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Small business insurance in New Mexico
More than 150,000 companies in New Mexico are small businesses. It may not sound like much, but they drive more than 95% of business in the state and employ more than 55% of the workforce. If you’re an entrepreneur in New Mexico, you should be proud to offer meaningful employment and contribute so much to the economic well-being of the state. But as a small business owner, you need small business insurance to protect against life’s mishaps.
That’s where we come in. At Huckleberry, your business is our business. Whether you’re in Albuquerque, Santa Fe, Las Cruces, or Rio Rancho, you can get the insurance coverage you need at a price that makes sense for your company. The best part? A New Mexico business insurance quote only takes about 5 minutes—and the entire process is online.
The most common types of small business insurance in New Mexico
Workers’ compensation protects your company if an employee has a work-related injury or illness. Instead of you footing the bill, this business insurance coverage pays for medical costs, lost wages, and continual expenses while they recover.
A BOP, or Business Owner’s Policy, combines business property and business liability insurance into one sleek package. A BOP can protect you from financial ruin from lawsuits, property damage, and business interruption. If the unexpected happens, it can save you tens of thousands of dollars in expenses.
General liability insurance covers you and your company from various claims, including property damage, bodily injury, personal injury, advertising injury, and more. You might know it as commercial general liability coverage. This form of liability coverage can help to pay for legal expenses and court settlements.
If you’re a NM business, you need to consider business property insurance and business personal property insurance. Business property insurance protects the building your business is in but doesn’t cover the contents. Business personal property insurance covers the merchandise and other “stuff” that’s inside your building.
Business interruption insurance safeguards your operations if you have to shut down after a covered loss, like property damage. You might think of it as business income insurance. It can help supplement your company’s revenue if business is interrupted.
How much does New Mexico small business insurance cost?
New Mexico Huckleberry customers pay a median cost of $113 per month for workers’ compensation coverage. Meanwhile, the median rate for a Business Owner’s Policy is only $62 per month!
How much will you pay for your small business insurance policy? It depends. Rates can swing high or low based on what type of business you have, your location, and the policy limits you choose. To get the best coverage, take a few minutes out of your day to get a free quote.
Additional coverages for your New Mexico business insurance needs
Employment Practices Liability Insurance
EPLI, or employment practices liability insurance, covers wrongful acts arising from the employment process, including claims for wrongful termination, discrimination, sexual harassment, and retaliation.
A hired and non-owned auto policy is a type of commercial auto insurance for accidents involving vehicles your business doesn’t own. It can cover rental cars or employees’ personal vehicles if they use them for work errands.
Professional liability insurance, sometimes called errors and omissions insurance, pays for legal fees and settlement costs if a client is harmed from a mistake you made.
Your business could be liable for personal or property damage if your restaurant sells alcohol to someone who is visibly intoxicated. If that happens, this policy can cover legal costs, medical bills, and property damage.
If your food or beverages spoil from a power outage or other covered event, a spoilage policy can protect your bottom line.
Equipment breakdown coverage is precisely what it sounds like: Insurance coverage that pays to repair or replace your equipment. It can get you up and running to get the job done.
Specific to restaurant owners, a restaurant endorsement covers the food you sell, whether your customers eat it on or off your premises.
Dishonesty and fraud can cost small businesses big time. Employee dishonesty coverage compensates your business for loss from employee theft, forgery, alteration, and many types of fraud.
Most common industries getting business insurance in New Mexico:
3 reasons why business owners in New Mexico love Huckleberry
- Where else can you get insurance coverage in just 5 minutes? Yes, Huckleberry is that fast.
- You get an insurance policy entirely online. As a busy entrepreneur, you can get the coverage you need and manage your policy from your office or on the go.
- It’s affordable. You may pay less while still meeting insurance requirements to cover all of the bases.
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