The state of New Mexico is located in the southwestern part of the country. Located in the Southwest of the United States, New Mexico has an area of 314,900 square meters and is the 36th most populous state. Even though natural resources play a significant role in the state's GDP, mining and ranching are the main industries.
As a result of the diverse sectors that provide thousands of jobs in New Mexico, the economy has thrived. Among the state's biggest industries are energy, aerospace and defense, logistics and transportation, tourism, and food.
Over $2 billion in revenues and taxes are generated by the gas and oil industry of New Mexico each year, despite a decline in the mining sector. Because of its business-friendly climate and top-notch infrastructures, New Mexico has been on a path to recovery since the economic recession of 2007.
With a thriving economy, small businesses in New Mexico need comprehensive general liability insurance to protect them against lawsuits.
Importance of New Mexico General Liability Insurance For Your Business
It is essential for your business to have general liability insurance. In addition to protecting your assets, it enables you to qualify for leases and contracts that require coverage. It is commonly known as commercial general liability (CGL) insurance, and it is designed for business owners who deal directly with customers and clients.
Business liability insurance covers legal defense costs for lawsuits involving property damage or personal and advertising injury. Typically, general liability insurance coverage includes court-ordered judgments to settlements under your CGL policy.
General liability insurance cover claims arising from regular business operations, such as:
- Bodily injuries - Liability claims can be hefty if an employee is injured on the job. You can use general liability coverage to cover medical expenses for a customer who slips and falls on your premises, for example.
- Property damage - No matter how rigorous your safety standards are, accidents can happen anywhere, anytime. If an accident caused damages to a property, your company would be liable. This type of policy can cover the cost of repairs or replacements.
- Personal injury - Often, libel or slander are involved in these disputes. It is important for your business to have general liability insurance to cover legal costs in the event of a lawsuit.
A general liability policy is required by law for small businesses in most states. Clients, landlords, mortgage companies, or mortgage companies may ask you for it. On the other hand, business owners' policies and commercial property insurance are not required for contractors without physical locations or expensive equipment.
Your business is protected by professional liability insurance, and it ensures that you qualify for contracts and leases that require it. Having a certificate of insurance shows that your company is capable of handling lawsuits involving property damage and bodily injury.
Request a Free New Mexico Business Insurance Quote Today!
Choosing the right general liability insurance policy for your business is one of the most important decisions you will make when working with an insurance company. Your business needs general liability insurance that covers all your risks.
In combination with our expertise and resources, Stampede Insurance can help you find the right insurance to suit your budget. We have a number of policies that we can offer you, including the following:
- Commercial Property Insurance
- Cyber Liability Insurance
- Product Liability Insurance
- Commercial Auto Insurance
Your coverage, limits, and risks will determine your general liability insurance cost. Get general liability insurance from brokers you trust! If you have any questions about coverage, you can speak with one of our licensed insurance agents. We also offer services in Arizona, Idaho, and Alabama.
Our experienced brokers can help you find the right general liability coverage. Contact us today for a free, no-obligation quote!
