Choose The Top-Rated Commercial Insurance Agency in New Mexico
Give your company the right kind of protection with Elemental Risk Management. Request a free quote for commercial insurance for small businesses in New Mexico today.
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Top-Rated Business Insurance Agency in New Mexico
According to a 2016 survey, 35.2% of small businesses faced an event that could have led to an insurance claim. This means that the chances of your business needing proper coverage are high.
However, not all businesses have insurance because they perceive commercial insurance agencies in New Mexico as an unnecessary expense. If they do have coverage, it might not be enough. About 75% of businesses in the country are underinsured by 40% or more.
When an unforeseen incident occurs, these companies would have to pay for everything out of pocket. The high costs could cripple small businesses in New Mexico. The average reputational harm claims, for instance, cost businesses $50,000.
Make sure your company has the right kind of protection to shield your and your employees’ livelihood. Talk to an ERM consultant today.
Types of Commercial Insurance in New Mexico
General Liability Insurance
In New Mexico, general liability insurance is a business insurance coverage that protects your business from general claims, such as medical expenses and legal costs arising from property damage or bodily injuries, if your business is legally responsible.
Business Owners Policy
Business owners' policy helps protect your company from claims arising from various events such as disasters, fire, and theft. Additional options for this type of insurance include data breaches and adverse circumstances arising from specialized services.
Workers’ Compensation Insurance
In New Mexico, workers’ compensation insurance is mandatory for businesses with three or more employees. This provides monetary benefits to your workers, in case they are disabled or injured while performing their duties as an employee.
Commercial Auto Insurance
All business-owned vehicles in New Mexico must be covered by commercial auto insurance. It provides liability coverage for property damage and bodily injuries sustained in accidents. Ideal for businesses with employees who operate owned, leased, and rented company vehicles.
Cyber Liability Insurance
Cyber liability insurance provides protection from financial losses arising from tech-related incidents, such as cybercrime. It can cover regulatory fines, legal services, lawsuits due to data breaches, and more.
Products Liability Insurance
Product liability insurance is a type of commercial insurance in New Mexico that protects your small business from claims made against the products you offer. This covers bodily injury to buyers or a third party or property damage caused by your product. Cases include design defects, manufacturing flaws, and more.
Property Insurance
Property insurance provides financial protection in theft, acts of vandalism, or damage to property caused by a third party or disasters, such as fire and wind. The insurance plan pays for replacement costs or, in some cases, the property's actual value.
Lessor’s Risk Insurance
Also known as landlord insurance, lessor’s risk insurance protects the owners of commercial properties rented to other people. This covers various properties, including apartment buildings, retail buildings, warehouses, office spaces, and more.
Group Health Insurance
Group health insurance provides coverage to a group of employees in a business. Most group health insurance plans require at least 70% of workers to be insured.
Commercial Umbrella Insurance
In New Mexico, commercial umbrella insurance provides additional liability protection in case their liability insurance is exhausted. It covers medical bills, legal costs, damage to other people’s property, and more.
Surety Bonds
Surety bonds are a contract between three parties — the principal, obligee, and surety — where the surety promises the obligee for the debt, default, or failure.
Work with ERM Today
Get a Plan Suited to Your Business
You have the confidence that your business insurance coverage answers the risks that your business faces. ERM evaluates your operations, industry, workforce, customer base, and more.
Bounce Back Quickly
Some accidents and damage could leave your business on the brink of bankruptcy. With adequate insurance, your company will quickly recover from these events and mitigate substantial financial losses.
Protect Your Workers
In New Mexico, small businesses employ 54.2% of workers. When a small company doesn’t recover from adverse circumstances, employees will lose their livelihoods. An insurance plan safeguards your business, so you can continue to provide stable jobs.
Don’t Overpay
You’ll receive adequate coverage without unnecessary costs. Through personalized solutions, your small business won’t overpay for commercial insurance in New Mexico.
Need to File a Claim? Expect a Simple and Seamless Experience
An insurance claim entails significant indirect losses. As your business files for a claim, you might miss business opportunities. Not to mention, you might deal with frustrations and discouragement from needlessly complicated processes.
ERM consultants go beyond providing insurance coverage options — we also ensure that, in the event of a claim, our clients experience a simple and seamless process.
Your business is already facing a difficult issue, so we see to it that filing a claim won’t add to your problems.
What is Average Cost of Business Liability or LLC Insurance Costs in New Mexico?
Liability insurance costs in New Mexico can vary drastically between insurance companies.
Liability insurance rates are generally factored using:
- Gross sales for the business,
- Gross payroll for employees and owners,
- Square footage of the premises
- Any sub-contractor exposures
Insurance rates are developed at a rate per $1,000 utilizing one or more of the above factors. A typical small business in New Mexico can expect to pay anywhere between $300 and $5,000 annually for their general liability policy.
The final cost of liability coverage from one business to the next will vary significantly based on the SIC code or the insurance company’s own classification system for GL rating.
Some additional factors used to develop insurance costs include the nature of your business, your physical location, prior claims experience, and your years in business.
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Speak with a New Mexico Commercial Insurance specialist today!
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The sheer number of commercial insurance options in New Mexico is overwhelming for any small business. ERM consultants will help you determine the right type of insurance and level of coverage for your company.
Fill out this form today to get a free quote.
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Our Testimonials
Hear from our clients
“Dax Kastrin has been great for our company. I have been totally impressed with his ability to take initiative to find ways to keep my premiums low but also provide coverage that I need to protect our company. So many things change in our world, and Dax is out there staying educated and on top of the insurance realm to provide me with the best coverage possible. He has always treated our company as he would his own. Dax, I appreciate all your help; you have always been prompt and professional. We are your loyal client, as you know."
Rebecca Montoya
CFO | Southwest Collision Craftsmen, Inc.
“Dax Kastrin and his team at Elemental Risk Management are, simply put, the best insurance team in New Mexico. They are professional, polite, always prompt, and deeply knowledgeable about the broad spectrum of insurance products necessary to protect your business and livelihood. Dax also SAVED US A TON OF MONEY in our insurance products, and increased our coverages! If you have the chance to work with Dax and Elemental Risk Management, DO IT. You will never regret the decision."
Marc Powell
Director / New Mexico Independent Auto Dealers Association
“Elemental Risk Management has provided our company significant insurance cost savings for our commercial and industrial properties, as well as responsive service, insight, and analysis. During the past 30+ years of owning and managing industrial office and retail properties our insurance program with Elemental Risk Management stands above all others. During a difficult economy and in a competitive industry such as commercial insurance, ERM has done a great job for us!"
Veronica K. Callaghan
Vice President | Kasco Ventures, Inc
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Managing risk is essential for every business. Work with a partner you can depend on to help you protect your most valuable assets.
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Elemental Risk Management strives to be a progressive agency in the continuously evolving world of business insurance.
4801 Lang Ave NE UNIT 110
Albuquerque, NM 87109
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