How to Obtain Commercial Umbrella Insurance in New Mexico
While you might have taken steps to secure your New Mexico business with standard insurance policies, sometimes those policies may not cover all potential liabilities. Commercial umbrella insurance coverage can make the difference.
In this blog, we’ll delve into the ins and outs of umbrella insurance and guide you through the process of obtaining it in New Mexico.
Access Your Commercial Umbrella Insurance Needs
Before obtaining commercial umbrella insurance, start by looking at the insurance you already have, including general liability, property, workers’ compensation, professional liability, and more.
Write down the limits of coverage and the exclusions associated with your policies, and think about worst-case scenarios: What if a product you’ve sold causes physical injuries? What if a customer slips on your wet floors?
Consider the potential financial implications of these situations and whether your existing policies would be sufficient to cover the legal fees, medical expenses, and other related costs.
Integrate Commercial Umbrella Insurance with Existing Policies
Next, explore umbrella insurance options. If your business operates in a high-risk industry, consider a higher coverage limit to protect against potential large claims adequately.
Your insurance provider should have a proven track record of offering reliable umbrella coverage and effectively aiding customers in aligning the policy terms, conditions, and limits with existing coverages.
An Example of Commercial Umbrella Insurance in New Mexico
To better understand the value of commercial umbrella insurance, here’s an example:
Imagine you own a small construction company in Albuquerque, New Mexico. Your company is thriving, working on various projects in the area.
One day, an accident occurs at the site, leading to severe injuries to multiple workers and significant damage to neighboring property. The injured workers and property owner file lawsuits against your company, seeking compensation for medical expenses, property repairs, and lost income.
While you have general liability insurance in place, the extent of the claims surpasses your policy’s coverage limits. Commercial umbrella insurance can come to your rescue.
With a commercial umbrella policy in effect, you have an extra layer of coverage that extends beyond the limits of your primary policies. In this case, the umbrella policy covers the excess costs that exceed your general liability coverage, ensuring that your business doesn’t have to bear the entire financial burden of the claims.
Conclusion
Without commercial umbrella coverage, your company in New Mexico is exposed to significant financial risks that could potentially ruin or even bankrupt your business. Save yourself the hassle and obtain commercial umbrella insurance in New Mexico today.
About Daniels Insurance, Inc.
At Daniels Insurance, Inc., we have a unique understanding of the risks that businesses like yours face on a regular basis. With the backing of our comprehensive coverages and our dedication to customer service and quick claims resolution, your business will be fully protected. For more information, contact us today at (855) 565-7616.