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Workers' Compensation rates in New Mexico are slightly higher than the national average, but they have been on the rise. In New Mexico, rates have risen 8 percent since 2018. Typically this is due to a lack of competition in the marketplace. Rates are expected to be flat this year.
New Mexico is an NCCI state like most other states. This means that NCCI oversees employers' experience modifiers and collects all data for the state including claims, class codes, premiums, and payroll. They analyze this data and make annual recommendations to carriers and to the NM Department of Insurance. Every Insurance company is required to file their rates with the state for approval each year.
Workers' compensation rates may still vary for the same class codes in New Mexico because insurance companies can apply policy credits and debits up to 25% to adjust their filed rates. More discounts may also be added to a policy depending on the size of payroll and overall claims experience.
Don't get stuck paying too much for your workers' comp coverage. Our agents know how to get you the lowest rates for your business. Call us today to find out how knowledegable agents, expert advice and more choices lead to the best workers' comp quote.
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What influences my workers comp insurance cost?
Insurance companies file their "base manual rates" for approval with each state for all class codes. Rate recommendations are generally made to the state and carriers annually by the
National Council on Compensation Insurance.
Employee claims are reported to NCCI and statistically compared with all other
similar type businesses using the same class code in each state. An
Experience Modification Rate may apply to your business after a few years of coverage.
Insurance company underwriters are permitted to make premium rate adjustments based
on unique factors about your business, safety practices, and management
experience in most states.
Insurance companies may apply policy credits and debits to the base
manual rates. Additional discounts can be applied to premium as the total payroll &
Smart Agents with expertise in workers' compensation insurance utilize this information to negotiate your insurance rates with underwriters. A good narrative about your business helps
insurance companies justify a better price.
We Track and Monitor Filed Rates for Most State Class Codes. Select Codes Listed:
The workers' compensation rates listed below for New Mexico represent the current insurance low rates and high rates we've found effective 2020. New Mexico is an NCCI state and rates are approved by the New Mexico Workers' Compensation Administration. Insurance companies are permitted to offer premium discounts and underwriting credits up to 25% on eligible workers comp policies. We also offer Pay As You Go WC coverage in New Mexico. Not all employers will qualify for the lowest rates available or maximum policy credits. We shop rates with more carriers so our customers get the best deal.
New Mexico workers comp rates vary significantly by industrial classification codes and insurance company underwriting standards. Employers' who have an Experience Modification Rate (E-Mod) assigned to their business or FEIN may have additional credits or debits applied to their insurance rates based on prior premiums and workers compensation loss experiences. New Mexico Mutual is the State Fund for the state.
State Resources for NM
NM Workers' Compensation Administration
2410 Centre Ave SEPO Box 27198Albuquerque, NM 87125-7965800-255-7965 www.workerscomp.state.nm.us/
New Mexico Mutual
3900 Singer Blvd. NEPO Box 27825Albuquerque, NM 87109800-788-8851 http://www.nmmcc.com/
New Mexico is under the Jurisdiction of the National Council for Compensation Insurance (NCCI) and contracts with Travelers as the state fund carrier.
Our agency helps employers find guaranteed state fund workers' comp in NM. If we can't find more affordable coverage with a private insurance company, we can help you buy a state fund policy.
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Get more information about workers' compensation in New Mexico:
Workers Compensation Info
Workers Comp Programs
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