Category: Commercial Insurance

Advantages of Commercial Insurance for Small Business

If you are contemplating starting a small business in the Rio Rancho, NM, area, commercial insurance can offer several perks.

Cybersecurity and Attacks

Many small businesses have broadened their reach with an online presence, exposing them to the risk of cyber attacks without proper cybersecurity defenses. Commercial insurance can include a cybersecurity component, providing essential protection. This coverage is highly recommended for any small business operating online.

Liability Protection

As a small business, claims related to the misuse of your company by employees, customers, and other patrons pose an inevitable risk. For instance, you could be held accountable for defamation by an employee against a competitor or be accused of negligence by your team. As a business owner, financial liability for these issues falls squarely on your shoulders unless you have commercial insurance to file a claim.

Property Damage

Be it a leased space or your own property, you are accountable for any damage caused by your enterprise. Even if you’re not at fault, making necessary repairs to continue business operations is your responsibility. Without commercial insurance, you’ll need to tap into your personal funds for these repairs, possibly forcing you to halt business operations or reconsider your business model.

Contact Franklin Insurance Agency in Rio Rancho, NM

As a business owner, understanding the financial flexibility and security that commercial insurance can provide is critical, particularly for small businesses. Dealing with unexpected situations without insurance could inflict severe financial damage on a fledgling business. For more information on commercial insurance in the Rio Rancho, NM area, contact our Franklin Insurance Agency team today for a personalized quote.

Our agents at the Franklin Insurance Agency serving the Rio Rancho, NM area want all business owners to know and understand the options they can choose from and what is required for commercial insurance, also known as business insurance.

Is Commercial Insurance Required in New Mexico?

There are several types of commercial insurance, but there are a few that are required in the state of New Mexico. Those include auto liability insurance and workers’ compensation insurance.

Auto Liability Insurance

All vehicles in New Mexico must be insured with at least an auto liability insurance policy. This law applies to any vehicles you use for your business or those your business own. This type of insurance will help pay for the other driver’s injuries or property damage in an accident. This type of insurance also applies to the theft of your business-owned vehicle or damage that occurs to a vehicle owned by your business.

Workers’ Compensation Insurance

If you have three or more employees, you will be required to have a workers’ compensation insurance policy in place to help pay the possible costs of an injured worker or legal fees associated with a workers’ compensation claim.

Types of Commercial Insurance Coverage Options

General Liability Insurance

This type of insurance can help you pay legal bills associated with a customer who suffered an injury at your business or if you are involved with libel or slander. It will also help pay the medical bills of an injured customer while visiting your business.

Commercial Property Insurance

If you own the property where your business is located, this type of insurance will help you out if there is a fire or natural disaster. It can also help if your inventory is damaged or lost due to theft or vandalism.

Other Types of Commercial Insurance

Our agents can assist you in explaining the other types of commercial insurance available, such as professional liability, product liability, cyber liability, business interruption insurance, and several others.

Contact Franklin Insurance Agency

Contact our agents at the Franklin Insurance Agency serving the Rio Rancho, NM area to get your commercial insurance policy started today!

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.

At Franklin Insurance Agency, we usually get this from our clients after a disaster strikes, “I thought I was covered.” Unfortunately, about 75% to 90% of business owners are underinsured. And this means one thing — you will have to incur unexpected out-of-pocket expenses when disasters knock on your doors.

So, how much commercial insurance do you need for your Rio Rancho, NM business? Well, keep reading to know the amount of commercial insurance you should purchase.

Business insurance coverages

Before determining the amount of business insurance you require, it’s essential to look at the different types of coverages available for businesses. Here are common business insurance coverages:

• Business liability coverage: This covers your business against liabilities, including property damage, advertising, and bodily injury.
• Commercial property insurance: It protects your business premises and other assets against risks like fire, vandalism, and theft.
• Worker’s comp insurance: This coverage protects your employees against illnesses and work-related injuries.  
• Commercial auto insurance: It’s required for business vehicles.
• Cyber liability insurance: It protects your business against cybercrimes.

Having known the different types of commercial insurance coverages, you can now ask how much business insurance you require to purchase.

How much business insurance do you need?

The amount of commercial insurance apt for your business isn’t a cut-and-dry answer. It depends on various aspects of your business. Here are questions you must ask before determining the amount of commercial insurance you need:

• What’s the nature and size of your business?
• How many employees do you have?
• Where is the location of your business?
• What’s the size of your business contracts? 
• What are the mandatory commercial insurance coverages?
• How many insurance coverages do you intend to purchase?

An insurance agent familiar with your industry can help you determine the amount of commercial insurance sufficient for your business. 

Are you still unsure about the amount of commercial insurance you should purchase? Don’t stress yourself. Instead, contact Franklin Insurance Agency for clarification. You can also pass by our Rio Rancho, NM to talk to one of our agents.

Franklin Insurance Agency offers coverage to the Rio Rancho, NM community. We strive to make sure that our clients find policies to protect their assets and manage risks. For over 15 years, we have built our service around integrity and trust.

