which commercial insurance requirements exist in your state to get the needed policies. Two insurance types are mandated for many New Mexico businesses. There are also many non-required policy types, such as cyber insurance, that you should look into for extra protection. If you need commercial insurance coverage in Rio Rancho, NM, call us at Franklin Insurance Agency.
Workers’ Comp
Workers’ compensation insurance is required for many businesses in New Mexico. All businesses in the state with at least three employees must have this insurance to protect them. This is true whether the employees are part or full-time. If your business is a construction company, the law says that having even just one employee requires you to have workers’ comp insurance. This policy protects your business by paying for the accidents, and even disability payments, for an employee who has an accident at work. This makes your business less likely to be sued, and it can save you an enormous amount on medical bills.
Commercial Auto Insurance
If your business owns any vehicles, each of these vehicles has to be covered by commercial auto insurance. This insurance will pay for the liability you have after an accident. These policies must have both bodily injury and property damage liability coverage. If you have a trucking company, you will likely have additional insurance requirements. It’s also a good idea to have collision coverage for your work vehicles so that your damages will be paid for after an accident.
Cover Your Business
Call us at Franklin Insurance Agency in Rio Rancho, NM to get the coverage you need to protect your business.