Category Archives: Workers Compensation

Business Insurance, General Liability, Independent Agents, New Mexico, Workers Compensation

Choosing a Santa Fe Business Insurance Agent: Why Experience and Commercial Knowledge Matter

Selecting a business insurance agent is not only about finding the lowest premium. Commercial insurance requires an understanding of business operations, contractual requirements, underwriting guidelines, coverage limitations, and the insurance marketplace.

I am Sam Levy, an independent insurance agent serving Santa Fe, New Mexico, and surrounding communities. For more than 20 years, I have worked with commercial insurance clients and insurance companies including Travelers, Safeco, Liberty Mutual, Progressive, The Hartford, Philadelphia, and other regional and national insurers.

My role is to help business owners identify exposures, review existing insurance programs, and place coverage with insurance carriers that understand their specific operations.

Commercial Insurance Requires More Than a Quote

Every business has different risks.

A contractor, restaurant, professional service company, retail operation, manufacturer, nonprofit organization, or property owner may all require different insurance solutions.

Commercial insurance decisions often involve:

  • General liability
  • Commercial property
  • Business income coverage
  • Commercial auto
  • Workers compensation
  • Professional liability
  • Cyber liability
  • Employment practices liability
  • Umbrella and excess liability
  • Specialized industry coverage

The correct insurance program depends on understanding how the business operates.

Before recommending coverage, I review:

  • What the company does
  • How revenue is generated
  • Where operations occur
  • Who owns the business
  • Contractual obligations
  • Employee responsibilities
  • Equipment and property exposures
  • Potential liability concerns

Accurate Underwriting Information Matters

Insurance companies make decisions based on the information provided during the application process.

Incomplete or inaccurate information can create problems including:

  • Delayed underwriting decisions
  • Incorrect premiums
  • Coverage limitations
  • Policy changes after issuance
  • Claims disputes

I focus on providing accurate underwriting information and clearly explaining business operations to insurance carriers. Contact me with your question today!

This includes helping answer questions regarding:

  • Nature of operations
  • Sales and payroll information
  • Subcontractor usage
  • Property exposures
  • Vehicle use
  • Loss history
  • Safety procedures
  • Contract requirements

Accurate submissions improve the efficiency of the quoting process and help insurance companies properly evaluate risk.

Review Your Current Insurance Program Before Replacing It

Many businesses request insurance quotes without first reviewing their existing coverage.

A lower premium does not always mean better protection.

A commercial insurance review should evaluate:

  • Current limits of insurance
  • Deductibles
  • Coverage exclusions
  • Additional insured requirements
  • Contract compliance
  • Business income limits
  • Property valuations
  • Liability exposures

I review current policies and declarations pages to identify:

  • Potential coverage gaps
  • Opportunities for improved coverage
  • Unnecessary coverage costs
  • Areas requiring additional attention

The goal is to help business owners make informed insurance decisions. Contact me with your question today!

Understanding Complex Business Operations

Many commercial risks involve arrangements that require detailed review.

Examples include:

  • Multiple business entities
  • Partnerships and ownership structures
  • Leased locations
  • Property ownership separate from operating companies
  • Subcontractor relationships
  • Franchise operations
  • Construction projects
  • Professional service agreements

Understanding how a business actually operates allows coverage recommendations to be matched with real-world exposures.

Insurance should be structured around the business, not simply around a standard application.

Access to Multiple Commercial Insurance Markets

As an independent insurance agent, I have access to multiple insurance companies rather than representing only one carrier.

This allows businesses to compare options based on:

  • Industry specialization
  • Underwriting flexibility
  • Coverage options
  • Pricing
  • Claims handling considerations

I work with admitted and non-admitted insurance markets.

Admitted carriers are insurance companies approved by the state insurance department and generally subject to state regulation requirements.

Non-admitted carriers can provide additional options for specialized or difficult-to-place risks when traditional markets are not available.

The correct market depends on the business operation and risk profile. Contact me with your question today!

Knowing Which Carriers Fit Different Businesses

Not every insurance company is the right fit for every business.

Different carriers specialize in different areas.

Examples include:

  • Contractors
  • Restaurants
  • Retail businesses
  • Professional services
  • Real estate operations
  • Manufacturers
  • Technology companies
  • Nonprofits
  • Entertainment and production businesses

Understanding carrier appetite (the types of risks an insurer prefers to write) helps avoid submitting applications to markets that are unlikely to provide competitive terms.