Why Commercial Umbrella Insurance Can Help You Protect Your Restaurant

Umbrella insurance acts as a safety net if you are involved in a serious liability dispute. Umbrella insurance can help you protect your assets. This is especially important if you are a Rio Rancho, NM restaurant owner. Umbrella insurance can help you protect your investment. You face multiple risks every day as you operate your restaurant. Here is a look at some of the different ways that umbrella insurance is an asset.

As a restaurant owner, the most common danger that you face is an accidental injury. Perhaps one of your customer’s trips and falls, or they believe that one of your products made them sick. They plan to seek litigation against your business for pain and suffering. Your traditional liability coverage may not be enough to protect you. That means your assets may be at risk. Umbrella insurance is an asset because it allows you to have full coverage while you deal with the allegations.

If you serve alcohol at your restaurant, you’ll also need umbrella insurance. You could be held liable if you serve alcohol to one of your patrons and later on they end up damaging someone’s property. This is one of the most serious liability disputes you can go through as a restaurant owner. Umbrella insurance can help you avoid disaster.

Franklin Insurance Agency Will Help You Protect Your Investment

Visit our website today to learn more information about umbrella insurance.

A home business can be a profitable and rewarding experience. Like any business, your home enterprise needs to be protected against unforeseen events that can lead to financial loss. At Franklin Insurance Agency, we offer a number of commercial insurance options for home businesses in the Rio Rancho, NM area. The right insurance protection will give your home business a chance to grow.

Why Your Home Business Needs Commercial Coverage

If you’re counting on home insurance to protect your business property, you may be sorely disappointed. Home insurance is designed to protect your dwelling and personal belongings, not business equipment or products. That’s why you need commercial coverage.

Commercial Insurance Options for Home Businesses

Depending on the scope and type of home business you run, you can choose from the following coverage options:

Property Coverage – to protect your business furniture, equipment (computers, scanners, printers, phones, etc.), and products (if you store inventory on your home property)

General Liability Coverage  – to protect you against accidents customers or business associates may have when visiting your home for business purposes. Liability also protects you against lawsuits if you’re sued for damages.

Business Interruption Coverage – to cover lost revenue and other business expenses if you have to shut your enterprise down temporarily due to disaster damage to your home

Workers Comp Coverage – If your home business employs three or more part or full-time workers, New Mexico requires that you have this coverage to protect your employees against accidents on the job.

Commercial Auto Coverage – If your home business uses a vehicle (or vehicles) for business purposes, this coverage will protect you and your workers against auto accidents on the job.

To purchase commercial insurance for your Rio Rancho, NM home business, contact Franklin Insurance Agency at your earliest convenience.

As a business owner, you invest a lot of effort and money into making your commercial venture a success. Taking out a commercial insurance policy is a vital thing business owners in Rio Rancho, NM need to do to protect their livelihood.

We offer a range of commercial insurance options at Franklin Insurance Agency. The following are three ways our commercial insurance coverage can protect the livelihood of local business owners. 

Commercial insurance can cover repairs needed for your business facilities. 

Your business facilities could become damaged in a variety of ways. A natural disaster or fire could damage them. Your business operations may not be able to continue as normal if your business facilities become damaged.

Commercial property coverage will cover the costs of damage your business facilities experience so that these facilities can be put back in operation again. 

Commercial insurance can cover the costs of legal fees if your company is sued.

Companies can be sued for a variety of reasons. You could be sued for malpractice in many industries. You can also be sued if the products your company produces cause injury to customers. 

Commercial insurance covers legal costs if your company experiences a lawsuit.

Commercial insurance can compensate you if theft or vandalism has destroyed company equipment. 

A company’s equipment is typically one of its most valuable commodities. Equipment damage can shut down a company or severely reduce its productivity. 

Commercial insurance can cover the costs of damage to the equipment caused by theft or vandalism. 

It’s important to carefully research your coverage options before purchasing commercial insurance in Rio Rancho, NM. Contact us at Franklin Insurance Agency to learn more about the coverage we provide. 

Owning a business is a dream for many people in the Rio Rancho, NM area. When you are the owner of a business, you will have many important decisions to make on a daily basis. One important decision that you will have to make is whether or not to get a commercial insurance policy. A commercial insurance policy has a variety of different components and types of coverage that will help to protect you and your company. 

Commercial Liability Protection

One type of insurance that you will receive with your commercial insurance policy is commercial liability protection. As an owner of a business, you are taking on a lot of risk and responsibility. If you sell a product or service that causes someone to get hurt, you could be facing a serious liability lawsuit. Fortunately, through your commercial insurance policy, you can get protection against this type of risk. 

Protects Business Assets

When you are the owner of a business, you likely will need to invest a lot of money into assets for your company. This can include major equipment, inventory, supplies, and real estate. If you are not properly insured, all of this could be lost in a fire or other casualty. Fortunately, a commercial insurance policy can provide you with the support that you need to ensure that your assets are properly covered in these situations. 

When you are shopping for insurance in the Rio Rancho, NM for your business, a great place to start your search is with the Franklin Insurance Agency. The professionals at the Franklin Insurance Agency know all about the benefits of having commercial insurance and how it can help any small business. The team of professionals will be able to help you choose the right policy for your organization.