NM Workers Comp Information
Get the latest information about New Mexico workers compensation insurance state rules.
Rates on Workers' Compensation Insurance in New Mexico are slightly higher than the national average. Although they are on the rise. New Mexico does have a state fund administered by New Mexico Mutual Insurance and it partners with the National Council on Compensation Insurance to be the assigned risk provider. Typically states who have a strong state fund enjoy lower rates, but because of a lack of competition amongst carriers rates in New Mexico are on the rise.
Because rates in New Mexico are on the rise, now is a great time for businesses to shop their coverage. At Workers Compensation Shop.com, we partner with more than a dozen carriers and are able to shop your policy amongst many to make them compete for your coverage.
Call today to speak with one of our experts at 888-611-7467 or start a quote here online. It only takes a few minutes.
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About Workers Compensation in New Mexico
New Mexico Workers' Comp Administration
2410 Centre Ave SE
PO Box 27198
Albuquerque, NM 87125-7965
What is Workers' Compensation?
The basic purpose of the Workers’ Compensation is to provide wage replacement benefits and medical treatment for employees who have been injured or become ill due to a work-related injury or illness. It prevents the employer from bearing the costs of injuries that occur during normal business operations.
New Mexico Assigned Risk
New Mexico partners with the National Council on Compensation Insurance (NCCI). NCCI gathers data, analyzes industry trends, and prepares objective insurance rate and loss cost recommendations. NCCI is the nation’s most experienced provider of workers compensation information, tools, and services. New Mexico uses NCCI to determine rates on workers' compensation coverage and to administer the assigned risk for the state. If your business for any reason cannot find coverage on the open market the assigned risk will offer coverage. Coverage in the assigned risk is normally higher than the open market.
How does workers comp help my business?
Your business benefits from workers' compensation coverage, by not being liable for injuries that occur as a part of normal business operations. This applies whether the injury was the fault of the business or was caused by negligent actions of the employee. You can move forward with your business operations knowing that if one of your employees is injured because of something that happens as a normal part of your business operations, your business is not liable for the costs.
New Mexico State Fund
New Mexico has a competitive state fund partner, New Mexico Mutual Casual Company. Created in 1991 by New Mexico State Lawmakers and leaders in the insurance industry, New Mexico Mutual Casualty Company was formed to assure competitive workers’ compensation coverage in New Mexico for all New Mexico businesses. Businesses in New Mexico needed this at the time because many national carriers had left the workers’ compensation market in New Mexico. Today, New Mexico businesses today enjoy a competitive workers’ compensation market and rates that are less than 47% of what they were in 1991.
How does workers comp help my employee?
Employees benefit from workers comp coverage by having lost wages covered while they are hurt or sick and not able to work. It also pays for medical costs they might incur as a result of the sickness or injury.
More Programs and Options
We're always working with our insurance carriers to develop specialized programs for a broad range of industry class codes. Our Target Programs are designed to streamline the underwriting process and help ensure we offer the lowest rates available anywhere.
- Home Healthcare
- Janitorial Services
- And More
Workers Compensation Help?
- What is Workers Compensation?
- The Basics of Workers Comp
- Workers Compensation Q and A?
- Insurance Laws for Work Comp
- Managing Policy Claims
- Getting Work Comp Benefits
- NCCI Classification Codes
- Experience Modifiers and Ratings
- State Fund Coverage
- Workers Compensation Forms
- Handling Workers Comp Audits
- Understanding an Employer Liability Policy
- Excluding Owners and Officers
- Other States Coverage
New Mexico Work Comp Information
New Mexico Workers Comp Alert
The New Mexico Workers' Compensation Administration, or WCA, indicates that employers who are required to have coverage but don't may be subject to having their business closed. If an employee is injured while an employer is illegally without coverage, the employer may be liable for the entire cost of the claim plus penalties.
Let Workers Compensation Shop.com help your business navigate workers comp insurance in New Mexico.
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