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<\/a>George "Twig" Segura, Senior Account Executive, Daniels Insurance<\/p><\/div>\n
Entrepreneurs do everything they can to control the elements that contribute to their business\u2019s success, but some events are out of their control. That\u2019s where business insurance comes in: to ensure that an unpredictable event doesn\u2019t destroy everything the company\u2019s owner has worked for.<\/p>\n
Business insurance \u2014 also called commercial insurance \u2014 is an umbrella term for a variety of products designed to protect business or commercial interests. Some businesses require insurance that targets industry-specific challenges, but other types of insurance address risks common to all businesses.<\/p>\n
Commercial property insurance<\/strong> covers buildings, contents, inventory and equipment against physical loss or damage. It typically comes with \u201cbusiness income and extra expense coverage,\u201d which compensates a business owner for the money that\u2019s lost while the business is closed because of an insured loss.<\/p>\n Commercial general liability insurance<\/strong> protects a business from claims for bodily injury or property damage to customers and clients. It covers claims that result from a customer or visitor getting hurt on the business\u2019s property or from an employee damaging property at a client\u2019s home or business.<\/p>\n Professional liability coverage,<\/strong> sometimes called \u201cerrors and omissions\u201d (E&O) insurance, can help businesses that deal with customers who potentially could claim that something the business or its employees did for them was done incorrectly and cost them money or caused them harm.\u00a0<\/p>\n Workers\u2019 compensation and employers liability coverage<\/strong> is required of all New Mexico businesses \u2014 with limited exceptions \u2014 that employ three or more workers; for the construction trades, no minimum number of employees applies. This insurance provides benefits in the wake of occupational injuries or disease suffered by an employee, regardless of fault. Benefits include payment of medical services and lost wages, subject to a limit set by state law. Workers\u2019 compensation is the exclusive remedy for the coverage of work-related injuries.<\/p>\n Accounts receivable coverage<\/strong> protects a business when its records are destroyed by an insured peril and the business cannot collect the money owed. The policy covers these uncollectible sums plus the expense of record reconstruction and extra collection fees. It does not insure the physical value of the records themselves, such as the paper, computer disks and tapes on which they\u2019re stored.<\/p>\n Crime coverage and fidelity bonds<\/strong> protect a business from crime-related losses, whether it\u2019s burglary, robbery or theft. Fidelity bonds specifically cover theft perpetrated by a business\u2019s employees who steal money, equipment or other assets from the business (first-party fidelity) or a client (third-party liability)<\/p>\n Given all these insurances choices, a business owner should view an insurance agent as a business partner who can help her tailor coverage to her business\u2019s specific risks and needs.<\/p>\n Download 144_A Business Worth Building is Worth Insuring PDF<\/a><\/p>\n Article 144<\/p>\n","protected":false},"excerpt":{"rendered":" Business insurance \u2014 also called commercial insurance \u2014 is an umbrella term for a variety of products designed to protect business or commercial interests. Some businesses require insurance that targets industry-specific challenges, but other types of insurance address risks common to all businesses. This article describes various types. Continue reading