This improves efficiency and reduces unnecessary delays.

Fast Certificate of Insurance Turnaround

Many businesses require certificates of insurance for:

  • Contracts
  • Property management requirements
  • Vendor agreements
  • Construction projects
  • Events
  • Financing requirements

Delays in issuing certificates can delay business operations.

I prioritize certificate requests and work to provide documentation quickly when clients need proof of coverage.

The Fastest Way to Obtain a Commercial Insurance Quote

The most efficient way to begin a commercial insurance review is to provide copies of your current insurance declarations pages. Contact independent insurance agent Sam Levy with your question today!

Declarations pages provide important information, including:

  • Current insurance companies
  • Coverage limits
  • Deductibles
  • Premiums
  • Named insured information
  • Current policy structure

With your current declarations pages, I can quickly review your existing program, identify areas for improvement, and determine which insurance markets may be appropriate.

Additional information may be requested depending on the type of business, but starting with current policy information significantly speeds up the process.

Serving Santa Fe Businesses With Commercial Insurance Expertise

Business insurance decisions require experience, accurate information, and access to appropriate insurance markets.

As an independent insurance agent serving Santa Fe, New Mexico, I help business owners review current coverage, understand their risks, and evaluate insurance options from multiple carriers.

If you would like a review of your current commercial insurance program, please forward your declarations pages and a brief description of your business operations. Contact Sam Levy with your question today!

Business Insurance, Insurance Terms, Workers Compensation

What does workers compensation cover, and do I have to declare payments made to 1099 subcontractors?

As you probably know, the state requires any employer with more than 2 employees to have workers compensation (work comp) insurance. If you have less than 3 employees you may still decide to purchase work comp coverage. Other states may be different.
Workers compensation covers one of two things, either:
– Medical expenses and lost wages for on-the-job injury or illness or disease contracted as a result of employment; or
– If an employee elects not to get coverage under the first part, then workers compensation covers “employers liability” because your employees have the right to sue for on-the-job injury or illness or disease contracted as a result of employment

Important to note with regards to the first part (medical expenses) of workers compensation is that personal health insurance companies have the right to decline coverage for on the job injuries/illness/disease. In the state, sole proprietors and 10+ percent owners of LLCs and Corporations have the right to “affirmative election” of their right to refuse to be covered by their own workers compensation coverage. In some special classifications of work, the state is no longer allowing owners to exclude themselves, or requires a letter from the state specifically allowing an owner to exclude themself.

The state mandated minimum limit is $100,000 per employees per year (policy period). If you’re thinking about workers comp coverage, then you should also know that Workers compensation is annually auditable from your insurance company. That means they will send you documents requesting bookkeeper verification of your payroll and contractor expenses in order to correct your coverage “basis,” and to retroactively bill or credit you accordingly. You are required to respond with certified, accurate figures in a timely manner to these audits as a provision of your insurance coverage.

Auditing of W-2 employee payroll is pretty clear – payroll fully counts, with the sole exception of 10+% owners having the right to opt out from work comp coverage.

For contractors, there are options:
– Companies that you hire as contractors (who themselves have more than 2 employees) are responsible for their own work comp – so not your problem, though it is wise of you to retain a certificate of coverage for their work comp in your files.
– Sole proprietors (individual people) or single-entity LLCs whom you hire (usually as 1099 individuals) must have one of the following:

– They may provide you with an election to decline coverage form (PDF for Sole Proprietors;   PDF for LLC 10+ percent owners ), which must be notarized and you keep on file. The forms linked in this section are samples in 2010 from the state of New Mexico (look at the bottom of the page on that link for the Special Election forms) – contact the workers compensation administration (look on their website!) in your state for up to date forms.
– They may have their own work comp coverage already. If so, then they need to give you a certificate proving it
– If neither of the above two items apply, then YOUR annual work comp audit will require you to report those contractors AND to pay full value workers compensation on them. In some cases, like if they want to be covered for on the job injury by you, then this may be exactly what and how you want to cover them.

So, if a person who is a contractor working for you, both:
a) Does not have work comp coverage; AND
b) Is an individual and does not want work comp coverage

Then you need to keep the affirmative election for a Sole Proprietor to decline coverage, notarized, on file for them.
The work comp insurance company has the right to verify that you have these forms on file.