Commercial Insurance Options for Home Businesses

Posted on December 14, 2020December 3, 2020 by admin

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.

3 Tips for Buying Boat Insurance in Rio Rancho NM

Posted on November 16, 2020November 10, 2020 by admin

Owning a boat is a dream come true for many people in Rio Rancho, NM. Isn’t that reason enough to protect one of your most prized possessions? If you don’t already have boat insurance, it’s a good time to consider purchasing a new policy. If you already have one, good for you. But have you considered switching to a new carrier to save money? All these tips and more can be explained by contacting Franklin Insurance Agency. But first, we’ve put outlined three tips below to help you know what to expect during the boat insurance buying process.

1. Start with a Reputable Agent

Working with a reputable insurance agent is the key to your success. Our friendly and knowledgeable insurance agents are standing by to take your call, answer your questions, and point you toward several policies to consider. You’ll save both time and money when you put our agents to use.

2. Be Sure to Bundle

Bundling insurance policies under one carrier is a sure way to save money. Your deductible will remain the same, but you’ll save on your premiums. Consider switching to a new carrier for maximum savings and don’t forget to ask your reputable insurance agent about other ways you can save money on boat insurance.

3. Compare Quotes

We recommend comparing several boat insurance quotes before making a decision. Each quote will have differences in what is covered, how much, and for what price. A reputable insurance agent can help you with this by quickly and easily point out all the differences for you to consider.

To purchase a new boat insurance policy, contact our team at Franklin Insurance Agency today, serving the Rio Rancho, NM area. We can be reached.

Three things to do before you select an auto insurance policy in New Mexico

Posted on October 23, 2020October 23, 2020 by admin

Buying the right auto insurance policy is important for motorists in New Mexico. At Franklin Insurance Agency, we can help you to pick out an appropriate auto insurance solution for your needs in Rio Rancho, NM.

The following are three things to do before you select an auto insurance policy in New Mexico.

Figure out your budget

You’re going to have to regularly make premium payments on your auto insurance policy over time.

Because your premiums are a recurring expense, you need to budget for them carefully. Figure out how much you can afford to put toward your auto insurance payments every month.

Get all the pertinent information together

You will need to provide certain information to insurance providers to start a policy. You will need to provide information like your driver’s license number, the VIN number of your vehicle, and the title number of your vehicle.

It’s therefore important to gather documents like your driver’s license and your vehicle title before you purchase a policy.

Acquire quotes from several providers

It’s important to compare quotes between different auto insurance providers. This allows you to determine the best deal on your policy.

Do your research and pick out three or four auto insurance providers of interest. Then, you can get quotes from all of them.

Don’t just look at the price when you’re comparing quotes. You should also consider the value you’ll be getting out of the particular policy. You’re going to want to be able to depend on your policy when you need to file a claim. Therefore, a reliable auto insurance provider is important.

Contact us for assistance with selecting an auto insurance policy in Rio Rancho, NM. At Franklin Insurance Agency, we’re here to help answer all of your auto insurance questions.

Does home insurances cover lawsuits

Posted on September 30, 2020October 1, 2020 by admin

Our society is too litigious to live without a form of lawsuit coverage. Luckily, our insurance companies in Rio Rancho, NM are fully aware of this, and that’s why most coverages, including home insurance, come with liability coverage. You can never really tell how messy a lawsuit can get. That is why Franklin Insurance Agency recommends buying adequate coverage to protect yourself financially if you find yourself involved in a lawsuit.

Are lawsuits covered in home insurance?

Yes. Your home is where you spend most of your time. It is where you invite and entertain guests, and that’s why it is easy to find yourself getting slapped with an expensive lawsuit. A simple slip and fall can result in unexpected lawsuits. Most lawsuits seek monetary compensation for injuries or damages the plaintiff claims the defendant should be liable for.

How does home insurance protect you against lawsuits?

When someone sues you for damage on their property or injuries in Rio Rancho, NM, home insurance comes in and pays for the legal fees required in court, such as hiring a lawyer. Depending on your coverage limits, your coverage can also compensate for the lost income when attending the court sessions.

Home insurance also pays monetary compensation for medical bills for the injured party and the repairs and replacements to be done. Since home insurance is a family policy, everyone is covered. If any of your family members is involved in a home lawsuit, home insurance can pay for the legal fees required.

