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New Mexico Small Business Insurance

Running a small business in New Mexico comes with many rewards, the most important of which is seeing your hard work and determination translate into success and prosperity. Ensuring that success continues means protecting against any risks that may cause your enterprise financial harm. With small business insurance through AmVenture Inaurance Agency, Inc., your business can enjoy protections against some of the most common threats, so you can relax knowing that the only thing you have to worry about is taking your business to new heights.

Insurance Plans for Small Businesses in New Mexico

New Mexico, home to beautiful desert vistas and ancient cultures, is a state built on the hard work of small business owners and their employees. According to the U.S. Small Business Administration'a 2017 state profile, 99% of New Mexico businesses are small businesses and together they employ 55.9% of all employees in the state. Small business owners know that their hard work cannot be taken for granted, which is why you should protect your future success with the right insurance solutions.

Insurance Considerations for New Mexico's Small Businesses

Under New Mexico law, most small businesses with employees are required to carry workers' compensation and general liability insurance. While there are a few exceptions to this rule, even those who are not legally obligated to carry such insurance might consider doing so anyway to avoid the biggest risks.

Meeting the bare minimum coverage required by the law is rarely sufficient for addressing the potential financial and legal damage posed by many common risks. Due to high litigation, medical, and claims costs, small business owners in New Mexico should consider at least some of the following policies in addition to what they are legally required to carry to ensure they are adequately covered:

  • Businessowners Policy (BOP)
  • Cyber Liability
  • Employment Practices Liability (EPLI)
  • Commercial Auto

Common Policies for Businesses in New Mexico

Workers' Compensation: New Mexico law generally requires any business that employs three or more people to carry workers' compensation for their workers. With workers' compensation, your employees will have coverage for medical treatment, partial lost wages, and other costs associated with workplace-related injuries and ailments. Workers' compensation also protects business owners in New Mexico by covering the costs related to a workers' comp claim and ensuring your people have the support they need to properly recover and return to work.

Businessowners Policy (BOP): Many business owners see a businessowners policy (BOP) as an essential component to their overall insurance plan. A BOP can usually be tailored for your individual business, but most packages include coverage for general liability, commercial property damage, and business interruption coverages. Your BOP is your line of defense against some of the most common risks that New Mexico business owners may face, including third party liability claims and property damage.

Commercial Auto Insurance: If you own or operate even one vehicle for commercial purposes, then you need to consider commercial auto insurance. In most cases, your personal insurance policy will not cover you if you are involved in a crash while using your vehicle for business purposes. You want the assurance of knowing that your fleet, drivers, and bottom line are protected in case of an accident. A commercial auto insurance policy can help cover the medical, legal, and repair costs that stem from an accident involving your business's vehicles.

How to Get Small Business Insurance in New Mexico

The bespoke small business insurance solutions designed through AmVenture are here to cover your business against many of the most common risks you may face. Contact us today or fill out our brief form for your free quote. One of our friendly representatives will show you how our insurance solutions can help keep your business safe in a competitive and often challenging environment.

About AmVenture

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    Our affiliated insurance carriers are rated “A-” (Excellent) by A.M. Best Company, a widely recognized provider of ratings, financial data & news with an exclusive insurance industry focus.

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    Our affiliated carriers provide 24/7 online claim filing so you don’t lose valuable time between claim and resolution.

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  • Workers’ compensation

    We specialize in workers’ compensation for small- to mid-sized “Main Street” businesses, supported by an experienced and dedicated staff.

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    Our goal is to provide a competitive premium cost while delivering superior service that allows you – as a small business owner – the security of knowing your business is protected.

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