Gutter Installation And Repair Insurance New Mexico Policy Information
Gutter Installation And Repair Insurance New Mexico. Gutter installation contractors install and repair gutters on NM residential and commercial structures. Gutter installation & repair contractors look for corrosion, leaks, kinks and anything else that might prevent your gutters from moving water away from your home's or business' exterior to prevent leaks and water damage.
Gutters are an essential part of residential and commercial properties. Their job is to divert water away from a home or business, preventing erosion, and thereby protecting the foundation of the structure, as well as surrounding landscaping. Without gutters, properties would flood, the structural integrity of foundations - and thus, entire properties - would be compromised, and mold damage could almost be guaranteed.
Because gutters are such an important part of any property, as a NM gutter installer, you provide an invaluable service for your clients; however, you also face a number of risks. To protect yourself - and your business - from liabilities, you need to invest in the right type of gutter installation and repair insurance New Mexico.
Gutter installation and repair insurance New Mexico protects your contracting business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Do Gutter Installation And Repair Contractors Need Insurance?
The very nature if gutter installation is dangerous. Climbing ladders, installing cumbersome materials in high locations, and working with heavy machinery and equipment put you and your crew in danger. Slips and falls can occur and equipment can malfunction, resulting in serious injuries.
In addition to the hazards that are associated with installing gutters, there's also the risk of property damage. Gutters installation requires extreme precision, otherwise they are ineffective and a property could sustain damages. Moreover, you or your crew could inadvertently damage a client's home or business during the installation process. There's also a chance that your commercial property could be damaged in a fire, a vandal could damage your warehouse, or vehicles that you use for work-related purposes could be involved in accidents.
The above are just a handful of examples of the risks that you face as a NM gutter installer. As the owner and operator of your business, you are legally responsible for any mishaps that occur and the costs that are associated with those mishaps; repairs to property, medical bills, etc..
If you had to pay for these expenses out of your own pocket, you'll suffer serious financial losses that could lead to significant financial hardship. That's why you need to invest in the right type of gutter installation and repair insurance New Mexico coverage. If you're properly insured, instead of paying these expenses yourself, our insurance carrier would pay them for you.
What Type Of Insurance Do Gutter Installation And Repair Contractors Need?
The exact policies you'll need depend on the unique needs of your business; for example, the location of your gutter installation business and the size of your operation will affect the policies you require. However, regardless of the specifics of your business, there are certain gutter installation and repair insurance New Mexico policies you'll need, including:
- General Liability - This policy protects you from third-party property damage and injury claims. For instance, if a client claims you failed to install their gutters properly and their property is damaged as a result, commercial general liability insurance will cover the cost of any associated litigation, as well as any damages you are required to pay.
- Commercial Property - If a fire occurs, a tree falls, or a vandal breaks the windows and spray paints graffiti on your warehouse, commercial property insurance would pay for any damages.
- Workers' Compensation - You'll also need to carry workers' compensation insurance to protect your employees. This coverage pays for medical expenses that are associated with work-related injuries that your staff may sustain. It also replaces wages that workers may lose while they're recovering from work-related injuries.
- Inland Marine - While commercial property insurance will protect your tools and equipment if they are lost, stolen, or damaged when they're physically located at your business, it won't cover them when they aren't. For that, you'll need marine inland insurance. This policy protects your tools and equipment when it's in-transit or on a job site.
- Business Auto - What if an accident involving one of your work vehicles occurs? Your NM personal auto insurance policy won't cover you; instead, you'll need a commercial auto insurance policy. This coverage will pay for damages that your work vehicles sustain in an accident; it also covers the damages that other vehicles sustain if they're involved in an accident with your work vehicles.
These are just a few examples of some of the gutter installation and repair insurance New Mexico policies you'll want to invest in. You might need additional coverage based on your own operations.
NM Gutter Contractor's Risks & Exposures
Premises liability exposures at the contractor's office or shop are generally limited due to lack of public access. At the job site, tools, power cords, and scrap all pose trip hazards even when not in use. Gutter materials or tools and equipment dropped during operations may cause serious injury to occupants or passersby or serious property damage.
Gutter materials in the open may create an attractive nuisance hazard to children who enjoy climbing.
Completed operations liability exposures arise from collapse, leak, or wind damage to a gutter that has not been installed or repaired properly. Gradual seepage of water can cause mold or rot within the structure itself. Quality control and experience are important issues to evaluate. Hazards may increase in the absence of proper record keeping of work orders and change orders, as well as inspection and signed approval of finished work by the customer.
Environmental impairment liability exposures are from the disposal of old roofing materials and the disposal of waste tar, asphalt, sealants, and adhesives due to the potential for contamination of air, ground, or water. Removal of asbestos tiles may be a concern; although the asbestos in tiles is typically non-friable, (it does not readily crumble and become airborne). Proper written procedures and documentation of both the transportation and disposal process are important.
Workers compensation exposure can be severe as work is done above ground. Workers can fall from ladders due to tripping or from sudden changes in the wind or weather. They may also be injured by falling objects. Common hazards include back injuries from lifting, cuts and puncture wounds from trimming the gutters and other materials, foreign objects in the eye, and work with hand and power tools.
Property exposure at the contractor's own location is generally limited to those of an office, shop, and storage of materials, equipment, and vehicles. Ignition sources include electrical wiring, heating, and air conditioning systems. Solvents, chemicals, or sealants used to install roofing may be flammable, requiring proper storage and separation from combustibles.
If repair work on owned vehicles and equipment is done in the building, fire hazards may be high due to the presence of oils, fuels, and other combustibles. Equipment, materials, and supplies stored in the yard have higher exposures to wind, vandalism, and theft.
Crime exposure is from employee dishonesty. Background checks should be conducted prior to hiring any employee. All orders, billing, and disbursements must be handled as separate duties and annual external audits conducted.
Inland marine exposures include accounts receivable if the contractor bills customers for services, computers, contractors' tools, and equipment, goods in transit, installation floater, and valuable papers and records for clients' and suppliers' information. Contractors' equipment includes hoists, ladders, scaffolding and similar equipment that may be damaged during transport to or from the jobsite by collision or upset, or during setup or use. Gutter materials and tools may be damaged by dropping, weather conditions, or loss due to theft by third parties or employees.
Commercial auto exposures are generally limited to transporting workers, equipment, and supplies to and from job sites. All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained and the records kept in a central location.
Gutter Installation And Repair Insurance - The Bottom Line
To make sure that you're properly protected, speak to a reputable NM insurance agent or broker. You'll be able to find out if there are additional gutter installation and repair insurance New Mexico policies you need, as well as the suggested limits on your policies.
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.
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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.