When you are starting up a new business, you are likely focusing on the things you actually need to operate. New Mexico business insurance should also one of those items on your list for these reasons:
Personal Injuries Can Go Beyond Medical Costs
Imagine someone gets injured on your property or by one of your employees. You immediately offer to pay for any medical costs and the person is amenable to that. Then they start telling friends and family what happened and, the next thing you know, they are suing you for damages as well that far exceed the medical bills and requiring you to pay for legal representation as well.
Property Damage Can Be More Than Replacement
In some cases, it is someone’s personal property that is damaged. In this case, you may be liable for replacement of that property, as well as damages incurred due to its loss, for example, in the case of a computer being damaged with important information on it. If the information is irreplaceable, this too could be a sum far exceeding the property cost.
Although personal injury and property damages are the most common things covered by New Mexico business insurance, it can also cover suits brought against your company such as:
- Claims of misleading advertising
- Libel and slander claims
- Infringement of copyright
Of course, you will do your best to avoid any of these events occurring. It is important not to put off getting your liability insurance in place just in case a lawsuit happens that could potentially affect all of your assets.