Are you searching for a New Mexico insurance agency for your business? With so many local and national options available, deciding on the right option can be somewhat of a challenge. Before you get bogged down with researching all the available providers in the area, it’s good to have a solid understanding of the basics of business insurance coverage.
General liability insurance, not to be confused with professional liability, covers your business in case a non-employee is physically hurt, or their property is damaged by your business. It also covers any advertising “injuries” resulting from slander, libel or copyright infringement. Any lawyers’ fees, settlements or judgments are covered by this policy.
Also known as errors and omissions (E&O) coverage, professional liability insurance is primarily for those who provide professional services. It covers your business in case of a lawsuit stemming from a client’s loss due to a mistake on your part. It’s often required for medical practitioners, but legal professionals, business consultants and other professional service providers are also advised to carry E&O insurance.
Commercial property insurance covers your business property including the building, furniture, landscaping and equipment. It even covers your computers and the data on them. It covers losses due to causes ranging from windstorms and rain to vandalism and theft.
Now that you have a general understanding of business insurance coverage, it’s time to find the right New Mexico insurance agency for you. Take your time to properly vent all potential candidates before signing any contracts.