When you run a business in New Mexico, liabilities lurk around every corner. From customers to suppliers to competitors and regulators, potential legal issues can arise at any moment -- let alone from dishonest employees or third parties that might lead to significant losses. These risks could severely damage both your bottom line and reputation if not properly managed.

To guarantee that your business is secure, consider obtaining crime coverage and employment practices liability insurance (EPLI). These two forms of insurance can assist you in managing the financial costs associated with legal proceedings, settlements, judgments or damages caused by criminal acts or job-related claims.

Elemental Risk Management is a trusted insurance broker in New Mexico and works with reputable insurers to provide you with the best coverage for your business. If you're looking for crime coverage or EPLI, our experienced team of brokers can help you find the right policy for your company. We understand the challenges businesses face and will make sure you get the protection you need at a competitive rate. Reach out to us today for more information on crime coverage and employment practices liability insurance in New Mexico.

What is Crime Coverage Insurance?

Crime coverage insurance is an essential form of commercial insurance that protects your company from financial losses due to criminal acts. It provides coverage for a variety of different activities, including:

Employee theft or dishonesty: Covers losses resulting from fraudulent or dishonest acts committed by employees.
Computer fraud: This coverage safeguards against any losses incurred due to unauthorized usage of computers or computer systems.
Forgery and alteration: Protects from financial loss caused by forged or fraudulent checks, documents, drafts, and other forms of payment.
Money and securities: Protects from financial hardship due to the disappearance, destruction, or theft of funds, securities, and other valuable documents.
Robbery & safe burglary: When a break-in occurs, this coverage helps cover the costs associated with the robbery or burglary.
Counterfeit currency: Protects from losses due to counterfeit currency or other fraudulent documents.
Business interruption: Covers expenses related to business operations that have been interrupted due to criminal activity.
Employee benefits: Covers losses due to fraudulent activities related to employee benefit plans and funds.
Depositor’s forgery: Covers financial losses resulting from forged checks or other fraudulent documents.
Fund transfer fraud: Safeguards against financial losses due to fraudulent wire transfers or other forms of payment.

In addition, crime coverage can help cover the cost of defending your business, providing you with the legal resources to protect your interests.

What is Employment Practices Liability Insurance?

EPLI provides employers with protection against claims made by employees, former employees, or job applicants. It covers a wide range of potential legal issues that can arise in the workplace, including:

Discrimination: When an employee or job applicant believes they are the victim of discrimination on the basis of race, gender, age, religion, sexual orientation, disability, or other legally protected characteristics.
Harassment: At times, employers may be held liable for harassment in the workplace or during job-related activities. When this happens, EPLI can provide coverage to help cover legal costs.
Wrongful termination: If a terminated employee believes they were fired for an unjust reason, EPLI can help to cover the legal costs of defending the employer.
Wage & hour violations: Employees may file a claim if they believe their employer is not complying with wage and hour laws, such as overtime pay or minimum wage. EPLI can help cover legal costs in these cases.
Retaliation: An employer may be held liable for taking retaliatory action against an employee who has filed a complaint or raised concerns. In these cases, EPLI can help cover legal costs.
Invasion of privacy: Employees may bring claims against an employer for invasion of their privacy or other wrongful acts such as wrongful searches of employees’ property.
Negligent hiring: If a negligent hire causes harm to other employees or customers, EPLI can help cover the costs of defending against such a claim.
Negligent supervision: When an employee is injured due to their supervisor’s negligence, EPLI can help cover the costs of defending against such a claim.
Defamation: If an employee believes their reputation has been harmed by false statements made by the employer, EPLI can help cover legal costs associated with such a claim.
Emotional distress: If an employee has suffered emotional distress due to their employer’s wrongful conduct, EPLI can help cover the costs of defending against such a claim.

EPLI can be an invaluable insurance policy for employers, providing them with the financial protection they need to avoid costly legal costs and fees.

