Franklin Insurance Agency

2345 Southern Blvd SE Ste C4,
Rio Rancho, NM 87124, United States

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How Much Commercial Insurance Do I Need?

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.

Auto Insurance Explained

It is vital to acquire car insurance that suits your needs and lifestyle. Having auto insurance in Rio Rancho, NM is paramount. Regrettably, many Rio Rancho NM residents are unaware of the type of insurance they are supposed to buy to suit their needs. Whether you are a seasoned driver driving an old car or a new car owner, you require prolific auto insurance from Franklin Insurance Agency to cushion you and your expensive asset from impending perils like accidents and theft. 

Is Auto Insurance Mandatory in New Mexico?

Like many states, auto insurance is legally required in New Mexico. Car owners are expected to maintain minimum liability coverages in their auto insurance policy. These minimum requirements include bodily injury and property damage liabilities. Hitting the roads of New Mexico without these mandated requirements may attract stiff consequences like fines and license suspension. There are several auto insurance coverages, including.

Collision coverage: It pays for repairing or replacing your car after a collision involving another vehicle or stationary objects like a tree or guard rail.

Comprehensive coverage: It pays for either repairing or replacing your car up to the vehicle’s actual cash after an incident other than collisions such as glass damage, hail, and other inevitable eventualities.

Un-insured and under-insured motorist coverage: If you are engaged in an accident with a motorist with no or inadequate coverage, this coverage protects your prevailing medical bills.

Medical payments coverage: It pays for reasonable and vital medical costs related to accidents such as surgery and x-rays if you, your passengers, or your family members are injured in an accident.

Are you a car owner of Rio Rancho, NM searching for a salient auto insurance policy to protect yourself and your car? Don’t hesitate to contact us at Franklin Insurance Agency for all your insurance needs.

New Mexico Boat Insurance Laws

In New Mexico, you are not required to have boat insurance, but it is always recommended. There are as many laws regulating the waters and traffic on the water in New Mexico as there are for New Mexico roads.

At Franklin Insurance Agency, we want Rio Rancho, NM residents to feel secure and protected when they are boating. Know the laws before you hit the water, and you will have safer adventures.

New Mexico Boat Insurance 

New Mexico boat insurance is similar to New Mexico auto insurance, in that it offers similar coverage. You can purchase:

• Bodily Injury Liability – Covers injuries to third parties
• Property Damage Liability – Covers damages to property that is not yours
• Physical Damage – Covers damages to property that is yours
• Property Coverage – Contents of your boat
• Towing Coverage – When your boat needs to be removed 
• Comprehensive Coverage – Coverage for damage not caused by collision
• Pollution Liability – Coverage when you are at fault for fuel spills
• Uninsured Boater Coverage

Your boat must be registered with a Certificate of Number and titled in order to operate it legally in New Mexico. If your boat is from another country, owned by the United States Government or state of New Mexico, or documented by the Coast Guard, you do not need that information.
Avoid Reckless Boating

Avoid reckless boating in New Mexico, as there are heavy fines and penalties for failure to do so. Boating violations are enforced by the New Mexico State Parks Division, the county sheriff, State Police, and the Coast Guard on federal waters. They have the authority to stop your boat at any time to ensure federal and state compliance.

It is illegal to:

• Speed
• Create or jump dangerous wakes
• Anchor less than 150 feet from a dock
• Chase or harass wildlife
• Boat in restricted areas
• Fish from a boat driving within 150 feet of a marina, ramp, or dock
• Operate under the influence of drugs or alcohol

Get a Quote

Boating is a dangerous activity, but there is protection. When you want to get boat insurance in New Mexico, be sure that you have the coverage you need for every possible risk. At Franklin Insurance Agency, we want Rio Rancho, NM residents to be protected. Call us for a quote today.

Reasons to take a good look at your auto policy

Life is not a static thing, it ebbs and flows. Auto insurance needs to grow and change along with the rest of your life. The policy that is right for today may be woefully short tomorrow. At Franklin Insurance Agency in Rio Rancho, NM, we are a family-owned independent agency that has been doing business since 1986. Our many years of experience have prepared us to provide our clients with the level of service they expect.  

When your policy renews, you get a declaration page that lays out your coverage in a way that is easy to read and understand. It makes it simple to see what coverage you have and how much of it. This is the ideal time to make sure you know exactly what you are paying for. You may be surprised at what you have and maybe don’t have. 

When you are adding a new driver or removing a driver, it is a good time to take a good look at your coverage. If you are adding a young driver you may want to raise your liability coverage and if you are removing a driver and perhaps a vehicle, you can lower your coverage. 

When you pay off your auto loan, it is time to take a good look at your coverage. Your lender requires you have collision and comprehensive coverage. When the loan is done, you can rethink if that is something you still want to do. A lot depends on the age and value of the vehicle. If it is more than 10 years old and the value is only a few thousand dollars, you may no longer want to carry the additional coverage. 

Contact Franklin Insurance Agency in Rio Rancho, NM when you are ready to take a good look at your auto insurance coverage. 

Keeping your home safe when you’re away on vacation

You have been planning your trip for months, finally, you are leaving on vacation. Coming back to a home that has been broken into can turn a great vacation into a traumatic experience. Taking some precautions before you leave can lower the risk that you will have your home violated by an intruder. At Franklin Insurance Agency in  Rio Rancho, NM, we are an independent agency that puts our customer’s needs first. 

Don’t announce your plans on social media

These days, people tend to expose their entire life on social media. If you let everyone know what your plans are, you are sending out an invitation to people you may not even know. Just because you only allow your friends to see your posts doesn’t mean they don’t share with someone who will take advantage of the information. Wait until you get back to share your photos. 

