Business Insurance for New Mexico Carpenters
Carpenters are a vital element of The Land of Enchantment industry of construction. They provide services throughout the entire process of the construction process starting from the assembly of the framework, to putting together a building’s finishing touches. Carpenters’ insurance for New Mexico companies can help safeguard your growing small business.
Learn about the carpenters’ insurance available in New Mexico. Find out how BizInsure can compare multiple quotes provided by A-rated carriers.
What are the common types of insurance for carpenters in NM?
You may consider various kinds of insurance for contractors in the field of carpentry in New Mexico to help protect your finances and employees.
General Liability insurance
Construction sites and work sites can be hazardous. Small accidents can have a big impact on your carpentry business.
Injuring someone else or causing damage to their property even by mistake, could leave you with expensive costs or demands to seek reimbursement. That’s why many carpenters look into General Liability insurance for their businesses.
Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, this insurance can protect your business against bodily injury or property damage lawsuits from outside parties. The policy will cover all legal fees as well as costs to remedy or rectify the issue, up to the limits of your liability.
Workers’ Compensation insurance
Workers Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace.
Workers’ Comp coverage is required in New Mexico for companies with at least three employees.
Who needs carpenters insurance in NM?
Many small business owners want to protect themselves from liability claims that could be devastating.
- Liability insurance for Self-Employed Carpenters – Owning your own business can be exciting, but it also means that a lot of responsibility falls on the shoulders of you. A General Liability policy can help manage some of the liability risks you may face.
- Commercial Carpenters – A General Liability Policy can protect you and your employees against third-party claims, whether you are a subcontractor for other companies or have multiple carpenters working in your business.
- Contractors – It’s not just carpenters you should think about. Any contractor regardless of whether plumber, electrician or handyman is able to obtain General Liability insurance for their business.
What is covered by Carpenters Insurance in New Mexico?
General Liability insurance coverage for contractors and carpenters protects against lawsuits and claims arising from:
- Injuries sustained by an unrelated third party
- Property harm to a third person
It is important to note that General Liability insurance for commercial carpenters will cover any claims that are legitimate or not. False or unfounded claims could cost you the same amount to defend as legitimate claims. Having General Liability will protect your business from being destroyed by unfounded allegations.
How much does New Mexico carpenter insurance cost?
Each carpenter is different, and so are their business models. Information about your business is used to calculate the cost of insurance. That means that the cost you pay for carpenters’ insurance in New Mexico will likely vary from the other contractors and carpenters in your region.
The factors that can determine the cost of your business insurance include:
- Business size – Usually your annual revenues.
- The location of the business – A carpentry business operating in Albuquerque may pay more than a carpenter in Santa Fe or Las Cruces.
- Numbers of employees – An insurance policy covering more employees will usually have a higher insurance premium.
- Coverage level – You can pay more for coverage levels that are higher.
- Claims histories – Carpenters that have filed multiple claims before could be required to pay more than a carpenter without claiming.
The majority of carpenters receive several quotes prior to purchasing insurance. They can then evaluate the costs and coverages to determine the right coverage.
Compare carpenters insurance for free with BizInsure
You work long hours to help make your carpentry business a success. At the time you’re done, there’s no time left to browse different websites for insurance quotes.
It was specifically designed for contractors who work full time. We remove the hassle and time purchasing insurance so that you can focus on developing your company. Instant coverage options let you safeguard your business from carpentry.
Comparing quotes from multiple companies, selecting the coverage that suits your needs, and then getting it takes about 10 minutes.
Frequently asked questions about New Mexico carpenters insurance
Does carpenters insurance cover your tools?
General Liability insurance can be purchased if you are on the job and, you damage equipment belonging to a third company.
General Liability is not a policy that covers damages to your tools and equipment. Specific policies to safeguard your tools could be offered.
How much carpentry insurance is needed in New Mexico?
The amount you have to cover is contingent on several factors. For example, the size of projects you usually undertake. A carpenter working on a larger project may require broader General Liability insurance to protect their company.
Learn more about carpentry insurance in the states where you work.
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