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!