Stop your mail

Nothing says we’re not home life an overflowing mailbox. It is as simple as filling out a form on the USPS website. Always stop your mail at least a day early, so you know for sure your mailman has read the notice to stop your delivery 

Talk to your nosey neighbor 

People are still the best line of defense. If you have a neighbor you know, especially one who walks around the neighborhood frequently, ask them to keep an eye on your home for anything out of the ordinary, 

Let the local police know

In many small to medium towns, the local police have a community program that will send an extra patrol through the neighborhood if you let them know you will be out of town. 

Secure your home

Have lights that turn on randomly, lock all your doors and windows and set your alarm. These are all common-sense steps to help keep your home safe while you are away on vacation. Having someone park in your driveway is also a good idea. 

Contact Franklin Insurance Agency in Rio Rancho, NM for all your home insurance needs. 

RV Insurance You Cant Do Without

RV’s ownership gives you the freedom to explore the fantastic sceneries of New Mexico. Even better, when you carry RV insurance from Franklin Insurance Agency located in Rio Rancho, NM, you can enjoy your travels knowing that you and your investment are secure. 

If you are new to RV insurance, it can be challenging to obtain the right coverage. However, with the below advice, you can be sure that you and your RV are well protected whether your RV is on the road or parked on the driveway or garage.

Must-have RV insurance

While it’s mandatory to carry RV insurance, carrying this insurance is a lot cooler than complying with the law. RV insurance protects your investment, pays for medical expenses, covers you against liabilities, and gives you protection, just like homeowners’ insurance. However, you must add the below coverages to your policy for you to get the best out of your RV insurance.

  • Liability coverage: Whether it’s bodily damage or property damage to third parties, RV insurance ensures that you don’t pay for damages caused from your pocket.
  • Comprehensive and collision coverage: Whether parked or on the road, this is a must-have coverage. The collision insurance pays for the replacement or damages sustained by your RV in an accident. The comprehensive coverage protects your RV from a wide array of perils like theft, vandalism, fire, falling objects, storms, and other risks stated in your policy document.
  • Medical payments: Given how expensive healthcare can be, accident-related injuries can cripple you financially, especially if you don’t have health insurance. Fortunately, the medical payment coverage can rescue the day by covering accident-related injuries whether you are at fault or not.
  • Uninsured/underinsured motorist coverage: Did you know that approximately 1 in 8 motorists doesn’t carry auto insurance in America? For this reason, you should carry this coverage to pay for damages for hit-and-run situations or when you are involved in an accident with a motorist carrying no or insufficient insurance. 

Are you an RV owner without RV insurance? Don’t compromise your safety and that of your RV. Instead, contact or visit Franklin Insurance Agency offices in Rio Rancho, NM, to purchase customized RV insurance unique to your needs.

Why New Mexico Restaurant Owners Should Consider Commercial Umbrella Insurance

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.

Why should I get a motorcycle insurance plan in New Mexico?

In the Rio Rancho, NM area, people are able to enjoy the hot sun and open roads when going for a drive. This can make it a fun place for you to own a motorcycle. If you do own a motorcycle here, you will have an efficient mode of transportation that can be used much of the year. However, you will need to get a motorcycle insurance plan in place if you do get one. There are several reasons why you should get a motorcycle insurance plan here.

Insurance Protects Against Liability

An important reason that anyone in this area of New Mexico should get motorcycle insurance is that it can protect against liability risk. If you are going to operate a motorcycle, you could make a mistake that leads to an accident that results in damages. If this happens to you, it will be beneficial to have motorcycle coverage as it will have protection against liability risk.

Protection for Asset

You will also want to get motorcycle insurance as it can protect your asset. If you invest in a motorcycle and want to use it for a long time, you should get a collision and comprehensive policy. This form of coverage will provide protection in the event your motorcycle is stolen or damaged. This coverage will also be required if you took out a loan to buy the motorcycle. 

When you are shopping for motorcycle insurance coverage in the Rio Rancho, NM area, it would be a good idea for you to call Franklin Insurance Agency. The insurance team with Franklin Insurance Agency understands the value of motorcycle coverage. They can help you assess your individual needs and explain all of your options. This can help to ensure you are able to build a quality motorcycle insurance plan. 

Required Auto Insurance in New Mexico

Driving in New Mexico means seeing breathtaking vistas and an amazing landscape, but it also requires a specific amount of auto insurance. Without these minimum coverages, you can face stiff penalties from the state. If you need auto insurance, or you want to raise the amount you have, call us at Franklin Insurance Agency in Rio Rancho, NM. 

Bodily Injury Auto Coverage

To drive in New Mexico, you must have some mandatory minimums of auto insurance. This includes a specific minimum amount for the injury or death of a person and another for the injury or death of two or more people. This bodily injury coverage pays the medical bills of those injured or killed in an accident that is your fault. You must carry proof of this insurance coverage in your vehicle. 

Property Damage

It is also required that you have a specific amount of coverage to cover all of the property damage you do in an accident in which you are at fault. This type of coverage is often used to pay for the damage to another person’s vehicle, but it can also cover the damage done to houses, landscaping, commercial property, and anything else that was damaged by your vehicle. You must also carry proof of this insurance and show it upon request. 

Call to Make an Appointment

If you aren’t sure if you have enough coverage, or you want a new auto policy, call us at Franklin Insurance Agency in Rio Rancho, NM. Make an appointment to talk about your auto insurance needs with an insurance agent. You may want to boost the amount of auto coverage you have to better fit today’s medical and property expenses. If you don’t have enough insurance to pay for either bodily injury or property damage, you could be forced to pay for them out of pocket. 

Commercial Insurance Options for Home Businesses

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.