What is exempted

Homeowner’s insurance will likely not cover any injuries resulting from an intentional act on your part. So if you assault someone on your property knowingly, especially someone who was there with your consent or permission, and they file a complaint, your insurance agency coverage won’t protect you.

For further clarification on lawsuits, visit or contact us at Franklin Insurance Agency, and we will answer all your questions.

Three common questions regarding RV insurance

Posted on August 31, 2020September 3, 2020 by admin

Having an RV insurance policy is essential for residents in Rio Rancho, NM who own an RV. We provide RV insurance policies at Franklin Insurance Agency, and we can help you cover your liabilities and protect your assets with the policies we offer.

The following are three common questions you should be asking about RV insurance if you’re currently looking for the right policy.

What will an RV insurance policy provide coverage for?

What your RV insurance policy covers depends on what types of coverage you invest in. If you invest in only liability insurance, your RV insurance policy will cover the costs of any damages you are determined to be at fault for.

If you invest in collision and comprehensive coverage, your policy will cover the costs of damages to your own RV. You could also opt to invest in contents coverage. In this case, your policy will cover the costs of damage to the possessions that you have within your RV.

Is it necessary to have coverage during times when I don’t use my RV?

It’s not a good idea to stop carrying coverage for your RV just because you’re not using it for a period of time. If you did this, you won’t enjoy coverage for damage to your RV that occurs while your RV is in storage.

Note that you can enjoy reduced policy premiums for RV coverage if your RV is not being used. Update your policy to indicate minimum usage of your RV and you’ll be surprised at how little continued coverage costs.

What impacts my RV insurance needs?

One of the most important factors impacting RV insurance needs is how much time you spend on the road in your RV. If you live in your RV full time, you need to specify this in your RV insurance policy and invest in more coverage.

Get in touch with us today to learn more about RV insurance in Rio Rancho, NM. At Franklin Insurance Agency, we’re here to help you with your insurance coverage needs!

What is Umbrella Insurance and How Does It Work?

Posted on July 27, 2020July 27, 2020 by admin

Umbrella insurance is a specific type of coverage that protects you from being sued if the limits of your primary insurance are exceeded. In other words, umbrella insurance is an addition to your standard liability coverage. For example, if you injured someone with your vehicle and there is a substantial claim or lawsuit against you that is not covered by your primary insurance, umbrella insurance will cover it. Umbrella insurance will also cover the things that are not included in your standard policy, such as liability on rental properties, libel, and others.

Typically, umbrella insurance covers the following:

Liability coverage for the events that occur on and off your property
Additional protection above your standard auto coverage
Protection for personal injury claims, including wrongful eviction, slander, false arrest, and libel
Legal defense costs, including court costs and attorney’s fees
Protection for claims of property damage or personal injuries caused by your or your family member, as well as damage caused by hazards, for which you are found liable.

How Does It Work?

Depending on the type of claim against you, your auto, home, renters, or boat insurance will be utilized first. Once the basic liability limit is reached, umbrella insurance will cover the remaining costs. Most insurance companies require you to have a home, auto, or renters liability insurance that is equal to the amount of umbrella insurance deductible.

Having umbrella insurance is not a requirement – it is your personal choice. However, if you want to have the additional protection of your property and yourself, it is the type of insurance you should have. If you are a resident of Rio Rancho, NM or any other neighboring town and you need umbrella insurance, our Franklin Insurance Agency is here to help. Our fully trained insurance agents with decades of experience will answer all your questions and help you find an insurance policy you deserve. Visit our office in Rio Rancho, NM or call Franklin Insurance Agency to find out what we can do for you.

Is Motorcycle Insurance Required in New Mexico?

Posted on June 30, 2020June 30, 2020 by admin

Your knees to the sky and the wind in your hair are two of the feelings of freedom riding on your motorcycle can provide you with, but to truly feel that sense of freedom, you need peace of mind. To achieve that, you need to make sure your beloved motorcycle is adequately insured, and for riders in New Mexico, there are minimum requirements you must meet to ride your bike legally.

Minimum Requirements for Motorcycle Insurance for New Mexico Riders

In New Mexico, you must purchase liability insurance that will cover others if you have an accident that causes an injury to someone or damage to someone’s property. The state-mandated requirements dictate that you must have at least $25,000 of bodily injury coverage per person, $50,000 of bodily injury per accident, and $10,000 property damage per accident. After you meet the minimum requirements, you can decide, with the help of a trusted motorcycle insurance agent, as to other coverage options you may want to obtain.

