New Mexico Public Administration Insurance Policy Information
New Mexico Public Administration Insurance. Being involved in the public administration industry means you are engaged in the overseeing and management of different public programs within the various governmental agencies. These government agencies exist on the federal, state and local levels. Governmental groups involved in the organization and funding of public goods and services are also included in this sector. These businesses also manage different organizations that have legislative, judicial or executive power of the different institutions in their jurisdiction.
Most of these are government agencies but still need to be protected from the risks they face. To be protected they need to have insurance. In this post, we'll talk about the different New Mexico public administration insurance policies needed to protect these different agencies.
New Mexico public administration insurance protects your agency and programs from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
Types Of Businesses In The Public Administration Industry
Here are some of the different companies that are a part of the NM public administration industry:
- Executive Offices
- Legislative Bodies
- Public Finance Activities
- Police Protection
- Legal Counsel and Prosecution
- Correctional Institutions
- Fire Protection
Also included are the administration of NM human resources programs. Some of these programs include:
- Administration of Public Health Programs
- Administration of Education Programs
- Administration of Human Resources Programs
These are just some of the different businesses included in the public administration industry that must have New Mexico public administration insurance to protect them from different risks.
Type Of Insurance Options For The Public Administration Industry
In public administration, there are many requirements for New Mexico public administration insurance coverage. To be comprehensively protected the policies you get have to include many coverage options. Here are some of the different insurance policies you can get for your business:
General Liability Insurance - If a third party is injured or suffers property damage while visiting your offices, then this is the insurance you should get. A common claim is "slip and fall". General liability insurance helps to protect you when things go wrong. Legal defense fees and other court costs are covered once you have this New Mexico public administration insurance.
Cyber Liability and Data Breach Insurance - Public admin. means you'll storing and using confidential information. As a result, you must ensure you have protection if a hacker or cyber criminal ever leaks this sensitive information. Getting top quality security is the best thing you can do, but even then there is still a chance the information you store can be hacked. If the information is hacked, then it is critical to have cyber liability and data breach insurance coverage. This New Mexico public administration insuranc helps to protect you if the information you store ever gets into the wrong hands.
Commercial Property Insurance - Having business property insurance protects the NM property used for the operation of public administration offices. This New Mexico public administration insurance protects the office furnishings and computer systems used in the different buildings. If the property for your business is damaged or lost due to an event covered by the insurance, then this coverage helps with recovery of losses without suffering too much of financial loss.
Workers' Compensation - Workers comp in required by law in mpst states for any non owner employees. With NM workers compensation, an employee will get financial assistance if they are injured while working. When an employee gets injured on the job and has to be taken to the hospital this insurance assists with the paying of any medical expenses that result because of the injury. If an employee dies because of the injuries they got on the job, then this insurance pays benefits to the surviving family.
NM Commercial Auto Insurance - Any vehicles used by the different public administration offices must be protected by commercial insurance while they are on the road. It's impossible to predict an accident which is why you need NM business auto insurance to protect the different vehicles used by the various offices. When a vehicle used by your office gets into an accident or causes damage to a third party or their property you are protected when you have this insurance for your business.
NM Public Administration Insurance
Protection in the public administration just like any other business is important. The last thing you want happening is a lawsuit after someone gets injured while being on the property of a public administration office. Also, the vehicles used and employees in the different parts of this sector must have separate insurance policies to protect them.
Finding the best New Mexico public administration insurance for a public administration office is about speaking with an experienced insurance agent.
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 Non-Profit Insurance
Find useful articles on business insurance for non-profit 501(c)(3) organizations, charities and associations.
- Animal Shelter & Pet Rescue
- Credit Union
- Fraternal Organization
- Labor Union
- Parent Teacher Organization
- Public Administration
- Social Work Services
For 501(c) Non-Profits - Directors And Officers Liability Insurance has become an increasingly important policy to have. D&O coverage protects insured directors or officers against claims involving allegations of wrongful acts occurring while performing their duties as such. The insurance is divided into two separate coverages:
Side A coverage reimburses the individual directors and officers for payments made for loss each has incurred because of wrongful acts.
Side B coverage reimburses the corporation for the payments it has made on behalf of the directors or officers themselves.
General Liability is a foundational policy for almost any business. Most companies do not have any control over the final cost of injuries to a person injured because of their operations, products, or services. The person injured may be a young child, a blue-collar worker, a surgeon, or a homeless person.
The cost of the injuries may be comparatively minor or run into the millions of dollars, depending on the person and the extent of his or her injuries. Do you have sufficient assets to pay such a loss?
Commercial general liability insurance is designed to help you protect your assets with three main coverages:
- Coverage A: Bodily Injury and Property Damage Liability
- Coverage B: Personal and Advertising Injury Liability
- Coverage C: Medical Payments
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Computers, Valuable Papers and Records, General Liability, Directors and Officers Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Fine Arts, Musical Instruments, Commercial Articles Floater, Computers, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage 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.