Door And Window Installers Insurance New Mexico Policy Information
Door And Window Installers Insurance New Mexico. Door and window installers prepare openings, hang doors or windows in the opening, and install hardware such as hinges, knobs and locks. Exterior doors and windows are sealed to provide a moisture barrier protecting the structure from weather related damage.
Installers who sell windows and doors may represent one manufacturer exclusively or represent several. Some installers have no inventory; others have showrooms and warehouses full of merchandise.
Whether you run a mom-and-pop company or you are the head of a large corporation, if installing doors and windows in NM is your business, you are going to want to make sure that you are properly protected with the right type of door and window installers insurance New Mexico coverage.
Door and window installers insurance New Mexico protects your installation business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Insurance Is Important for Door and Window Installers
You go out of your way to make sure that you are doing the very best work possible. You, yourself have received extensive training, as have all of your employees. You also work with the highest quality products and take every precaution possible to ensure that the installations you are hired to complete are executed perfectly. However, despite all of your best efforts, when it comes to door and window installations, issues can certainly arise. A window could collapse out of its frame after it was installed, causing serious harm to anyone who is nearby. An employee could suffer an injury while on the job. Your equipment could be damaged in a fire or stolen.
If any of the above-mentioned situations does arise, you could be looking at serious financial trouble. The cost of repairing or replacing property can be exorbitant, as can medical bills that you may be legally responsible for. Should someone take legal action against your company, you would be responsible for covering the cost of legal defense fees and any compensation that a court might find you liable for. In other words, any mishaps that may arise have the potential to be financially devastating.
If you have insurance coverage, you can protect yourself from financial hardship in the event that the unthinkable happens. Your insurance provider will help to pay for any damages, medical bills, repairs, and legal fees that you might incur. For this reason, door and window installers insurance New Mexico is one of the best investments you can make for your business.
What Type Of Commercial Insurance Should Window Or Door Installers Buy?
There are several types of policies that NM door and window installers should carry. Some of the basic types of coverage include:
- Commercial General Liability - This type of insurance policy is a must for any business, including door and window installers. It helps to cover any costs that are related to third-party injuries and property damages. For instance, if an employee were to damage a client's property while installing a window or if a vendor slipped and fell while making a delivery to your business, commercial general liability insurance would help to cover the cost of any repairs or medical bills that may result from such incidents. It can also assist with the expense of a lawyer, court fees, and any other costs that may arise if someone files a lawsuit against you.
- Commercial Property - What would you do if a tree fell on your business and destroyed your inventory of windows or if a fire broke out and completely destroyed your building and all of your supplies? You'd be looking at major expenses, which could potentially bankrupt your company. Commercial property insurance can help you avoid such peril. This coverage protects the building that your business operates out of, as well as the contents within it, from storm and fire damage, and theft, too.
- Workers' Compensation - If you employ a crew, you also need to make sure that you have a workers' comp policy. This type of insurance prevents you from having to pay for expenses that are related to any employee injuries and illnesses. For instance, if a piece of equipment malfunctioned while a member of your staff was operating it, workers' comp would cover his medical bills and lost wages, among other things.
- Commercial Auto - If you rely on any vehicles to operate your business, you'll also want to have a commercial auto insurance policy in place. This type of policy provides protection for liability and physical damages if an accident involving one of your commercial vehicles occurs. Many personal auto insurance policies exclude coverage for vehicles that are used for commercial purposes; therefore, even if you have a policy for your own vehicle, chances are that the cars, trucks, or any other vehicles you use for your door and window installation company won't be covered by it.
These are just a few of the door and window installers insurance New Mexico policies that are available. To find out if there are any other policies that you should invest in and how much coverage you should carry, speak to a reputable insurance agent. Based on the unique nature of your business, an broker will be able to help you determine what type of coverage you need, and how much you require.
NM Door And Window Installation Risks & Exposures
Premises liability exposures at the installer's office are generally limited due to lack of public access. If there is a showroom, clients can slip or fall, or be injured by falling displays. Fires or fumes from woodworking and/or lumber storage operations can spread to neighboring businesses or homes. Outdoor storage may create vandalism and attractive nuisance hazards.
Off-site exposures can be extensive. Jobsite operations include removal of the current windows and doors and all carpentry necessary to prepare the opening for replacements. The installer's employees can cause property damage to the client's premises or bodily injury to members of the household. Tools, power cords, building materials and scrap all pose trip hazards even when not in use. The use of saws and other power or hand tools is inherently hazardous due to sharp edges and moving parts.
