Business Insurance Is Much More Than General Liability

business insurance in New Mexico

One of the most important costs of doing business that cannot be overlooked is that of business insurance in New Mexico. It is an investment that is critical to protect your company and its assets. It is important to ensure that you have the proper coverage that you need, which can alter over time. Among the types of insurance that you may need are:

Property Insurance

This type of policy can cover the building, damage to property within it and loss of business income due to damage. It can also help to cover expenses such as payroll and other operating costs while you are not able to work as normal.

General Liability Insurance

There are always risks of doing business and these include the following types of potential lawsuits, which are covered by this type of policy:

  • Personal injury
  • Injury to property
  • Copyright infringement
  • Libel and slander
  • Misleading advertising claims

Additional Types of Risks

Depending on the company and how it is structured, there are other types of risks that the business may be liable for and that can be assessed in addition to the typical ones above. These can include:

  • Issues due to employment practices
  • Cyber threats
  • Exposures to directors and executive officers
  • Liability of a fiduciary nature

These types of insurance policies can be purchased separately, however, it can make a lot of sense to have an expert in business insurance in New Mexico review your operations and make a recommendation on what you need to best protect your company and its assets in all areas so that you can get a comprehensive package.