If you have an existing business with general liability insurance in New Mexico, you may be thinking that you are covered in the event of any personal injury or property damage. It is important, however, to have your policy reviewed periodically to be sure that nothing has changed such as the following:
If your company has expanded, you may need additional coverage to ensure that you are still protected adequately. New acquisitions or changes in your operations can create greater risk as well as a greater potential for loss.
If your company manufactures and sells products, your policy needs to cover injury or damages that could stem from those products not performing as expected. This is another area where your potential risk could change along with new products.
Liability as a Result of Contracts
The contracts that your businesses hold can also result in you being exposed to liability. These should also be reviewed by a professional to ensure that any potential risks are accounted for.
Liability Due to Pollution
Some businesses are exposed to liability as a result of pollution. This area can affect many types of businesses in surprising ways, not just manufacturing plants.
As your business grows and changes, and as the world of general liability insurance in New Mexico liability also shifts, your exposure to risk does not stay static. Therefore, it is smart to have an insurance expert review your operations, your liability and your insurance policies on a periodic basis to ensure that you still have the proper level of coverage.