New Mexico Scrap Metal Dealers Insurance Policy Information
New Mexico Scrap Metal Dealers Insurance. It is important for all businesses to have appropriate levels of insurance in place. This protects the company against unexpected loss and ensures that there are funds available to settle any lawsuits, disputes, or other similar claims.
New Mexico scrap metal dealers insurance also protects your business should something go wrong at your plant, including fire, break-in, spills, or injuries. The only way to ensure that you are fully protected is to speak with a qualified insurance broker and purchase products that are relevant to your business operation. Learning more about NM scrap metal dealers insurance is a great place to start.
New Mexico scrap metal dealers insurance protects your business from lawsuits with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
What Is Scrap Metal Dealer Insurance?
NM scrap metal dealers are veru busy on a daily basis. Drivers travel to pick up metal, customers enter the scrap yard to drop off materials, and employees operate heavy machinery to sort and prepare inventory for delivery to a foundry or other customer location.
New Mexico scrap metal dealers insurance is not just a single policy. It is typically a package consisting of numerous polices, offering protection against a wide range of potential problems. Each insurance company includes a different combination of policies in their scrap metal insurance packages.
When shopping around for policies, make sure you get the details of exactly what each package covers. It is a good idea to jot down some information about your company and your insurance needs before you start shopping around. For example, a large plant with over 100 employees may have very different needs than a smaller operation with less than 20 staff members.
What Do Scrap Metal Dealer Policies Cover?
As mentioned, most New Mexico scrap metal dealers insurance vary depending on the insurance company you decide to go with. In general, most NM scrap metal dealers packages cover the following:
- Property Damage - Protecting the company's physical assets, such as its products, products, buildings, building contents, and any products that are currently in transit. This type of policy also covers the loss of money, should a safe or other secure storage system become compromised. Also including specialized coverage for equipment and machinery.
- Business Interruption - Providing financial assistance to a company should revenue be reduced as a result of, or directly after a property damage claim is made.
- General Liability - Protecting your company should an accident or incident occur that does bodily injury property damage to a third party - like a customers getting injured while on your premises.
- Commercial Umbrella Liability - Excess liability for large claims.
- Workers Compensation - to protect your company if you face an lawsuit or allegation by a staff member.
- Commercial Auto - For your trucks and other vehicles that drive on the road.
This is not an exhaustive list but does contain a few of the polices that most scrap metal packages include. Remember to talk about your unique situation with your insurance agent to ensure that you get a comprehensive policy that meets all your protection needs.
Who Should Invest In NM Scrap Metal Dealer Insurance?
In most states, scrap metal dealers are only required to have workers comp insurance, which can result in company owners deciding not to purchase additional coverage. This may seem like a good way to meet your legal obligations while controlling costs. However, it can quickly backfire.
If there are property damage issues, incidents that affect third-parties, or incidents of theft, you as a company owner are on the hook to pay for any replacements or repairs. In most cases, these repairs cannot be put off or delayed. To do so could negatively impact your bottom line.
Instead of relying on the legal minimums, consider the type of financial risks you could be exposed to during the course of your business. It's a good idea to make a complete list so you can bring it with you when you speak with your insurance agent. Add things like how often you deal with hazardous material waste, the number of employees you have, how the metal is transported to and from your plant, and the specific types of workplace hazards your employees face. All of this information can help you stay adequately covered, protecting your company and its future should something go wrong.
How Much Coverage Do You Need?
All company owners have an obligation to ensure that their workplaces are covered by the appropriate insurance polices. Failure to do so can leave you in a very bad financial position. Some uninsured or inadequately insured companies even need to shut their doors after an accident or spill as a result of the financial costs involved. There are many types of policies that those involved in the scrap metal industry need to have in place. Since this can get confusing, and due to the importance of being adequately covered, it is always a good idea to speak with a reputable broker before making your policy decisions.
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 Retail Insurance
Read valuable small business 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.
- Adult Novelty
- Antique Dealers
- Appliance & Electronics Store
- Art Gallery
- Bicycle Shop
- Boat Dealers
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Carpet Store
- Clothing Store
- Collectibles Memorabilia Store
- Convenience Store
- Cosmetics Store
- Dry Cleaning
- Equipment Rental
- Funeral Home
- Furniture Store
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Lingerie Store
- Luggage Store
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pawn Shop
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tire Store
- Tobacco Store
- Toy Store
- Travel Agency
- Tuxedo And Formal Wear Rental Store
- Vending Machine Operators
- Wig Store
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Bailees Customers, Goods in Transit, Jewelers Block, 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.