New Mexico Marketing Consultant Insurance Policy Information
New Mexico Marketing Consultant Insurance. As a marketing consultant, you likely own your own company, which may be a small or medium business where you provide assistance to other businesses and business advice. Perhaps you help with developing marketing plans and objectives, forecasting sales, introductions for new products, pricing advice, or implementation of marketing strategies.
No matter what your skill set in marketing, you are still susceptible to claims against you by third-parties and clients, and for this, you need New Mexico marketing consultant insurance. Let's look at market consulting insurance and how it can work for your business.
New Mexico marketing consultant insurance protects your consulting company from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Do You Need NM Marketing Consultant Insurance?
As a marketing consultant, you are responsible for taking care of the needs of your clients. This involves making recommendations, meeting deadlines, and providing services based on your expertise and skills. To protect your business, you must also plan for the unexpected. With a comprehensive New Mexico marketing consultant insurance plan in place, you provide your business with a buffer from the inherent risks you face.
Marketing Consultants and Risks
Although marketing and consulting both seem like innocuous professions, the truth is that marketing consultants face a variety of perils in their everyday operations. Some of the risks that you encounter on a daily basis include:
- Accidents, such as slips and falls
- Weather-related events, such as damage caused by wind, flooding, hail and other perils
- Fire damage and damage from smoke
- Vandalism and theft of property
- Injuries to employees
- Lawsuits from a variety of sources
- Negligence claims
- Damage incurred by clients
- Errors and omissions claims
A Policy to Meet Your Needs
Working with an independent agent who understands the nuances of NM business marketing consulting work is a good way to find the right level of business insurance for your particular business. Your agent may recommend a business owner's policy, also known as a BOP policy. This type of policy combines major property and general liability insurance into one policy. Agents usually recommend this New Mexico marketing consultant insurance policy for small or medium businesses in search of insurance that protects them while staying within the confines of their budgets.
A BOP policy includes property coverage, which handles claims arising from damage or loss to buildings, structures and their contents. This includes computers, furniture, office equipment, and more, and it protects your property whether you own it or lease it.
BOP policies usually also contain business interruption coverage. This type of coverage protects your business by providing compensation for any business income lost due to a covered peril or for operating expenses necessary for temporary closing when you experience a loss. For example, if your building is damaged by fire.
Finally, BOP policies also pay for claims that arise from property damage or bodily injuries due to your negligence or the negligence of your employees. For instance, if your client sustains an injury on your premises.
Additional Coverages For Marketing Consulting
Additional endorsements for your policy may also be a recommendation by a licensed NM agent. Some of these include:
- Coverage for computers and media - This type of policy is known as an electronic data processing policy, or EDP. This policy pays for related lost income and data if your business' computer system or network incurs damage due to theft, vandals, malware and viruses. This includes coverage for both computer equipment, hardware and software.
- Cyber liability coverage - If the data stored on your computer system experiences a breach, this coverage kicks in to help cover the financial fallout.
- NM Commercial auto insurance. This protection extends to all vehicles owned by your company, and it pays for injuries or property damage caused by you or your employees when driving these vehicles. This includes both owned and leased vehicles.
- Umbrella coverage - This coverage is a type of bundled policy that includes auto, employer and general liability policies. It extends higher policy limits that go beyond the current limits on your other policies, so if you are hit with a high-dollar claim, your business doesn't suffer.
- Worker's comp insurance - This coverage is likely required by New Mexico - all non-owner employees must have coverage. It pays your employees' medical expenses and lost income if they are hurt or injured or become sick due to a work-related peril.
Errors And Omissions Insurance
One of the most vital types of insurance to consider as a marketing consultant is errors and omissions insurance also called professional liability. No one is perfect; we're all infallible. We're subject to mistakes and errors. Unfortunately, when you make a mistake when rendering advice or services to your clients, you can be held liable in a court of law, leading to large sums of money given to your client in a judgement.
With errors and omissions insurance, this worry is lessened, since this type of policy can cover any award and help with legal expenses to defend you in court. It can also cover your employees and any negative consequences that result from errors they make. Even if the claims against you are unwarranted, you should still carry this type of policy, since our society is a litigious one and unfounded claims are a fact of life.
Marketing Consulting Coverage
Getting your own personalized quote for your business' New Mexico marketing consultant insurance is simple and easy. Talk to your licensed independent agent. Your agent understands the needs of your business and can make valuable recommendations to help you select the right coverage, the best type of policies, and any bundled policies that can save your business money.
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 Advertising, Marketing & Media Insurance
Learn about small business media liability insurance - a specialized form of professional liability insurance that provides protection for legal claims brought by third parties.
- Advertising Agency
- Call Center
- Graphic Designers
- Market Research Firm
- Marketing Consultant
- Public Relations
- Search Engine Services SEO
- Social Media Consultant
Media operations are fast-paced businesses with unique property and liability insurance exposures. They depend more and more on computer systems and up-to-date software programs. These businesses usually have extensive contracts with both freelance individuals and corporations.
In addition, personal injury liability and confidentiality issues must be addressed. Insurance coverage for these concerns must be as comprehensive, flexible and responsive as the organization seeking it.
Advertising and Media Liability Insurance provisions are not standardized, so it is critical to carefully review a particular form's basic features and available coverage options. While some carriers offer coverage on an open perils basis, most will provide coverage only on a named perils basis.
The named perils generally include coverage against allegations involving defamation, disparagement of an individual's reputation, product disparagement, invasion or infringement of the right of privacy, infliction of emotional distress, plagiarism, piracy, infringement of copyright, trademark, or other intellectual property, newsgathering torts such as trespass and assault, unfair competition with respect to other covered communication perils, and errors and omissions.
Coverage can be written on a claims-made basis or on occurrence-based forms. The occurrence basis affords additional protection to the insured as coverage is provided for a claim or event occurring during the policy period, even if the coverage expires or is cancelled or nonrenewed.
Most media liability policies provide a Limit of Liability per event, plus an Aggregate Limit of Liability for all events covered during the policy term. Some carriers now offer coverage without requiring an Aggregate Limit of Liability. Such a policy is an advantage to the insured as this eliminates the fear that the policy limits will run out before the policy expires.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income with Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Bailees' Customers, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional and Advertising Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Automobile Liability and Physical Damage, Foreign Automobile Liability and Physical Damage, Foreign Workers Compensation, Repatriation Expense and Stop Gap Liability.
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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.