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In New Mexico, companies with more than 3 or more full or part-time employees are required by law to purchase workers compensation insurance.
Sole-Proprietors and Partners are automatically included on a policy, but they may opt out of coverage.
Corporate Officers and LLC Members are automatically included in coverage, but they may elect to be excluded. They must own at least 10% of the company's stock.
Employees of a corporation and executives of an LLC who are also officers or executives of the corporation may choose to exempt themselves from coverage. This exemption is limited to the chairman of the board, president, vice president, secretary, treasurer or other executive officer; and only if that employee owns 10 percent or more of the stock of the corporation.
Workers' Compensation Coverage is not required for household servants, real estate salespersons, and for farm and ranch laborers.
Companies engaged in activities required to be licensed under the Construction Industries Licensing Act must have coverage, regardless of the number of employees.
Sole-Proprietors and Partners who include themselves on workers compensation coverage must use a payroll amount of $42,400 for rating purposes.
Officers and LLC Members who are not excluded from coverage must utilize a minimum payroll of $41,600 and a maximum payroll of $171,600 for the purpose of rating workers comp premium.
Every state has their own rules for how employees must be covered and how they must be classified for rating purposes. A lot of states use state specific class codes and have different requirements for who is obligated to carry workers' compensation insurance coverage.
If you have employees that travel out of state for work, or they work in multiple states throughout the year, you may need to purchase insurance for all the states where your workers are located and working. In most cases, you can add multiple states to one policy.
Workers' Compensation Insurance in New Mexico can be purchased from private insurance companies authorized by the state to provide coverage. The Assigned Risk Pool, or State fund coverage, is available for employers who are unable to find coverage from a private company. WorkersCompensationShop.com can help you navigate your best options.
Policy premium is based on numerous factors including: class codes assigned to your business and employees, estimated payroll, covered states, prior policies, owner experience and claims.
We've developed Pay As You Go worker compensation programs that reduce or eliminate premium deposits and allow New Mexico employers to report and pay premium based on actual payroll wages. Reduce your audit risk.
We've negotiated special terms with many of our insurance partners to offer more flexible payment options like 12 equal installments plans and monthly reporting programs to help improve cash flow for our business owners.
At Workers Compensation Shop.com we know that employers want insurance quotes quick and easy. We've taken the guesswork out of our quoting process by developing programs for various industries. We quote your best rates fast.
New Mexico WC Rates
Rates on Workers' Comp Insurance in New Mexico are slightly higher than the national average, but they are on the rise. In New Mexico, rates have risen 8 percent since 2016. Make sure you are not paying too much for your coverage. We have agents ready to help you get the best value for your work comp coverage.
Need Help With New Mexico Class Codes?
Insurance rates vary significantly between NCCI classification codes. Let our NM Workers Compensation Specialists help you determine your correct workers compensation class codes before your buy a policy. We'll help make sure your business is properly covered.
Fast Workers Comp Quotes
We make the process of getting workers compensation quotes fast and easy. We know your time is valuable. That's why we work harder to streamline the quote process, compare your rates and coverages, and present your best options as quickly as possible. We often have your insurance quotes ready in less than 24 hours.
Shop Over 35 Insurance Carriers
We're a National Agency, and we have tons of carriers offering work comp in New Mexico. We have access to over 35 insurance companies with a diverse appetite and competitive rates. Our markets know we expect the lowest rates, bigger discounts, and more policy credits when we request a quote.
THE RIGHT QUOTE MAKES A DIFFERENCE.
Get more information about workers' compensation in New Mexico: