Four Basic Insurance Coverages For Your Business

Finding the right insurance agent in New Mexico can be time-consuming. To help simplify your search, here are four basic business insurance types that you need to know.

General Liability Insurance

This is what most people think of when they think of business insurance. It protects your assets in case a non-employee experiences either bodily injury or damage to their property because of your business’ activities. Any fees associated with a lawsuit are covered under this policy.

Professional Liability

Also known as errors and omissions (E&O) insurance, professional liability insurance is primarily for professional service providers. Doctors, dentists, attorneys and other consultants are either required or highly recommended to carry E&O coverage. In case your services lead to a negative outcome for a client, this policy will cover any fees and reimbursements you have to pay.

Workers’ Compensation

Even if you only have one employee, it’s recommended that you carry workers’ compensation insurance. In case an employee is injured on the job, it covers legal fees, medical payments and in some cases, even their salary while they’re away.

Commercial Property

Whether due to a storm or theft, commercial property insurance will cover your physical assets in case of any damage or loss. Buildings, equipment, furniture, computers and the data on them are all eligible to be covered.

Finding the right insurance agent in New Mexico will take some time. Now that you understand the basics, be sure to properly vent all candidates and review their policies before signing any contracts.

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