Unprotected openings allow wind, rain or unauthorized persons to enter the premises, and for children or others to fall out of the structure. The area of operation should be restricted. In enclosed structures, the buildup of dust and scraps can result in catastrophic fire and explosion. Disposal of waste materials (dust, scrap, varnishes or paints) could create an environmental hazard. There may be significant subcontractor and other contractual liability exposures.
Completed operations liability exposures are moderate. Quality control and strict compliance with all manufacturers' and designers' specifications are necessary. Improper exterior sealing can lead to moisture buildup and growth of mold and other forms of fungus. Inadequate monitoring of work orders and change orders may be a concern. Poor record-keeping may result in payment of otherwise questionable claims. Inspection and written acceptance of the work by the owner or general contractor is critical.
Workers compensation exposures vary based on the size and nature of the job. Work with hand tools and sharp objects such as saws, chisels and nails can result in cuts, piercings, and accidental amputation. Back injuries, hernias, strains, and sprains can result from lifting. Minor injuries may be frequent even when the severity exposure is controlled. When work is done on ladders and scaffolds, there is a potential for severe injury or death from falling, being struck by falling objects, sudden gusts of wind, and other adverse weather conditions.
The absence of good maintenance of scaffolds, proper use of basic safety equipment, such as scaffolding safety belts, steel toed shoes, and eye protection, and strict enforcement of safety practices may indicate a morale hazard. Employees must be carefully selected, trained and supervised. Occupational diseases can result from exposure to noise, dust and metal particles.
Property exposures may be limited to an office only or include a showroom and inventory of doors, windows, or other building materials. The storage of lumber, paints, finishes, varnishes, and shellac combined with the dust from the cutting of the lumber or wood can create a high fire and explosion exposure. Labeling, separation, proper storage of flammables, and adequate aisle space reduce the exposure. If the installer accepts delivery of merchandise on behalf of clients at its own location, all such stock received and awaiting installation should be included in the installer's property coverage.
Crime exposures are from employee dishonesty. Background checks, including criminal history, should be performed on all employees providing services to customers or handling money. All ordering, billing and disbursement should be handled as separate duties with reconciliations occurring regularly.
Inland marine exposures include accounts receivable if the installer offers credit to customers, contractors' equipment, including scaffolding, goods in transit, installation floater, and valuable papers and records for customers' and suppliers' information. Doors and windows in transit are vulnerable to damage from dropping, breakage, shifting, inadequate packaging, collision and overturn. The installation floater exposure varies depending on whether the contractor delivers the windows and doors or has them drop shipped to the jobsite. The contract with the client should state who is responsible for the windows and doors during transit and storage.
Business auto exposures are limited unless windows and doors are transported by the installer. MVRs must be run on a regular basis. Random drug and alcohol testing should be conducted. Vehicles must be well maintained with records kept in a central location. Hazards of transport include failure to properly secure the load and equipment failure, especially tie-downs and hitches.
NM Door And Window Installation Insurance
Protecting your business from financial hardship is crucial, and that's exactly what door and window installers insurance New Mexico does.
New Mexico Economic Data, Regulations And Limits On Commercial Insurance
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:
- Las Cruces
- Rio Rancho
- Santa Fe
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
- 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 Contractors & Home Improvement Insurance
Learn about small business contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your contracting business from lawsuits.
- Air Conditioning Systems Installation Repair
- Appliance Repair & Service
- Blacksmith & Metal Workers
- Boat Repair & Dry Docks
- Boiler Contractors
- Builders Risk
- Building Cleaning & Maintenance Services
- Cabinet Installer
- Cable And Satellite TV Installer
- Chimney Sweep
- Cistern Contractors
- Contractor Liability
- Curtain Cleaners
- Deck Builders
- Door And Window Installers
- Dryer Vent Cleaning
- Drywall Contractor
- Electrical Contractors
- Environmental Remediation Contractors
- Fence Installation
- Fire Sprinkler Contractors
- Fire & Water Restoration Contractors
- Flooring Contractor
- Furniture Repair
- Garage Door Installer And Repair
- General Contractors
- Glass Contractor
- Glazier Insurance
- Gutter Installation And Repair
- House Cleaning
- HVAC Contractor
- Insulation Contractor
- Janitorial Cleaning Services
- Lawn Care
- Lawn Irrigation Sprinkler System Installation
- Oil And Gas Well Drilling Contractors
- Paperhanging Contractors
- Plastering And Stucco Contractor
- Pressure Washing Contractors
- Propane And Fuel Dealers
- Rug, Upholstery & Carpet Cleaning
- Sandblasting Contractors
- Security Alarm
- Septic Tank Cleaning
- Siding Contractor
- Sign Installation & Repair
- Solar Panel Installers
- Snow Plow
- Stone And Tile Installer
- Surety Bonds
- Swimming Pool Contractor
- Swimming Pool Service And Maintenance
- Tool Grinding And Repair
- Tree Surgeon
- Tree Trimming
- Tank Cleaners
- Upholstery Shop
- Waste Haulers & Garbage Collection
- Water Well Drilling
- Welding Contractor
- Wildlife & Pest Control
- Window Cleaning
A contractor that wants to begin or stay in business, liability coverage must be obtained for the premises or operations, off-site locations and products/completed operations exposures. These coverages may be included as a part of a businessowners policy (BOP) or purchased in a commercial general liability (CGL) policy. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to obtain a particular job.
