Electrical Engineering Insurance New Mexico Policy Information
Electrical Engineering Insurance New Mexico No electrical engineering project is without its risks: a simple mistake or accident can cause expensive delays, safety issues or financial losses for you or your client. Many other contractors have worked on the project before it's finished, and mistakes can be made by multiple people at any time. Protect your electrical engineering business from losses and lawsuits with electrical engineering insurance New Mexico.
Electrical engineering insurance New Mexico protects your firm from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Types Of Insurance For Electrical Engineers
These are the types of electrical engineering insurance New Mexico policies you should consider taking to protect yourself and your business as an electrical engineer:
Professional Liability Insurance: This electrical engineering insurance New Mexico protects you against claims of negligence or any professional mistakes which may lead to your clients losing money. The cover extends to any errors and omissions related to advice you provide as well as in your designs and specifications. Professional indemnity insurance for electrical engineers will provide for any compensation awarded or negotiated as well as any legal fees accruing from the proceedings.
Commercial General Liability Insurance: With a general liability insurance policy, you and your firm are protected if a member of the public or your clients suffer bodily injury or property damage because of something which can be traced to your business. In the case of a NM electrical engineer, the damage or injuries can be traced to a number of possible causes including electrical installations or the use of equipment and tools. The electrical engineering insurance New Mexico policy will pay for any compensation and also legal fees incurred by the claimant if they are successful in proving the case.
Workers Compensation Insurance: If you have employees working in your firm, then the law in most states mandate that you buy workers comp for any non-owner or partner employees. This coverage protects your legal liability with respect to bodily injury, accidental death or disease of any employee which may arise in the course and as a result of their employment in your official business. NM workers comp extends to all forms of electrical work being undertaken and any other supplementary work being undertaken including building work or transportation of materials and equipment.
Commercial Property Insurance: Business or commercial building insurance policies provide cover for the buildings as well as fixtures, furniture and fittings. Some policies also extend to interruptions due to reasons such as fire, floods or forced entry in which case the insurer will make up the shortfall in your income.
Frequently Asked Questions About Electrical Engineering Insurance
The following is a summary of the most frequently asked questions related to electrical engineering insurance California:
QUESTION: As an employed engineer can I be sued separately and apart from the engineering firm I work for?
ANSWER: Yes, it is possible for a client to sue an employed engineer and not necessarily their employer. For instance, if an engineer allegedly performs a service negligently, the person claiming to have suffered harm as a result of the negligent action has the option of suing either the individual engineer or the employer/firm. Whichever the case, the question of who signed or sealed the drawings, plans or specifications pertinent to the project where the negligent action happened is not considered as relevant to the issue of who is responsible for the negligence.
The courts are more concerned about establishing if the person (engineer or firm) owed a duty to the individual/individuals who suffered damages and whether the engineer/engineers breached that duty and therefore caused the damages in whole or in part.
QUESTION: When it comes to business building insurance, what value should I insure against?
ANSWER: Always insure your property for the cost of rebuilding in case of damage. Do not insure the property's market value as this can change based on factors not related to the value of the building.
QUESTION: Can I buy electrical engineering insurance New Mexico coverage before registering my firm?
ANSWER: When you are buying your electrical engineering insurance New Mexico policy for your business, the insurer will naturally ask for details such as business address, type of trade as well as your current or projected turnover. The insurer may also inquire about the business structure of your NM electrical engineering firm (i.e. whether you are in a sole proprietorship, partnership, limited liability company or corporation). However, they are unlikely to require you to provide the actual business registration details. As such, it is generally possible to get an electrical engineering insurance policy while you are still doing the paperwork for setting up your firm.
QUESTION: What is the difference between errors & omissions versus professional liability?
ANSWER: Strictly speaking, none. The terms errors and omissions insurance and professional liability insurance usually refer to the same type of policy. Of course, you may find that one insurer chooses to use one of the two terms while another opts for the other and that the extent of the coverage differs from one to the other. However, both policies will essentially protect you against the cost of compensation claims when a client believes you made a mistake or were negligent in the conduct of your business, leading to damage or losses.
QUESTION: Is professional liability insurance tax deductible?
ANSWER: Yes. Professional indemnity insurance is tax deductible in most states. All forms of business insurance are considered as "allowable expenses". This means the cost of the policy and premiums is an expense you can deduct you can calculate your taxable profits. As you calculate your taxable profits for your tax returns you can deduct business expenses from your income. The term allowable expense extends to such expenses as traveling costs, legal and financial costs including the premiums you pay for your business.
QUESTION: What is the difference between errors & omissions versus professional indemnity?
ANSWER: Strictly speaking, none. The terms errors and omissions insurance and professional indemnity insurance usually refer to the same type of policy. Of course, you may find that one insurer chooses to use one of the two terms while another opts for the other and that the extent of the coverage differs from one to the other. However, both policies will essentially protect you against the cost of compensation claims when a client believes you made a mistake or were negligent in the conduct of your business, leading to damage or losses. You are most likely to find insurers in the USA and Canada using the term Errors and Omissions insurance while professional indemnity insurance is more common in Europe.
QUESTION: Is professional indemnity insurance tax deductible?
ANSWER: Yes. Professional indemnity insurance is tax deductible in most jurisdictions. All forms of business insurance are considered as "allowable expenses". This means the cost of the policy and premiums is an expense you can deduct you can calculate your taxable profits. As you calculate your taxable profits for your tax returns you can deduct business expenses from your income. The term allowable expense extends to such expenses as traveling costs, legal and financial costs including the premiums you pay for your business.
NM Electrical Engineering Insurance
Purchase NM electrical engineering insurance to protect your firm from the risks you face on every project.
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 Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Attorney Lawyer
- Business Consulting
- Corporate Wellness
- Court Reporter
- Debt Collection Agency
- Detective Agency
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- Financial Planner
- HR Consultant
- Insurance Agents & Brokers Insurance
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Project Management
- Temporary Staffing
- Tax Preparer
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Electrical Engineering 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 cities near me in NM - The Land of Enchantment.
Also learn about New Mexico small business insurance requirements for general liability, business property, commercial auto & workers compensation including NM business insurance costs. Call us (855) 767-7828.