Breaking Down Business Insurance

Searching for business insurance in Albuquerque can be difficult. Not because there aren’t a number of qualified agencies, but because of the difficulty new business owners can have with understanding the terminology and deciphering which coverages are appropriate for them. To help simplify the process, here are simple explanations for the most popular insurance coverages you’ll encounter.

Commercial Property Insurance

Commercial property insurance covers your business in case your building, furniture or equipment is damaged or lost. Your policy will pay to repair or replace these items if the damage occurred as a result of a covered incident such as a fire, storm, theft or vandalism.

Commercial  Liability Insurance

Commercial liability insurance covers your business in case a third party experiences bodily injury or property damage because of your business. Your policy will pay for any legal fees or medical expenses associated with such an incident.

Workers’ Compensation

Workers’ compensation isn’t required in every state, but it’s highly recommended even if you have just one employee. In case of a job-related injury or illness, your policy can be used to pay for legal fees, medical expenses and lost wages.

There are many variations to these coverages. Work with an agent who’s experienced with insurance in Albuquerque to get help identifying the ones that meet your needs.