Because even seemingly frivolous lawsuits can wipe out business assets, there is no question that small business owners need to have business liability coverage. If you are shopping for a New Mexico business liability policy, here are some things to keep in mind.
Know your limits. Many states require companies to carry a certain amount of business liability insurance. At a minimum, make sure you research and understand the state base-level insurance requirements in every jurisdiction where you operate. And, if you have contracts to deliver goods or provide services, check to make sure you are complying with all requirements to carry a liability policy.
Survey Your business. Once you understand how much liability insurance you are required to carry, when purchasing a New Mexico business liability policy, you also must understand how much you should carry. Survey your business and determine the amount of liability coverage you need to protect your interests. Make sure the amount of coverage you buy will at least protect all your company’s assets. Also, consider whether purchasing coverage beyond simple liability insurance is a smart idea for your business.
Ensure that your company complies with legal requirements and protects its assets by purchasing a comprehensive business liability policy.