New Mexico (NM) Business Insurance

Choose The Hartford for Your New Mexico Business Insurance Needs

New Mexico, the Land of Enchantment, is home to 154,257 small businesses, making up 99% of all companies in New Mexico, as of 2018. Those small businesses employ 339,640 employees throughout the state, comprising of 54.2% of employees in New Mexico. In this case, small businesses are defined as businesses with fewer than 500 employees.¹ The Hartford Insurance can help protect Santa Fe businesses, Albuquerque businesses, Las Cruces businesses, and more with New Mexico business insurance. Companies have been safeguarding their New Mexico operations with business insurance from The Hartford for over 100 years. Learn more about New Mexico small business insurance, New Mexico business income insurance, and New Mexico workers’ compensation insurance from The Hartford.

Types of New Mexico Business Insurance Offered

New Mexico Business Owner’s Policy Insurance

A New Mexico Business Owner’s Policy is a single insurance policy that combines both business property and business liability insurance for your New Mexico small business. A Business Owner’s Policy, sometimes referred to as a BOP, can help you protect your NM business from the costs of damages from things like theft, fire, or other covered disasters. BOP coverage also helps your business cover the costs related to claims against it of property damage, personal and advertising injury, and bodily injury that could arise during the day to day operations of your business.

Businesses in NM can tailor a Business Owner’s Policy to meet their specific business needs by adding additional coverages like workers’ compensation insurance, data breach insurance, commercial auto insurance and more. Purchasing a BOP is smart and convenient. It simplifies insurance coverage by including business property and business liability, two essential coverages that most businesses need, in one policy.

Consider a Business Owner’s Policy for your New Mexico business if:

Your business has digital and physical assets that can be damaged or stolen, like digital hardware and software, tools, inventory, furniture, customer information, and other private data.
Your business could potentially be sued. For example, if a customer gets hurt in your place of business and has to visit the hospital for his injuries and sues you for the costs.
Your business has a physical location; this can be your home office, a rented or owned office, or another place where you do business.

New Mexico Professional Liability Insurance

Professional Liability Insurance, also known as Errors and Omissions (E&O) insurance, helps protect you and your NM company if you are found to be negligent in the professional services you provide. For example, say you make a clerical error that costs a client thousands of dollars or you are a wedding photographer and damage or lose a client’s wedding photos. These situations can have costly legal repercussions. Professional liability insurance from The Hartford can help cover the costs and fees associated with the incident.

Many types of businesses in New Mexico need professional liability insurance, especially if the type of work performed involves providing services directly to customers. Professional liability insurance can help protect technology professionals, tax preparers, home inspectors, real estate professionals, accountants, consultants and more.

New Mexico General Liability Insurance

New Mexico General Liability Insurance coverage helps protect your NM business from claims like property damage, bodily injury, and personal and advertising injury that could put your business at risk.

Commercial General Liability insurance (CGL), also known as Business Liability Insurance or General Liability Insurance provides coverage for claims involving injuries to your customers, damage to others’ property, and lawsuits against your business. It can also help cover medical expenses as well as legal costs if an incident leads to a lawsuit. Commercial Liability Insurance from The Hartford provides some of the broadest business insurance coverage available today.

Commercial Liability Insurance typically includes coverage for:

Advertising errors - for claims of copyright infringement in your ads.
Bodily injury or property damage - for claims that your business caused someone bodily harm or damaged their property.
Reputational harm - to help cover the costs of claims of libel, slander, wrongful eviction, violation of the right of privacy, and more.
Medical payments - to help cover medical costs if someone claims they were injured at your business.
Damage to rented property - if the property you rent is damaged by things like fire, explosion, or lightning.

New Mexico Commercial Umbrella Insurance

A New Mexico Commercial Umbrella Insurance policy provides NM businesses with additional liability coverage to help protect them against the costs of claims after the limits of their primary liability coverage are met. When companies become the target of lawsuits they may suffer significant losses beyond the limits of their primary business insurance coverage.

If the cost of a claim exceeds the limits of your business’s primary insurance policy, commercial umbrella insurance extends liability insurance coverage for an additional layer of protection. This can help to further defend your NM business. Without this coverage, business owners can be obligated to pay out of pocket for legal fees, medical bills, and damage expenses that exceed the limits of their current coverages. To help get the added protection your business needs, get a quote on Commercial Umbrella Insurance from The Hartford.

A Commercial Umbrella Insurance policy can help protect a business when accidents take place such as:

An advertising error results in significant lawsuits against your company. As a result, the costs exceed your primary business liability insurance coverage limits.
A customer falls on a slick floor in your office and injures himself. The medical costs of the injuries far exceed your general liability policy’s limits.

New Mexico Minimum Business Insurance Requirements

In New Mexico, employers with three or more workers are required to carry workers’ compensation insurance coverage. Employers actively engaging in activities required to be licensed by the Construction Industries Licensing Act must have workers’ compensation coverage, regardless of the number of employees.²

Find out if your NM business must carry workers’ compensation insurance.

Additional New Mexico Business Insurance Links

Get a quote on Small Business Insurance for your business today.

¹ https://www.sba.gov/sites/default/files/advocacy/2018-Small-Business-Profiles-NM.pdf

² https://workerscomp.nm.gov/Information-for-Employers