New Mexico General Liability Insurance Policy Information

New Mexico General Liability Insurance. NM general liability insurance protects your business against property damage, advertising injury claims, personal injury claims, and bodily injury claims. Such claims could jeopardize the success and reputation of your business.

As a business owner or small contractor, you require a form of general liability protection, to shield you from such unexpected situations. A single accident might lead into a lawsuit that is beyond your financial abilities. When that happens, you will be staring at losing your source of livelihood. That is where general liability insurance comes in.

New Mexico general liability insurance pays for cost of third-party lawsuits over slip-and-fall injuries, property damage and more. Get a fast and affordable quote in NM.

What Does General Liability Insurance Cover?

Businesses are inherently risky. The good news is that some of the risks can be protected. General business liability insurance helps to safeguard your business against various known and unknown risks. Some of the areas in your business that are covered by New Mexico general liability insurance include:

Property damage and bodily injury: The property damage and bodily injury helps to protect your business against various business claims as well as claims alleging financial loss as a result of bodily injury or property damage, occurring out of your products or business operations. Slip an fall is covered here.
Advertising errors: This protects your NM business from certain claims where others claim that your business has infringed on certain copyrights when advertising your goods, services or products.
Reputational harm: The reputational harm protects your business against claims of malicious prosecution, false arrest, slander, libel, wrongful eviction and violation of privacy rights, just to name a few.
Damage to rented premises: This helps to protect your company from certain claims that might occur during your business operations. This may be occasioned by lightning, fire or explosion.
Medical payments: New Mexico general liability insurance will protect your business against medical claims brought forward, when someone gets injured in your business premises and requires medical treatment.
Some clients might also need you to agree to a certain level of general liability before you can provide goods or services to them. With NM general liability insurance, such issues are adequately handled.
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NM General Liability Insurance Cost

The cost of your New Mexico general liability insurance coverage is determined by various factors. They include the business type, location of your business, the total number of employees in your business, as well as the risk level your business is exposed to. For example a roofer working on a roof faces much higher risks than an accountant sitting in an office behind a desk.

In our litigious society, more and more businesses are being sued due to issues like libel, slander, property damage, and bodily injury, just to name a few. Apart from that, businesses can be sued even when they have not done anything wrong. That is why your business requires general liability insurance protection.

NM Small Business Insurance By Industry And/Or Type

Select the New Mexico general industry or small business insurance type link below to find more detailed information on coverage, costs, exclusions and more:

Advertising, Marketing and Media
Agribusiness
Arts and Recreation
Auto Sales, Service And Repair
Bonds
Children And Pets
Commercial Property
Construction Contractors
Contractors And Home Improvement
Education, Colleges, Universities And Schools
Food And Drink
Health And Beauty
Information Technology And Internet
Local, State And Federal Government
Manufacturing
Medical And Dental
Miscellaneous
Non-Profit
Professional Services
Real Estate
Retail
Small Business Commercial Auto
Small Business Insurance
Sports And Fitness
Warehouse And Storage
Wholesale And Distribution
New Mexico Specific Commercial Insurance Articles

Advertising, Marketing and Media

Learn about New Mexico media liability insurance - a specialized form of professional liability insurance that provides protection for legal claims brought by third parties.

Agribusiness

Learn about NM agribusiness insurance - a type of commercial insurance protects farmers against loss of, or damage to crops or livestock.

Arts and Recreation

Read up on New Mexico arts and recreation commercial insurance.

Auto Sales, Service and Repair

Read about New Mexico auto sales, service & repair insurance, which provides protection for damages done to customers vehicle's and other property as well as injuries resulting from the work done.

Bonds

Learn about surety and fidelity bonds which are types of insurance that are used to protect against damage or loss in commercial transactions.

Children and Pets

Discover what New Mexico commercial insurance policies cover for children and pet related businesses.

Commercial Property

Read up on New Mexico commercial property insurance, including how business property insurance protects your company's building's and/or their contents from damage, destruction, theft and vandalism.

Construction Contractors

Learn about New Mexico construction contractors insurance, including how much the premium costs and what is covered - and how commercial insurance can help protect your NM construction business from lawsuits.

Contractors and Home Improvement

Learn about New Mexico contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your NM business from lawsuits.

Education, Colleges, Universities & Schools

Learn about New Mexico commercial insurance for educators that helps protecting your professional reputation and other legal liabilities arising from your educational services.

Food and Drink

Learn about New Mexico restaurants, bars, liquor stores commercial insurance coverages. See how food service insurance help protect against accidents, oversights and lawsuits resulting from business operations.

Health and Beauty

Learn about New Mexico health and beauty insurance coverages that help protect tattoo artists, salons, spas, estheticians, cosmetologists, barbers, hairdressers, nail salons and more from legal liability.

Information Technology and Internet

Learn about New Mexico IT technology insurance policies that help protect IT businesses, consultants & subcontractors from the unique risks that small tech businesses face when they work.

Local, State And Federal Government

Discover what types of commercial insurance government entities in New Mexico need.

Manufacturing

Learn all about New Mexico manufacturing insurance. Manufacturers face many unique risks such as product liability and/or product recall exposures due to the nature of their business operations.

Medical and Dental

Discover New Mexico business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.

Miscellaneous

Find informative articles on miscellaneous NM businesses including the types of commercial insurance they need, costs and other considerations.

Non-Profit

Find useful articles on business insurance for New Mexico non-profit 501(c)(3) organizations, charities and associations.

Professional Services

Get informed about New Mexico 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.

Real Estate

Learn about New Mexico real estate insurance coverages including liability and commercial property policies for realtors, mortgage companies and more.

Retail

Read valuable New Mexico retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.

Small Business Commercial Auto

Learn about New Mexico commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.

Small Business

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

Sports and Fitness

Learn about New Mexico sports & fitness insurance policies and what they cover so that your customers, employees, and equipment are protected.

Warehouse and Storage

Learn about New Mexico warehouse and storage insurance - which protects storage and warehouse facilities and protects their inventory from property damage from fire and weather, vandalism and theft and liability coverage as well.

Wholesale and Distribution

Read informative articles on New Mexico wholesale distribution insurance. Distributors and wholesalers face specific risks including fire, flood and weather damage that can destroy products in the distribution center - and every part of the supply chain including late supplier shipments to unpaid invoices - can effect the entire operation.

New Mexico Specific Commercial Insurance Articles

Read informative articles on NM commercial insurance including costs and coverages.

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:

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.

Request a free New Mexico General Liability 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.

New Mexico General Liability Insurance