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8500 Menaul Blvd NE Ste B555
Albuquerque, NM 87112

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How commercial insurance can save your small business

Small businesses are the backbone of the American economy. They have never been at greater risk than they are today. It has never been more important to protect your investment than it is today. Twenty percent don’t make it past their first year. By year two it is 30%. That is not good odds. You need to do everything you can to give yourself the best potential to survive. At J.B. Martin Insurance Agency in New Mexico and Arizona, we work with over 30 insurance carriers, giving our clients choices. 

Weather events have been happening more frequently in all parts of the country. Storms are more violent and frequent and tornados are popping up all over the place. Record damage has been recorded and if you don’t make sure you have the right commercial insurance, your business can be in danger of collapse. Commercial property insurance protects all the things you need to do business; tools, machinery, inventory, raw materials, office equipment, and records. 

Every year, 30 to 50 percent of businesses get sued. That is a staggering number. It means the chance your business will be sued someday is pretty high. If you lose the case, it could mean the end of your business unless you have lots of savings. Why take the chance? Commercial liability insurance is affordable and offers you the protection that you need. 

If your business gets hit with a covered peril and you don’t have business interruption insurance, you won’t have any money coming in to pay normal expenses. Business interruption insurance provides the money you need to pay your bills, your rent, or mortgage, pay any employees you may have, and even give yourself a salary. It can keep your business alive while you rebuild. 

Contact J.B. Martin Insurance Agency in New Mexico and Arizona to learn more about commercial insurance. 

Who needs homeowners’ insurance?

Who needs homeowners’ insurance?

At J.B. Martin Insurance Agency of New Mexico and Arizona, we think it makes sense to carry homeowners’ insurance no matter what. Of course, sometimes you must purchase a policy and you need to know when it isn’t negotiable.

No state requires homeowners’ insurance, but if you carry a mortgage on your home, you will need to purchase a policy. Banks and credit unions require this insurance when they issue you a loan. They’re protecting their risk. Technically, until you pay the mortgage off, the bank owns the home. They require you to buy homeowners’ insurance so they can reduce their own risk of loaning you money.

Here’s how that works. Since the bank graciously loans you the money and has already put itself at risk, since some people do not repay their loans, they want a guarantee that the loan would get paid in case of disaster. Homeowners insurance covers the structure of the building and other buildings on the property from named perils. The financial institution typically requires minimum coverage of H0-3, which covers most named perils.

If a named peril, such as fire or tornado, occurs and damages your home or destroys it, the home insurance covers the damage or the cost of rebuilding the home. If the bank still holds the mortgage, the insurance pays the mortgage. The bank does not lose its money and you do not need to pay out of pocket to have your home repaired or rebuilt.

Let J.B. Martin Insurance Agency serving New Mexico and Arizona help you obtain the home policy you need to protect your home. If you want to take out a mortgage, the bank will require you to buy a home insurance policy.

Our Partners

  • Aetna
  • Aflac
  • All Risks Limited
  • Allianz
  • Allied Insurance
  • Applied Systems
  • Assurant
  • Assurity Life
  • Blue Cross Blue Shield of AZ
  • Blue Cross Blue Shield of New Mexico
  • Blue Cross Blue Shield of Texas
  • Burns & Wilcox Ltd
  • Capitol Indemnity
  • Chubb
  • Cigna
  • CNA
  • Dairyland
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