Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Special Events Insurance covers your small business that organizes special events for clients. Insurance will cover you if a caterer or live performer cancels, if the venue turns out to be unsuitable or the equipment fails.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
What are the insurance requirements for starting a business in New Mexico?
New Mexico mandates that you carry Workers' Compensation if you have employees and a Commercial Auto Insurance if you use vehicles for your business. General Liability insurance plans are required based on the size of your business and the industry you work in.
What limits of Commercial Auto insurance should I carry in New Mexico?
New Mexico businesses requires $25,000 for bodily injury, $10,000 for property damage, and $50,000 to $100,000 for the death of one or more people. You'll also need a Commercial Auto policy for the coverage.
Do I need Workers Compensation in New Mexico for the employees in my farm?
New Mexico requires you to carry a Workers' Compensation if you have three or more employees. This is true even if they are farm workers; however, it is not a requirement if you employ independent contractors or domestic workers.
How can I make sure my drivers in New Mexico have Auto Insurance in place?
Before hiring a driver, ask them for evidence of insurance coverage. They should also provide insurance card evidence from the carrier.
Guide to commercial insurance by state
Insurance laws and requirements may vary state by state. Click on your state to discover the insurance you will need for your small business: