What Commercial Insurance Is Needed in New Mexico?

New Mexico law mandates that businesses with three or more employees, regardless of whether they are full-time or part-time, carry workers’ compensation insurance to help pay for medical bills related to workplace injuries and illnesses. If your company is in the construction industry, you will need workers’ compensation insurance if you have just one full or part-time employee. Additionally, any vehicle owned by the business must have commercial auto insurance coverage with at least the below minimum liability requirements:

  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $10,000 property damage liability per accident

While it may be tempting to skimp on insurance to save money for your business, failure to carry the two required insurances in New Mexico can have a devastating impact. Consequences of not having commercial insurance can include the following:

  • Fines and Jail: Failure to have workers’ compensation insurance violates New Mexico state law and subjects the business owner to numerous penalties and even jail time for repeated offenses.
  • No Safety Blanket: If a customer trips and falls outside your builder or is sued after missing a key client deadline outlined in the contract, you’ll want insurance to help pay for the required remediation. Not having coverage means you’ll be on the hook for all the costs.
  • Loss of Clients: Many contracts will require that you have adequate insurance coverage, and failing to do so may result in losing work.
  • Loss of Property: If you rent space for your business, a landlord may decide not to work with you if they learn that you do not have liability insurance or any other coverage

At Family Insurance Associates in Ruidoso, NM, we understand the time, commitment, and expense required to run a successful business. Consequently, we’ll work with you to find the perfect commercial insurance policy for your needs. 

Dental & Vision Insurance FAQs

When most people are thinking about health insurance, most overlook dental and eye care. Regrettably, neglecting your eyes and teeth could affect your overall well-being. As such, you need to take optimal care of these vital organs just like you do with the rest of the body parts.

Speaking of eyes and dental care, have you thought about dental and vision insurance? At Family Insurance Associates in Ruidoso, NM, we have prepared a FAQs section to help you understand these coverages in detail.

What is dental insurance, and what does it cover?

Dental insurance falls into two categories: basic and full coverage. Basic coverage covers preventive dental care, including cleanings, x-rays, and simple dental procedures like cavity fillings. On the other hand, full coverage covers preventive care, and extensive dental treatments like implant restorations, at just a small co-pay amount.

Even if you may have a full dental insurance plan, it doesn’t mean you won’t incur any out-of-pocket expenses. Ordinarily, you may have to incur deductibles, co-pay, and coinsurance. However, these amounts are negligible when compared to the benefits you derive from dental insurance.

How does vision insurance work?

Vision insurance works a bit differently from dental insurance. It covers preventive eye care but also includes treatments like prescription eyeglasses and lenses. Unfortunately, coverage for serious non-elective eye care treatments like correction of an eye injury may be excluded from your vision insurance. Be sure to check what your vision insurance covers before receiving any treatment.

Buy dental and vision insurance today!

Caring for your eyes and dental should be a priority for everyone. If you neglect your eye and dental care, it’s only a matter of time before you start experiencing challenges on your overall health. If you are in Ruidoso, NM, please contact Family Insurance Associates for a dental and vision insurance plan.

Who Needs Life Insurance

Life insurance is a contract between an insurance company and policyholder that gives your dependents financial protection in the event of your death. Whether or not you need life insurance depends on certain factors and your personal life circumstances. Take a look at the list below to figure out if you are someone who will benefit from life insurance:

Who Needs Life Insurance?

Here are the categories of people who should get life insurance:

  • Parents. If you have children, you will definitely benefit from life insurance because it covers everyday expenses related to raising a child, as well as saves money for college tuition fees and milestones in the future of your child. 
  • Empty nesters. Even if your kids have grown up and started their own lives, it does not mean that you should cancel your life insurance policy. The policy will help you create a legacy of money you can pass on to your heirs, including your children and grandchildren. 
  • Singles without kids. Even if you are single and do not have kids, it is still not a reason to skip life insurance. You still may have people who depend on you financially. Moreover, your life insurance will help cover funeral costs that can be very high. 

Family Insurance Associates in Ruidoso, NM – Our Mission Is To Protect You

If you live in Ruidoso, NM or any other nearby area, purchasing life insurance is a good idea, especially if you belong to one of the three categories described in the article. Family Insurance Associates is an insurance company specializing in insurance, including life insurance as well. If you have any questions, you can always give us a call for more information. 

How Should Business Owners Track Assets for Insurance?

When you have commercial insurance, you need to keep close track of your assets. It is important that you have a running list of all the materials you own in the event that something becomes damaged or broken. There are many reasons why you should keep track of your assets, no matter the cost.

Family Insurance Associates serves many businesses in the Ruidoso, NM area, and we understand what it takes to track your business assets. Here’s what you need to know.

Use Computer Software

Tracking assets is a lot like tracking inventory, except that you need to track items you have purchased for your business. This can include inventory, technology, vehicles, buildings, and machinery. Use software to track everything, including things that depreciate over time.

