The Facts About Commercial Auto Insurance in New Mexico
For businesses in New Mexico, having reliable transportation is crucial to keep operations running smoothly. However, with the privilege of owning and operating commercial vehicles comes the responsibility of protecting them and your business from potential risks. That’s where commercial auto insurance comes in.
Whether your business relies on a fleet of vehicles for deliveries, client visits, or other purposes, having the right auto insurance policy is essential to protect your assets and ensure your business’s financial well-being.
In this blog, we’ll delve into three essential facts about commercial auto insurance in New Mexico and why it’s a critical investment for safeguarding your business on the road.
Legal Requirement for Businesses in New Mexico
As in most states, commercial auto insurance coverage in New Mexico is not just a choice; it’s a legal requirement. The state mandates that all vehicles used for business purposes must carry a 25/50/10 minimum level of liability insurance, meaning:
- $25,000 for bodily injury per person
- $50,000 for bodily injury per accident
- $10,000 for property damage per accident
Failure to comply with this NM requirement can lead to severe penalties, fines, and even the suspension of your business operations.
Commercial Auto Insurance Coverage Extends Beyond Collisions
While collision coverage is indeed an important component of commercial auto insurance, it’s just the tip of the iceberg. Comprehensive coverage also offers protection against a wide range of non-collision incidents, including:
- Theft
- Vandalism
- Natural disasters
- Falling objects like trees and debris
Depending on your policy, it may also include debris removal and cleanup, emergency roadside assistance, glass damage coverage, rental reimbursement coverage, and more.
Commercial Auto Insurance Protection for Employees and Third Parties
Employees are the backbone of any business, and their safety is paramount. When they operate vehicles for work-related tasks, they become vulnerable to accidents that might also affect the public and other third parties.
Fortunately, commercial auto insurance offers specific protections for them and your business in case you are held liable for damages, such as:
- Uninsured/underinsured motorist coverage
- Medical payments coverage
- Legal defense costs
- Cargo and goods protection
Conclusion
As a business owner in New Mexico, you must understand business insurance to protect your valuable assets and keep your business on the right track.
To ensure you have the best coverage for your needs, consult with insurance professionals who are well-versed in New Mexico’s regulations and can guide you toward a comprehensive and personalized insurance solution.
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.