Physical damage coverage for tools, supplies and equipment, both on and off the contractor's premises, is a concern. Liability exposures at the premises of the contractor, and at the premises of the contractor's customer, must be properly addressed along with completed operations. Business insurance is very important as is workers compensation insurance protection for employees.
Contractors may work under a general contractor as a subcontractor in larger construction projects - like a new commercial site or residential subdivision. They can work on smaller projects directly with a home owner, usually specializing in renovations or remodels.
In business insurance speak, often called 'artisan contractors' or 'casual contractors', they are involved in many aspects of construction and contracting work – and include various trades and skills. Carpenters, painters, plumbers, electricians, roofers, tree trimmers, landscaping are just a few examples. They may do roofing, fencing, drywall, tile work and many other trades that involve skilled work with tools at the customer's premises.
An artisan contractor performs a single trade or job, and each has its own specialized liability needs with its own exposures to risk and accidents. Contractors liability insurance can offer coverage for bodily injury, property damage, advertising injury and medical payments.
Most artisan contractors should have commercial general liability at the very least, but many need broader coverages - like an umbrella to increase their limits of liability, inland marine policy to protect their tools, workers compensation if they have employees, and even commercial auto if they use vehicles for business purposes.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Contractors' Equipment and Tools, General Liability, Employee Benefits Liability, Umbrella Liability, Automobile Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Accounts Receivable, Builders Risk, Computers, Goods in Transit, Installation Floater, Valuable Papers and Records, Cyber Liability, Employment-related Practicesand Stop Gap Liability.
Request a free Door And Window Installers Insurance New Mexico quote in Agua Fria, Alamogordo, Albuquerque, Anthony, Arenas Valley, Artesia, Aztec, Bayard, Belen, Bernalillo, Bloomfield, Boles Acres, Bosque Farms, Cannon AFB, Carlsbad, Carnuel, Chaparral, Chimayo, Clayton, Clovis, Corrales, Crownpoint, Deming, Dulce, Edgewood, El Cerro, El Cerro Mission, El Valle de Arroyo Seco, Eldorado at Santa Fe, Espanola, Eunice, Farmington, Flora Vista, Gallup, Grants, Hobbs, Holloman AFB, Jal, Jarales, Jemez Pueblo, Keeler Farm, La Cienega, La Mesilla, Las Cruces, Las Maravillas, Las Vegas, Lee Acres, Lordsburg, Los Alamos, Los Chaves, Los Lunas, Los Ranchos de Albuquerque, Lovington, Meadow Lake, Mesilla, Milan, Monterey Park, Moriarty, Nambe, Navajo, North Hobbs, North Valley, Paradise Hills, Peralta, Placitas, Pojoaque, Portales, Questa, Ranchos de Taos, Raton, Rio Communities, Rio Rancho, Roswell, Ruidoso, San Felipe Pueblo, San Ysidro, Sandia Heights, Santa Clara, Santa Fe, Santa Rosa, Santa Teresa, Santo Domingo Pueblo and Ruidoso Downs, Sausal, Shiprock, Silver City, Socorro, South Valley, Sunland Park, Taos, Tome, Truth or Consequences, Tucumcari, Tularosa, University Park, Vado, Valencia, Waterflow, West Hammond, White Rock, Zuni Pueblo and all other NM cities & New Mexico counties near me in The Land of Enchantment.
Also find NM local small businesses by General Liability Class Code 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.