Report Financial Expenses

Any money that you spend on your business on these items should be recorded as well. For example, you should track the money you have put into remodeling your business or updating equipment. This will help you understand the specific value of the items you own.

Keep Records Online

Finally, remember to keep the records of your assets available via the web or a cloud-based server. This will allow you to track assets even if you are not able to do so from the business itself in the wake of a natural disaster. You need to be able to access your records anywhere.

Have Commercial Insurance

The only way to prevent the loss of your assets for good is to get commercial insurance. If you still have questions about commercial insurance policies and protecting what you own, contact Family Insurance Associates, which serves Ruidoso, NM.

Exploring The Benefits Of Dental & Vision Insurance

Family Insurance Associates provides coverage to the Ruidoso, NM community. We strive to ensure that our clients have the coverage they need to protect their assets. We have working relationships with multiple carriers across the state. We look forward to helping you find the coverage you need.

Exploring The Benefits Of Dental & Vision Insurance

In order to enjoy a high quality of living, you have to stay healthy. Health insurance ensures that you receive the care that you need to keep feeling well. Dental & Vision insurance is also important to living a healthy lifestyle. Healthy strong teeth help you feel good and also prevent future health problems. You are covered for preventative care treatment such as regular cleanings and fluoride treatment. You are also covered if you need emergency treatment such as fillings or a root canal.  Under the terms of your coverage, you will have access to a wide network of dentists and dental offices in the Ruidoso, NM area. You can amend your policy to cover necessary accessories such as a retainer or braces.

Protecting your eyes is very important. Vision insurance covers your preventative care such as yearly eye exams. You are also covered if you need to wear glasses or contact lenses. You can also amend your policy to cover you if you are advised to wear eye drops.  Vision insurance covers any emergency treatment, such as laser eye surgery. You can amend your policy to cover you if you are diagnosed with glaucoma or cataracts. The policy will cover your treatment options and your follow-up visits.

Family Insurance Associates Will Help You Stay Protected

Visit our website to learn more information about dental & vision insurance.

This is How Life Insurance Protects your Financial Interests

When you think about life insurance, your mind only points you to protecting your loved ones. While this is true, life insurance is a lot cooler than that. Life insurance can be the most prized asset you have if you plug it thoughtfully into your financial plan. To that end, Family Insurance Associates of Ruidoso, NM shares insights into how life insurance can protect your financial interests.

Accessing cash value

While most people associate life insurance with death benefits, many don’t know that you can access part of the investment while alive. Some life insurance plans allow you to access your accumulated cash value, enabling you to meet financial needs like college fees. Besides, you can borrow against your cash value or use the proceeds as supplemental retirement income. 

Business protection

Many people assume that life insurance is just for individuals. The truth is that you can invest in life insurance to protect your business. Life insurance protects your hard-earned business by keeping things running even after an exit of a key employee or partner. With proper planning, life insurance can help your loved ones maintain control of your investment by using life insurance proceeds to purchase your stock. 

Covers your debts

If you don’t want to leave a debt-laden legacy, then you must consider life insurance. When you die, your debts don’t disappear magically. While some may be discharged -for others-your cosigners will have to pay them off. You certainly wouldn’t want this because you are a prudent financial planner. With life insurance proceeds, outstanding mortgage or car loan can be cleared, saving your loved ones and cosigners the debt burden. 

Invest in life insurance today!

Although life insurance protects your loved ones, it can do a lot more than that. Life insurance safeguards your financial interests later in life and even when you die. In light of this, if you are considering life insurance in Ruidoso, NM, you are on the right track. Contact Family Insurance Associates for a personalized quote. 

What Does Commercial Insurance Cover?

You are working hard every day to grow your business and to be able to reap the benefits but first, you must make sure you have the best commercial insurance policy in place to protect it. The commercial insurance agents at the Family Insurance Associates in Ruidoso, NM can help you to create a commercial insurance policy that works best for all of your business needs.

New Mexico Commercial Insurance Requirements

In the state of New Mexico, all drivers must have an auto liability policy in place and this includes your business-owned vehicles and anyone using a personal vehicle while doing work for your business. This type of insurance will cover anyone injured in a car accident and any property damage that occurs due to an accident.  

Also in New Mexico, you must carry a worker’s compensation insurance package for your employees if you employ three or more people, whether they are full or part-time employees. This type of coverage will help pay for the lost wages and medical bills of an employee who is injured on the job.

Business Owner’s Insurance and General Liability

Your business owner’s insurance policy, as well as a general commercial insurance liability policy, will cover medical bills for anyone visiting your business who is injured or anyone that suffers injuries due to something connected with your business. Either one of these types of policies will also cover any customer property that is damaged by your business as well as any damages your business incurs due to a natural disaster, a fire, vandalism, or a theft incident. A general liability policy can also cover your business and you if there is a libel or slander lawsuit filed against your business.

