General liability insurance in New Mexico is your first defense against legal liability for any accidents, injuries or damages that your company may be accused of causing. Without the right coverage, you may be forced to pay out of pocket for legal fees and any judgments awarded to a claimant. If you don’t have enough funds to cover the legal fees, your assets may be used as a form of payment. A strong general liability policy can be your safety net in the face of any legal backlash.
Not all general liability insurance policies are created equal. When shopping around for policies, there are a few elements that you want to make absolute certain your policy has. For one, your policy should cover the basic exposures such as property damage, personal injury, medical expenses, fire damage, theft, slander and any legal fees or judgments. Next, make sure that all the right people are covered. If you’re a sole proprietor, the “right people” are just you and your spouse. If you own a corporation, the “right people” are you and any shareholders, officers and other owners. Additionally, look into the policy limits of your general liability insurance in New Mexico. Most general liability insurance policies come with a limit, so make sure that yours is high enough to protect you in the event of a lawsuit.
Finally, consider whether or not you need any specialized products, such as workers’ comp, liquor liability or pollution coverage. If you work with subcontractors, you may need additional coverage to cover them as well.