One trait your New Mexico startup has in common with the largest corporations in the nation is the need for general liability insurance. From the moment of launch, your business needs protection in a litigious world, and this is where NM business liability coverage comes into play.
General business liability insurance serves several purposes. First, if someone is injured on your company property, your insurance may provide recompense for expenses such as medical costs. Liability coverage also protects you in the event that you or your employees cause injuries or property damage.
In addition, this insurance also provides a buffer against legal action. If your company is being sued, general business liability insurance provides coverage for legal fees. These may include attorney expenses, costs of a settlement agreement and both monetary and nonmonetary damages from a successful lawsuit.
In choosing the NM Business liability coverage that suits your business needs, there are several factors you should consider, including your perceived risk, which may vary depending upon the services your company offers. You should also discuss the limits of any given policy with your insurance agency. If you perceive that your company has a high liability exposure, it may be advisable to complement your general liability package with a commercial umbrella policy.