Running a successful business takes massive financial investments and thousands of hours of labor, all of which could be lost in a liability suit or natural disaster. Business insurance is a vital investment, with options designed to shield you from a variety of threats, from lawsuits to fires and employee mistakes. Below are a few types of coverage every business owner should carry.

4 Common Types of Business Insurance

1. Commercial Property Coverage

If your equipment, business location, or products are stolen or destroyed, would you be able to pay for repairs or replacements? Commercial property insurance covers these losses, ensuring that a fire, tornado, or criminal act doesn’t force you out of business.

2. Liability Insurance

If a visitor is injured on your property or an employee makes a mistake that costs a client money, the resulting lawsuit can cost more than your business can afford. Liability coverage is an essential component of any business insurance policy, covering the cost of valid claims and funding your defense against frivolous lawsuits.

3. Commercial Auto Insurance

Even if you don’t own a fleet of vehicles, you still need a commercial auto insurance policy if you use your vehicle to deliver products or transport clients. Your personal auto policy likely won’t cover accidents that occur while you’re working, potentially leaving you on the hook for damages if you cause a collision.

4. Worker’s Compensation Insurance

Most states, including New Mexico, require employers to participate in some type of worker’s compensation program. In New Mexico, every company with at least three employees should include worker’s compensation in their business insurance package.

For over 70 years, business owners throughout Southeastern New Mexico and West Texas have relied on Reid Insurance Group to protect the value of their investments. Their independent agents take the time to understand your needs before comparing business insurance options from a variety of carriers to find the policy best suited for you. Visit their website for more on their business insurance services, or call (575) 396-3645 to speak with an agent and request a quote.