New Mexico Dump Truck Insurance Policy Information
New Mexico Dump Truck Insurance. Nearly a half-million truck accidents occur each year on the nation's roadways - many of them involving dump trucks, according to the U.S. Department of Transportation. If you own a dump truck as a owner operator or you are a business owner with a dump truck fleet or other heavy-duty commercial trucks, you have made a major investment in your business - one that you must protect.
An New Mexico dump truck insurance policy that is specifically designed for your particular situation is a must.
New Mexico dump truck insurance protects your dirt, sand and gravel hauling business from lawsuits with rates as low as $97/mo. Get a fast quote and your proof of insurance now.
Although the rates you pay for your New Mexico dump truck insurance policy are based on the truck, including the make, model, and year and so on, and on its weight, it may also be based on things such as your driving history and credit.
Coverage for dump trucks fall under commercial vehicle insurance, a general category of insurance. Dump truck owners, like the owners of other commercial vehicles, must carry liability New Mexico dump truck insurance in order to have these trucks operational on the roadway. Mishaps and accidents in these types of trucks can leave behind massive damage, which makes coverage essential. Since dump trucks are designed mainly for use in off-the-road applications, the design of these kinds of trucks means that collisions with regular vehicles can leave behind fatal outcomes. Each week in the U.S., the Bureau of Labor and Statistics reports that there is at least one fatality related to dump truck accidents.
What Benefits Does NM Dump Truck Insurance Provide?
Basic New Mexico dump truck insurance coverage is generally mandated for these types of vehicles. With basic commercial liability, the minimum property damage liability and bodily injury liability for NM is only $15,000/$30,000. However, this coverage is often not enough. To ensure that your business is completely protected, it is essential to consider building on the basic policy to create a policy that meets your needs, protects you from liability, and that is affordable to your business. Some of the most important optional coverage types to consider include:
- Non-trucking coverage (NTL). This type of policy is ideal for independent owners and operators of dump trucks who take on contract jobs. The coverage provides liability insurance if the owner operator is involved in an accident outside the scope of commercial use.
- Motor truck general liability. This type of coverage protects your business from liability when you or your employees cause damage to a customer's property while your vehicle is being operated on the customer's property.
- Collision insurance. This coverage takes care of repairs to damage incurred by your dump truck if it is involved in a collision with another object or vehicle.
- Physical damage coverage. This type of additional coverage compensates you for damage done to your truck. Most leasing companies or finance companies require this coverage to be in force during the length of a loan or leasing agreement.
- Motor truck cargo insurance. The cargo you haul sometimes is required to be covered by insurance. This is usually a requirement of most shippers and clients, although limits may vary.
- Theft and fire insurance. If your dump truck is damaged due to theft or fire, this policy pays for the damages.
- Downtime insurance. If your truck becomes damaged, this insurance allows you to continue operating your business during the repair time and protects you from loss during downtime.
- Environmental coverage. This coverage protects you from pollution-related losses, costs and fines in the event of a turnover or spill. It may pay for cleanup and restoration costs too.
Best Operating Practices for Dump Truck Owners
While New Mexico dump truck insurance can mitigate your risks, you can also do your part to manage risks by following the best practices for dump truck owners. You should:
- Always inspect the vehicle or require employees to inspect the vehicle prior to operating it.
- Exercise caution when operating the NM dump truck.
- Instruct employees to wear reflective clothing, hard hats and heavy-duty boots when working around the truck.
- Avoid exceeding the dump truck's payload.
- Avoid overloading the truck.
- Equip the truck with back-up alarms, proper lighting and necessary mirrors.
Buying Your Dump Truck Policy
A knowledgeable insurance agent who understands the many differences between traditional insurance and business insurance for your dump truck business can help you find the right policy for your business. What's more, an agent who is adept at writing policies for dump truck owners can help you compare rates with different companies, so you end up with the best policy for your needs at prices that you can afford.
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 Commercial Auto Insurance
Learn about small business commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.
- Amazon Delivery Drivers
- Big Rig Truck
- Bobtail Non-Trucking Liability
- Charter And Tour Bus
- Commercial Auto
- Commercial Van
- DoorDash, GrubHub & Uber Eats Drivers
- Dump Truck
- Food Truck
- Freight Forwarder
- Household Goods Moving
- Non-Owned And Hired Auto Liability
- Owner Operator
- Pizza Delivery
- Tow Truck
The person injured in an vehicle accident may be a child, a wage earning single parent, a brain surgeon, or even a homeless person. The costs of the accident may be relatively small or run into the millions of dollars, depending on the victim and his or her injuries. Do you have the assets to handle such costs?
Trucking operations in this chapter are among the most heavily regulated in the country. All are subject to multiple types of regulation including municipal, state and federal. The regulations are necessary because potential for severe property damage and/or bodily injury is extremely high.
All carry cargo that if not handled appropriately could have serious consequences to the cargo owner and/or the public at large. Those that carry people must prove that they keep their equipment in good condition and that employees operate in a safe, sober manner.
The insurance company pays amounts an insured is legally obligated to pay as damages because of bodily injury or property damage and certain types of pollution events covered by this insurance caused by an accident and resulting from ownership, maintenance or use of covered vehicles.
The obligation to pay is triggered only by accidental occurrences involving vehicles covered under the Business Auto Coverage Form. An eligible pollution event is covered only if it is connected to a covered bodily injury or property damage loss.
It is important that you have the proper Limit of Insurance to protect your operations. This limit is the most the insurance company pays for the total of all damages, including any covered pollution cost or expense resulting from any one covered accident, is the Covered Auto liability limit of insurance on the declarations.
This limit applies regardless of the number of insureds, autos covered, vehicles involved in an accident, premium paid, or number of claims made.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Accounts Receivables, Computers, Motor Truck Cargo, Valuable Papers and Records, Employee Dishonesty, Money and Securities, General Liability, Employee Benefits, Umbrella, Motor Carriers Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Mobile Equipment, Signs, Warehouse Operators' Legal Liability, Cyber Liability, Employment-related Practices, Environmental Impairment, Underground Storage Tank, Stop Gap Liability and International Coverages.
Request a free New Mexico Dump Truck insurance 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 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.
Federal Motor Carrier Safety Administration Information
- Federal Motor Carrier Safety Administration (FMCSA) - The Federal Motor Carrier Safety Administration's primary mission is to prevent commercial motor vehicle-related fatalities and ideuries.
- Safer System - The FMCSA Safety and Fitness Electronic Records (SAFER) System offers company safety data and related services to industry and the public over the Internet. Users can search FMCSA databases, register for a USDOT number, pay fines online, order company safety profiles, challenge FMCSA data using the DataQs system, access the Hazardous Material Route registry, obtain National Crash and Out of Service rates for Hazmat Permit Registration, get printable registration forms and find information about other FMCSA Information Systems.
- FMCSA Forms - All forms needed for the Federal Motor Carrier Safety Administration.
- Update MCS 150 - Form MCS-150 and Instructions - Motor Carrier Identification Report.
- How does CSA work? - CSA (Compliance - Safety - Accountability) re-engineers the former enforcement and compliance process to provide a better view into how well large commercial motor vehicle carriers and drivers are complying with safety rules, and to intervene earlier with those who are not.