Other Coverage Options

Other commercial insurance options that you can obtain include cyber and professional liability insurance. Cyber liability insurance covers your business if a data breach occurs in compromises your customers’ information, and it will also help cover the cost of contacting near customers to let them know about the data breach. It also covers the cost of monitoring for fraud. Professional liability insurance will cover any lawsuits due to negligence, late or incomplete work by your business, or any mistakes and oversight that happened with your business.

Contact Us

To create the best commercial insurance policy for you and your business comment contact the commercial insurance agents at the Family Insurance Associates in Ruidoso, NM today!

The Insurance You Didn’t Think About: Dental and Vision

There are a lot of insurance products available today. Sometimes, shopping for insurance can feel overwhelming. At Family Insurance Associates serving Ruidoso, NM, we are here to take the confusion out of insurance. We want you to be able to make the best insurance choices, so we are providing the best insurance information for you and your family. Keep reading to learn more about dental and vision insurance. 

Do I Need Separate Dental and Vision Insurance?

Many people incorrectly think that dental and vision are included in all health insurance policies. This is not always the case. In many cases, dental and vision will not be included in your regular health insurance policy. It will be necessary to purchase a separate policy. You should read your health insurance information closely to determine if you need dental and vision as well. 

Are Dental and Vision Plans All The Same?

Another misconception people have is to assume that vision and dental plans are all alike. Plans can vary greatly. The reason for this is to make sure you are not purchasing and paying for services you do not need or want. This is to give you more options. However, it is also very important that you review the dental and vision plans carefully to make sure you are only purchasing and paying for services that are appropriate for you and your family. 

The best way to determine which dental and vision plan you need is to sit down with an insurance representative. Our staff will be able to help you navigate the information concerning dental and vision insurance coverage so that you can make the best possible choice. 

If you would like to learn more about dental and vision insurance coverage, please call our staff at Family Insurance Associates serving Ruidoso, NM. 

When should I review my life coverage

Life insurance an important thing you can do for your family. It is a way to show them how much you love them. Unlike your home and auto insurance, you don’t get a yearly renewal on your life insurance so you may just pay the premium and not think about it.  At Family Insurance Associates in Ruidoso, NM, we know that the amount of life insurance you need to protect your loved one changes over your lifetime and should be reviewed particularly when there are major changes in your life.

Job change

One of the benefits most jobs offer is life insurance. When you change jobs you may be able to retain your life insurance by taking over the premium yourself. This may not be the best option. You should talk to your personal insurance agent to see what they have to offer before you decide on the best option. 

Purchase a home

A home is a huge financial responsibility and you need adequate coverage if something happens to you. Leaving your family or loved ones to figure out how to pay your mortgage is a bad thing. 

Getting married

When you get married you will change the beneficiary on your life insurance. While you are talking to your insurance professional take the time to evaluate the amount of coverage you have.  

Having children

Children change your life in many ways. Making sure that they will be able to continue the same life you provide if you are not there to provide for them is vital. This figure depends on the age and number of children as well as your income. 

At Family Insurance Associates in Ruidoso, NM, we would be happy to review your life insurance coverage with you. Call our office or stop by and let us help you make sure you have the right amount of life insurance. 

5 Common Risks Faced by Small Businesses

When you operate a small business you take on certain risks that are unique to the type of company it is. The team at Family Insurance Associates of the Ruidoso, NM area will help you get a commercial business package that is specific to your needs.

Strategic Risk

Often, you don’t have a solid plan for your decision-making process if issues come up when you first start your business. If you know the structure, target market, production strategy, and how you’ll handle sales and marketing, you’re definitely in good shape. It makes sense to have a group from different departments (or even if you hire a consultant for some aspects) to discuss how you’ll handle any crises that come up.

Reputation Risk

This is often overlooked but it’s an important one. Since much of business is done by people doing research and deciding that they like how your company operates, it can be disastrous if a customer(s) put up bad reviews or take to their social media and say negative things about your business.

Liability Risk

All organizations must deal with some level of liability risk. However, your business would be more vulnerable if it’s small since you wouldn’t have the means to pay for damages without it hurting the funds for operating your company. If a customer or employee is hurt or you fail to meet any contractual obligations, you may have a lawsuit against your company. It is worthwhile to have a lawyer on your side to seek advice.

Business Interruption Risk

If your business is interrupted by a natural disaster or something else, this can make it difficult or impossible to go to your office. There may be damage to your equipment or supplies. If you have few staff members and one or several have an illness this impacts your operations as well. For this reason, you should have a business continuity plan that you go over with your staff.

Financial Risk

Of course, as a small business, you already have fewer funds than a larger organization. If there’s a hit to the local economy or even a recession across the nation, this can hurt your business. Make sure that you know your options such as funds, state, or federal grants, or if there are paycheck protection programs that will help you pay your employees.

Family Insurance Associates will work with you to put together the commercial insurance policies that make the most sense. Serving the Ruidoso, NM region, we are proud to work with small businesses to give a measure of protection for these risks and more.