Small business owners who are concerned about maximizing their net income are often tempted to skimp on business insurance and settle on the agency with the lowest premium. Such a short sighted perspective can be detrimental to your business. Instead of leaving the future of your business up to chance, you should work with an agent who’s experienced with insurance in Hobbs, New Mexico so that they can craft an insurance policy that meets your needs and fits within your budget. Whoever you choose, here are three key coverages that you should expect to include in your new policy.
General Liability Insurance: broad coverage for your business in case a third party files a lawsuit claiming they suffered bodily injury or property damage because of your business. Your policy will cover your attorneys’ fees and other payments for which you’re liable.
Professional Liability Insurance: covers your business in case a lawsuit is filed against you by a third party claiming that an error or negligence on your part led to them experiencing a loss of some sort. Like general liability, your policy will cover your attorneys’ fees and other payments for which you’re liable.
Commercial Property Insurance: covers the cost to repair or replace your business property in the event they become damaged or lost. Covered items can include your office, equipment, furniture and electronic data.
Of course, other coverages will be recommended by your agent. Complete a thorough search for insurance in Hobbs, New Mexico to ensure that the one you choose can craft a policy aligns with your needs.