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Three Insurance Coverages That All Small Business Owners Should Understand

When it’s time to find insurance coverage, new business owners often settle for the lowest priced option. Unfortunately, such a strategy can be catastrophic as it can leave you exposed to tremendous risks. As you’re searching for insurance in Hobbs, New Mexico, here are three fundamental coverages that you should plan to include in your policy.

Liability Insurance

There are various forms of liability insurance, but they all serve the purpose of protecting you in case a lawsuit is brought against you by a third party claiming they experienced a loss of some sort because of your business. General and professional liability are probably the most popular among small businesses, but others such as pollution and employment practices liability may also be required for you.

Property Insurance

Property insurance covers the cost to repair or replace your covered items in case they become damaged or lost. Items that can be covered by your policy include your building, equipment, furniture, computers and data. Covered events include fires, certain storms, theft and vandalism.

Worker’s Compensation Insurance

The requirements for worker’s compensation are set by your state. Even when it’s not a state requirement, it’s highly recommended to keep you protected in case an employee sustains a workplace accident. Your policy will cover legal and medical expenses as well as the employee’s lost wages during his or her absence.

Finding business insurance in Hobbs, New Mexico doesn’t have to be difficult. Work with a reputable agent who can use their experience to help you build a policy that meets your needs.

Worker’s Compensation Insurance

The requirements for worker’s compensation are set by your state. Even when it’s not a state requirement, it’s highly recommended to keep you protected in case an employee sustains a workplace accident. Your policy will cover legal and medical expenses as well as the employee’s lost wages during his or her absence.

Finding business insurance in Hobbs, New Mexico doesn’t have to be difficult. Work with a reputable agent who can use their experience to help you build a policy that meets your needs.