CGL Insurance New Mexico

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CGL Insurance New Mexico Policy Information

NM CGL Insurance

CGL Insurance New Mexico CGL (commercial general liability) insurance will protect your small business from financial losses. These can range from property damage, lawsuits, advertising injury, or any other liabilities your company might have which relates to personal loss for a client or employee.

Non-professional negligent acts are covered under your CGL policy, so as a business owner you should understand what it covers, and how a CGL insurance New Mexico policy can protect your business.

CGL insurance New Mexico protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.

Do I Need CGL Insurance For My Business?

You can be responsible for a number of occurrences during the normal course of business, which could result in varying degrees of financial loss. This is where CGL insurance New Mexico can help. From medical bills, to malpractice claims, to personal injury claims, you could be liable for these, as well as punitive and compensatory damages if you are found liable. Some potential issues might stem from:

  • Slip and fall cases or a custom tripping and falling on damaged flooring within your commercial space.
  • An employee which leaves water running and causes damage to a client's home.
  • Misleading advertising, or class action lawsuit against your business.

These are a few of the many instances you can be found liable as a NM business owner.

What CGL Covers

Basically your legal defense and coverage of damages which stem from injuries or loss, should be covered by your CGL insurance New Mexico policy. Not only will this protect you financially, but will also protect your company in the event of a lawsuit. A basic policy will cover:

1. Coverage A - Bodily Injury and Property Damage: The property damage or bodily injury which stems from non-professional negligent acts, are covered under this section of your CGL insurance New Mexico policy. Mental injuries or distress claims might also fall under this category, even when physical injuries aren't present. NM worker's comp and employment practice liability are excluded under this clause. You can however purchase additional coverage for these protections. Pollution liability is also excluded.

Any high risk business entity should consider purchasing this limited coverage to protect themselves financially. Liquor, professional, and other liability risks might also be excluded (check with your insurer). An broker can assist you in choosing coverage options.

2. Coverage B - Personal and Advertising Injury Protection: Insured businesses are protected from personal or advertising injuries caused by their business; somethings which are covered include:

  • Libel and slander claims.
  • False arrest.
  • Copyright claims.
  • Entry/evasion of property or wrongful eviction claims.

3. Coverage C - Medical Payments: Personal injuries sustained by non-employees are covered with this coverage option. If an accident occurs in the business place, your company is protected to your coverage's extent. Even in the event of settlements you are covered, so this can limit litigation and attorney fees for your business.

You are covered for all necessary medical, ambulance, or surgical/medical care necessary for the injured party. No defense or legal liability coverage is afforded under this section of the CGL insurance New Mexico policy(as is the case with coverage A and B).

Choosing & Purchasing Commercial General Liability Policy

CGL insurance New Mexico can be purchased on its own or with a BOP policy or CPP (commercial package policy) insurance. It is best to discuss your options with an insurance agent prior to deciding. And, in the event CGL, BOP, and CPP aren't sufficient, umbrella (excess liability) policies are also available for businesses to consider.

Additional Coverages To Consider

Depending on the line of business, risks, and other factors, you might require additional coverage:

1. Director/Officer Liability - Past, present, and future directors and officers are protected with this coverage option. Wrongful acts committed by these persons in a profit or not-for profit business are protected. Whether it is an actual or alleged error, your coverage shields your business from liability. Misstatements, omissions, errors, or breach of duty, are all covered under policy coverage.

2. Liquor Liability - Covers your business from loss or damages which are claimed in the event your patron/client is intoxicated, and either injure themselves or another person. If your company sells or furnishes liquor, this is a policy coverage option you should invest in. You can purchase as an add-on or stand alone policy, but if not added, your general liability protection won't cover these damages.

3. Pollution Liability - Industrial, agricultural, and commercial property owners, managers, or developers, are protected with this form of coverage. Gradual as well as accidental pollution claims are protected, and assets from unforeseen environmental exposure which could affect earnings, are also protected. Pollution hazards which can lead to bodily injury or harm, are also covered under this optional coverage prong, as are clean up costs.

NM CGL Insurance

There are additional types of insurance that may be a good fit for your business. Your agent can then help you find the right coverage to protect you against those specific risks.

New Mexico Economic Data, Regulations And Limits On Commercial Insurance

Made In New Mexico

Owning and operating a business can prove to be financially and personally rewarding. However, if you want to have as much success as possible, it's essential that you choose the best possible location for your company.

After all, it doesn't matter how exceptional your products are and how top-notch your products and/or services are, if the location isn't favorable for your specific business, chances are you won't reap the success you are hoping for.

When considering where to start a business, it's important to consider the economic trends of a state. These trends provide insight into the health of a state's economy, which can help prospective business owners determine whether or not a specific location is favorable for their particular operation. Additionally, it's important to understand what type of commercial insurance policies you'll need to invest in to properly protect your business.

If you're thinking about starting a business in the state of New Mexico, read on to find an overview of the economy and the commercial insurance requirements of the Land of Enchantment.

Economic Trends For Business Owners In New Mexico

A state's unemployment rate is an important factor to consider when assessing the economy, as it illustrates whether or not the area offers a favorable environment for businesses.

According to the Bureau of Labor Statistics, as of December, 2019, the unemployment rate in New Mexico was 4.7%, which is 1.2% higher than the national average. However, the rate has fallen; in July of 2019, for example, the unemployment rate was 4.9% and in November of the same year, it was 4.8%.

This rapid decrease shows promise for the Land of Enchantment. Furthermore, economists predict that the jobless rate of the state will continue to decrease moving forward.

New Mexico is a large state with varied topography and demographics. As such, the best locations prospective business owners can expect to see the most success include urban areas and the surrounding regions. Examples include:

  • Alamogordo
  • Albuquerque
  • Carlsbad
  • Farmington
  • Las Cruces
  • Rio Rancho
  • Roswell
  • Santa Fe
  • Toas

The industries that are seeing the most economic growth in the Land of Enchantment include:

  • Administrative and federal government
  • Advanced manufacturing
  • Aerospace and defense
  • Digital media and film production
  • Distribution, logistics, and transportation
  • Energy
  • Hospitality and tourism
Commercial Insurance Requirements In New Mexico

The New Mexico Office of Superintendent of Insurance regulates insurance in NM. New Mexico mandates very few forms of insurance coverage by law. They enforce worker's compensation.

New Mexico requires you to have worker's compensation insurance if you hire 3 or employees on a regular basis in the construction industry, businesses with even one employee must provide workers compensation insurance. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.

New Mexico also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.

Additional Resources For Small Business Insurance

Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.


Small Business Commercial Insurance

Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.

A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?

Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.

Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.

You need a written plan that allows you to get your operations back up and running as quick as possible.


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Also find New Mexico insurance agents & brokers and learn about New Mexico small business insurance requirements for general liability, business property, commercial auto & workers compensation including NM business insurance costs. Call us (505) 349-0657.

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