New Mexico is surging ahead in its commitment to solar investments — with total spending of more than $2.4 billion in 2023. This landmark figure puts the state at the center of a renewable energy revolution and is evidence of strong leadership. The continued consumption of solar energy is an undoubted reflection of an authentic dedication from businesses, citizens, and policymakers alike — one that will ensure that their progress and commitment to the environment will endure.

All the same, danger lurks at every corner of the solar energy industry. Fire hazards, building code violations, and damage to property are just a few examples of potential issues that could lead to costly liabilities for solar companies in New Mexico. To ensure their success and longevity, it is critical for businesses in the state to take comprehensive measures to protect themselves from potential risks by investing in commercial insurance policies tailored to their needs.

What is Solar Insurance?

New Mexico solar insurance, also known as solar panel installation insurance, is designed to protect businesses from any liabilities related to the installation and maintenance of solar energy systems. This type of coverage typically includes liability for accidents that occur during the course of work, legal defense costs in case of a lawsuit, damage or loss of equipment and other materials used in the project, and more.

In addition to these core protections, businesses should also consider additional coverage for risks specific to their operations. For instance, some solar companies may need extra protection against electrical hazards, while others may require coverage for potential losses due to labor shortages or weather- damages.

Ultimately, a comprehensive New Mexico solar insurance policy should be tailored to the specific needs of a business and provide the appropriate level of coverage for any risks associated with their operations.

We Offer the Best Deals on Solar Insurance In New Mexico

Elemental Risk Management is a key strategist in the New Mexico solar energy industry, providing comprehensive coverage for all types of businesses at competitive rates. Our team works closely with clients to craft policies that provide maximum protection and peace of mind — so you can build your business with confidence.

We understand that cost is an important factor when choosing a solar insurance policy, which is why we offer customizable plans with flexible payment plans. Our experienced team will work with you to determine the best insurance solution that meets your budget and risk management needs — all while taking advantage of our low rates and superior customer service.

Whether you’re in need of solar manufactory insurance, solar energy installation coverage, or business liability, we are here to provide the best coverage for your New Mexico-based operations.

Contact us today to learn more about our solar energy insurance solutions and get started on the path to total protection.

Who Needs New Mexico Solar Insurance?

All businesses that own, install, operate, or maintain solar energy systems in New Mexico should invest in a comprehensive insurance policy. This includes:

Solar Panel and Component Manufacturers
Solar Panel Installers and Contractors
Photovoltaic Cell (PV) System Suppliers
Project Developers and Financiers
Solar Equipment Wholesalers and Retailers
Commercial Property Owners with Solar Systems Installed on Site
Electrical Engineers, Architects, and Consultants
Solar Energy System Leasing Companies
Utility Companies Using Solar Power
Solar Designers, Installers, Maintainers
Solar Panel Cleaning Services
Private Homeowners with Residential Solar Panels
Landowners Where Rooftop or Ground Mounted Solar Panels Are Installed
Solar Energy System Inspectors

You may also need solar insurance in New Mexico if you are a business that doesn’t own or install solar systems but operates in close proximity to a solar energy system. Examples include:

Businesses Near Solar Panel Installations
Property Managers or Maintenance Companies of Buildings with Solar Arrays
Utility and Electrical Workers
Solar Energy System Cleaners and Repair Technicians
Inspectors and Maintenance Crews of Solar Farms or Large Solar Installations
Solar Energy System Manufacturers, Assemblers and Distributors

No matter what type of business you’re in, making sure it is protected from solar energy-related risks is essential.

Public Liability Insurance for New Mexico Solar Companies

As the name suggests, public liability insurance or general liability insurance provides coverage for legal costs and damages associated with third-party claims. This insurance can help solar companies avoid paying for lawsuits, settlements, and judgments that may result from accidents or mistakes during the installation, maintenance, or repair of solar systems.

Some of the benefits of public liability insurance for New Mexico solar companies are:
Coverage for premises and operations liability
Coverage for products and completed operations liability
Coverage for personal injury liability
Coverage for advertising/marketing injury liability
Coverage for contractual liability: This covers legal costs resulting from a breach of contract.
Coverage for damage to leased property

By investing in public liability insurance, New Mexico solar companies can reduce their risk for serious financial loss and protect their operations in the event of an accident, mistake, or lawsuit.

Workers Compensation Insurance for New Mexico Solar Companies

New Mexico employers are required to carry workers' compensation insurance, which covers medical costs, lost wages, and other benefits for employees injured or made ill on the job. Solar companies that employ staff should purchase this type of insurance to protect their employees and ensure compliance with the state's laws.

Some of the benefits of workers' comp insurance for solar companies in New Mexico include:

Coverage for medical expenses including hospitalization, medication, and rehabilitation related to an employee's work-related illness or injury.
Coverage for disability benefits or lost wages when an employee is temporarily unable to work due to a job-related injury or illness.
Coverage for death benefits to an employee's family if the employee dies in a work-related accident.
Coverage for legal fees related to defending against or filing a workers’ compensation claim.
Coverage for medical evaluations any medical evaluations required as part of their workers' compensation claim.

With the right coverage, you can guard against the financial burden of an unexpected workplace injury or illness.

Commercial Property Insurance for New Mexico Solar Companies

Solar companies typically require commercial property insurance to cover any damage, theft, or destruction of their physical assets. This type of insurance can help solar companies protect against losses related to a variety of disasters, including fires, storms, and vandalism.

Some of the benefits of commercial property insurance for New Mexico solar companies include:

Coverage for buildings and structures, including any permanent structures owned by the solar company.
Coverage for equipment and tools, including computers, machinery, and other devices used in their work.
Coverage for inventory, including materials or products stored on site.
Coverage for business interruption insurance to cover lost revenue during a period of downtime due to a disaster or emergency.
Coverage for additions and improvements made to the property over time.

Commercial property insurance helps solar companies protect their investments from the unexpected and ensure that they can continue to operate regardless of what happens.

Business Auto Insurance for New Mexico Solar Companies

Solar companies that use vehicles for business purposes need to purchase commercial auto insurance. This type of coverage provides protection from financial losses related to vehicle accidents, theft, and other incidents while on the job.

The minimum level of auto insurance required by law in New Mexico includes $25,000 in bodily injury liability per person and $50,000 per accident. Solar companies can choose to purchase higher levels of coverage for additional protection.

Professional Liability Insurance

New Mexico solar energy engineers, installers, and other professionals need to purchase professional liability insurance. This type of coverage provides financial protection in the event of a negligence claim related to mistakes or omissions in their work.

Professional liability insurance also covers costs related to defending against claims brought by customers, landlords, or tenants that arise out of professional services provided by the solar company.

Product Liability Insurance

Solar companies in New Mexico that manufacture or sell products need to purchase product liability insurance. This type of coverage provides financial protection if their product causes injury or property damage to a third party.

Product liability insurance also covers costs related to defending against claims brought by customers regarding the quality of the solar product.

How Much Does Insurance Cost for Solar Companies in New Mexico?

The cost of insurance for solar companies in New Mexico depends on the type and amount of coverage purchased. It is important to research different providers and compare their rates, as prices can vary significantly. Additionally, factors such as the size of the company and its history with claims can also affect the cost of insurance.

Get The Best Solar Insurance In New Mexico

Partner with Elemental Risk Management for the best insurance policies for your solar business in New Mexico. Our team of experienced agents has decades of experience in the industry and will work with you to find a tailored policy that meets your specific needs and budget.

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