Each type of insurance is different, but the policy limits required range from $100,000 to $1 million per occurrence. Insurance requirements must be in place to protect the taxpayers in the rare event that injuries, auto accidents, property damage, products or performance is incomplete, or crimes are caused by a contracted vendor.
The Standard Insurance Requirements have several tiers of coverage requirements which balance the need to protect the taxpayers and enabling the contracted vendor to purchase the least amount of insurance.
If you are contracting with Bernalillo County, your liaison in the Purchasing Department will know the requirements for your contract. Typically, a vendor will need to have general liability, workers' compensation, and business auto. Depending on the scope of work, other insurance, such as professional liability, transportation liability, builder's risk, medical malpractice, etc., may be required.