Crime Coverage Insurance vs Fidelity Insurance

Crime coverage insurance and fidelity insurance provide similar levels of protection, but they each offer different benefits. Crime coverage insurance protects businesses against financial losses due to criminal activities, while fidelity insurance protects businesses against losses related to employee dishonesty.

Crime coverage insurance typically covers losses due to robbery, burglary, larceny, embezzlement, forgery and other criminal activities. Fidelity insurance covers losses associated with employee dishonesty such as theft, fraud and embezzlement.

Crime coverage insurance may also cover losses due to funds transfer fraud or computer fraud, which are excluded from fidelity insurance. Fidelity insurance typically covers losses due to employees' misappropriation of funds or other assets, whereas crime coverage insurance does not.

Given the different types of losses covered by each type of insurance, businesses should consider a combination of crime coverage and fidelity insurance to protect their interests best.

Employment Practices Liability Insurance (EPLI) vs Professional Liability Insurance

Employment practices liability insurance (EPLI) and professional liability insurance provide similar levels of protection but offer different benefits.

EPLI covers legal costs associated with employee-related lawsuits such as discrimination, harassment and wrongful termination. Professional liability insurance covers legal costs associated with negligence or errors in providing professional services to customers, clients and other parties.

EPLI typically covers legal costs related to alleged wrongful acts by the employer or its employees, while professional liability insurance covers legal costs related to an employee's failure to provide professional services competently.

How Much Does Crime Coverage Insurance Cost in New Mexico?

The cost of crime coverage and fidelity insurance can vary significantly depending on the amount of coverage purchased, the type of business and the potential risks associated with it.

In New Mexico, crime coverage insurance typically costs between $500 and $4,000 annually for $1 million in coverage, depending on the specific risks associated with the business.

How Much Does EPLI Cost in New Mexico?

The cost of employment practices liability insurance (EPLI) varies depending on the type and amount of coverage needed, the size of the business, and other factors.

Generally, EPLI policies are offered with a range of coverage limits and deductibles and cost anywhere from a few hundred dollars for smaller businesses to several thousand dollars for larger organizations with greater exposures.

Since EPLI is designed to help protect businesses from financial losses due to employee-related lawsuits, it's important for employers to understand the risks associated with their business and select a policy with appropriate coverage limits.

How to Maximize Coverage and Minimize Cost for your Crime Coverage and EPLI Policies

When shopping for crime coverage and EPLI insurance, it's important to compare multiple quotes from different providers to get the best coverage at the lowest cost. Here are seven tips to help you maximize your coverage and minimize your costs:

Understand your business’s risks – Before selecting a policy, it's important to understand the unique risks associated with your business and make sure you purchase sufficient coverage to protect your interests.
Consider a combination of crime coverage and EPLI policies – Combining both types of insurance can provide comprehensive protection and may also be more cost-effective than purchasing separate policies.
Understand the policy terms – Make sure you understand all of the terms, conditions and exclusions of the policy before purchasing.
Consider a higher deductible – Choosing a higher deductible can help lower costs, but make sure you can afford the out-of-pocket expenses if you do have to file a claim.
Shop around for quotes – Compare multiple quotes from different providers to find the best coverage at the lowest cost.
Check into discounts – Some insurers offer discounts for businesses that have implemented safety measures or other preventative measures.
Review policies annually – Ensure you review them yearly to ensure they are still appropriate for your business.

By following these tips, you can maximize the coverage of your crime coverage and EPLI policies and ensure you’re getting the best coverage at the lowest cost.

Compare New Mexico Crime Coverage and EPLI Quotes Online

By buying the right insurance policies, New Mexico businesses can protect themselves from the financial losses associated with employee-related lawsuits. At Elemental Risk Management (ERM), we make it easy to compare quotes from multiple providers and find the best coverage at the lowest cost.

So, if you’re looking for crime coverage and/or EPLI insurance for your business in New Mexico, start comparing online quotes today. Our experienced risk management advisors are here to help with any questions you may have. Contact us today for a free consultation.

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If you are preparing to start a valet service at your business, be sure to consider safety issues, legal requirements, and additional coverage options so that you can find the best possible coverage for your budget and needs.

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