New Mexico General Liability Insurance
General liability insurance New Mexico is an insurance coverage that provides protection as a result of general accidents, liability lawsuits, and general liabilities. Generally, your vehicle, business office, construction site, and personal property protection are covered by this type of insurance. In recent years, technology has led to the rise of contractors who are responsible for vehicles and the construction process in the real world. This article discusses what benefits contractors can gain from taking out a contractor general liability policy.
What is Contractor General Liability Insurance New Mexico ?
As a contractor in New Mexico, NM, you may be wondering what general liability insurance is required by law. In short, general liability insurance covers you and your business from lawsuits that might arise as a result of your work. This type of insurance can protect you from financial ruin if someone is injured or believes they were injured as a result of your work.
There are certain requirements that must be met in order to obtain general liability insurance. First and foremost, your policy must cover acts of negligence. This means that you are not responsible for any injuries or damages that occur while performing contracted work unless you were specifically identified as the cause of the accident in the policy wording. Additionally, your policy must have coverage for property damage as well as bodily injury.
How Much Coverage Do I Need In New Mexico ?
As a contractor in New Mexico, you may be wondering how much liability insurance you need. The answer depends on your business and the specific risks you face as a contractor.
Most businesses in New Mexico will need to carry general liability insurance coverage of at least $1 million per occurrence. You may also want to consider adding extra coverage for specific risks like construction defects, copyright infringement, and Slip and Fall injuries.
If you aren’t sure what type of coverage is right for your business, give us a call and we’ll help you find the best policy for your needs.
What’s covered in Contractor General Liability Insurance New Mexico, NM ?
Contractor General Liability Insurance New Mexico covers contractors and subcontractors working on public or private projects. This type of insurance covers personal injury, property damage, and libel/slander claims arising out of your work. Coverage may include third-party insurance, as well as product liability and workers’ compensation policies.
What’s not covered by Contractor General Liability Insurance New Mexico, NM ?
This type of insurance does not cover claims arising from the contractor’s own negligence or default. It also does not cover business losses such as loss of revenue or profits, or damage to company property.
Does The State of New Mexico Require You To Have This Insurance?
State law requires all contractors and subcontractors doing business in New Mexico to carry contractor general liability insurance New Mexico. The requirement is intended to protect both the businesses and the workers who perform work on their behalf. In addition, many states require companies that do a lot of business with the state or local governments to have New Mexico general liability insurance for contractors.
Is there an age limit on who can purchase owner’s or contractor’s general liability insurance in New Mexico?
The answer to whether or not there is an age limit on who can purchase owner’s or contractor’s general liability insurance in New Mexico depends on the specific policy. However, most general liability policies do have a minimum age requirement of 18. Unless the policy specifically states otherwise, minors are generally not able to financially protect themselves from potential personal injury and/or property damage lawsuits by purchasing such coverage. Accordingly, parents or guardians should discuss the availability and cost of owner’s or contractor’s general liability insurance with their children before making a decision.
Contractor General Liability Quote New Mexico
Contractor General Liability Insurance can provide you with peace of mind in the event that something goes wrong while you are working on a project. This type of insurance covers you for such things as personal injury, property damage, and wrongful death. Not only will this coverage help to protect your business, but it can help to compensate you financially if an accident occurs. If you’re interested in contracting general liability insurance for your New Mexico business, contact our office today.
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