Other Motorcycle Insurance Coverage Options.

Uninsured/Underinsured Coverage

This type of coverage will provide financial protection for you and your passengers if you are involved in a crash with a motorist who has no insurance or not enough insurance to cover injuries to you or your passenger.

Collision and Comprehensive Coverage

Your lender may require collision insurance if you have borrowed the money to purchase your motorcycle, and even if you are not required to have it, this type of policy will provide you with more peace of mind. It covers any damage your motorcycle sustains if you are involved in a collision with another vehicle if you fall off your cycle, or your cycle is damaged by debris or another object while out to the roadway.

Comprehensive insurance will cover your cycle if it suffers damage from vandalism, a fire, or natural disaster. This type of policy will also cover your motorcycle if it is stolen.

To determine the best coverage options for you and your motorcycle, visit an insurance agent you can trust who has experience with motorcycle insurance, such as the motorcycle insurance experts at the Franklin Insurance Agency in Rio Rancho, NM.

Five Common Mistakes New Drivers Make When Purchasing Auto Insurance

Posted on May 31, 2020June 1, 2020 by admin

Auto insurance can be a bit confusing when you’re new to driving, causing you to make costly mistakes when purchasing a policy. At Franklin Insurance Agency, we can help you make wise auto insurance choices that can save you money. Here are some of the most common mistakes new drivers make when purchasing auto insurance in Albuquerque or Rio Rancho, NM.

Choosing the Cheapest Policy

Auto insurance costs vary depending on your insurer and the coverage you want. The cheapest policy is not always the best as it may provide insufficient coverage. This puts you at risk of paying for accident damages out of pocket. By shopping around, you can find adequate coverage at reasonable costs.

Not Getting Required Coverage

Auto liability coverage is required in New Mexico, to pay for damages or injuries to others in accidents you cause. If you fail to obtain this coverage, you are breaking the law. Without liability coverage, you also risk being sued for other people’s damages due to accidents you cause.

Getting Insufficient Coverage

Auto insurance should protect you, others, and your vehicle in the event of an accident. If you compromise your coverage to reduce your insurance costs, you risk having to pay for your repair costs out of pocket.

Not Taking Advantage of Discounts

Most insurers offer discounts that can lower insurance costs. Before purchasing coverage, ask your insurer what discounts they offer. If you’re a safe driver, have certain safety features on your car, bundle your auto and home insurance together, or don’t drive very often, you may qualify for reduced premium costs.

Paying Too Much for Coverage

Comparison shopping online gives you a good idea of what auto insurance costs in Rio Rancho, NM. This can save you from paying too much for your coverage.

For quality auto insurance at affordable costs, contact Franklin Insurance Agency today.

Three ways commercial insurance can protect your livelihood

Posted on April 30, 2020April 30, 2020 by admin

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.

What does boat insurance cover?

Posted on March 31, 2020March 31, 2020 by admin

You have finally done it, purchased the boat of your dreams in Rio Rancho, NM. With over 1200 lakes and 200 miles of river, New Mexico is a great place for boat owners. You may be wondering if the insurance that you already have will cover your boat. Is it covered under your auto insurance or your home insurance? The simplest answer is yes with lots of qualifications. This is where having a knowledgeable agent like those at Franklin Insurance Agency on your side.

If you have home insurance and your boat is damaged while it is sitting on a trailer in your yard, chances are your home insurance will cover it. If your boat is on a boat trailer traveling to a lake or river, the trailer is covered by your auto insurance but it is likely that the boat isn’t. What this means is that you need to carry boat insurance for a variety of very important reasons.

Liability is the most important thing to consider. If you are involved in an accident with another boat, jetski, or dock, just to name a few possibilities, someone may be injured. If you are at fault, the cost of their medical care or property damage will fall to you, Boat insurance will give you the liability coverage you need, the recommended minimum is one million dollars.

If you have a loan on your boat, your lender will require collision and comprehensive coverage which protects your boat from a variety of potential damage. Accidents are not the only thing that can damage your boat. You will also be covered for theft with this coverage.

Owning a boat can be a dream come true. Boat insurance can help to keep that dream from becoming a nightmare. At Franklin Insurance Agency in Rio Rancho, NM, we would love to sit down and talk to you about the best coverage for you. Stop by or give us a call today.