New Mexico workers' compensation rates decreasing in 2024.
Workers' Compensation rates in New Mexico are lower than the national average, but they have been on the rise in recent years. In New Mexico, rates have increased 8 percent since 2020. This may be due to a lack of competition in the marketplace. Rates are expected to decrease throughout 2024.
New Mexico is an NCCI state like most other states. This means that NCCI manages 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 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 or loss experience.
Don't pay too much for your workers' comp coverage. Our agents will find the best deal for your workers' comp coverage. Our technology tracks carrier rates by state and compares their pricing in real-time. Find out how knowledegeable agents, better advice and more options lead to lower rates and a better price.
Ask about our Pay As You Go plans designed to improve cashflow and bullet-proof your audits.
Workers Comp Rates are an Art & Science
What influences my workers comp insurance cost?
Your State & Class Codes
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.
Your Claims or Losses
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.
Prior Experience & 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.
Policy Credits and Debits
Insurance companies may apply policy credits and debits to the base manual rates. Additional discounts can be applied to premium as the total payroll & premium increases.
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.
New Mexico Rates for Select Work Comp Class Codes
Rates for State Class Codes. Select Codes Listed:
New Mexico workers' compensation rates listed below represent the current low rates and high rates we've found for 2025. 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 policies. We also offer Pay As You Go workers' comp 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 business owners find their best deal.
| Class Code & Description | Low Rate | High Rate |
|---|---|---|
| 0035 Farm Planting & Harvesting-Cannabis Growers | $2.35 | $6.87 |
| 0042 Landscaping Service | $3.55 | $10.39 |
| 0106 Tree Trimming-Pruning-Removal | $7.08 | $20.69 |
| 0915 Building Maintenance-Campgrounds-Camps-RV Parks | $2.37 | $6.93 |
| 0917 Residential Cleaning Service-Housekeepers | $2.98 | $8.71 |
| 2121 Breweries-Craft Beers | $0.90 | $2.63 |
| 2143 Winery-Wine Makers | $2.01 | $5.88 |
| 2585 Carpet Cleaning | $2.33 | $6.81 |
| 2589 Dry Cleaning & Laundry Services | $1.46 | $4.27 |
| 3632 Machine Shop | $1.70 | $4.97 |
| 3724 Garage Door Installation | $2.37 | $6.94 |
| 3821 Salvage Yard-Automobile Recycling | $4.36 | $12.74 |
| 5022 Masonry Construction | $4.76 | $13.92 |
| 5102 Door & Window Installers | $4.10 | $11.99 |
| 5183 Plumbing Contractors | $2.53 | $7.41 |
| 5190 Electrical Work-Electrician | $2.11 | $6.18 |
| 5221 Concrete Work-Flat Work Cement | $3.43 | $10.04 |
| 5223 Pool Installation & Maintenance | $4.01 | $11.73 |
| 5348 Ceramic, Tile & Stone Work | $2.95 | $8.63 |
| 5437 Trim-Finish Carpenters-Cabinets-Countertops | $4.39 | $12.84 |
| 5445 Drywall Contractors | $4.23 | $12.37 |
| 5474 Painting Contractor | $4.05 | $11.85 |
| 5478 Floor Installers-Wood-Carpet-Laminate | $2.62 | $7.67 |
| 5535 Metal Building Construction | $4.28 | $12.52 |
| 5537 HVAC-Heating & Cooling Service & Repair | $3.22 | $9.42 |
| 5537* Solary Energy Contractors-Installation | $3.22 | $9.42 |
| 5551 Roofing Contractors | $11.25 | $32.88 |
| 5606 Asphalt & Paving Work | $0.69 | $2.02 |
| 5645 Residential Construction-Home Builders-Remodelers-Siding | $9.33 | $27.27 |
| 6217 Excavation & Grading Work | $3.09 | $9.04 |
| 6400 Fence Installation & Repair | $3.80 | $11.12 |
| 7219 Trucking-Short & Long Haul | $4.72 | $13.80 |
| 7225 Towing Company | $4.33 | $12.66 |
| 7230 Package & Parcel Delivery | $4.75 | $13.88 |
| 7370 Non Emergency Medical Transport-Taxi-Limo-Airport Shuttle | $3.40 | $9.94 |
| 7605 Alarm Installation & Repair | $1.53 | $4.47 |
| 7720 Security Guards & Patrol Officers | $1.72 | $5.03 |
| 8006 Gas Stations & Convenience Stores | $1.38 | $4.03 |
| 8017 Retail Stores-Merchandise-Cannabis Dispensary | $1.13 | $3.30 |
| 8292 Warehousing & Storage Facility | $2.68 | $7.83 |
| 8380 Auto Service & Repair-Mechanic | $1.55 | $4.53 |
| 8393 Auto Body Repair | $1.19 | $3.48 |
| 8742 Sales Professional | $0.33 | $0.96 |
| 8810 Clerical-Office Employee | $0.16 | $0.47 |
| 8824 Retirement Living Centers-Congregate Communities | $2.04 | $5.96 |
| 8824* Nursing Homes & Assisted Living Facilities | $2.04 | $5.96 |
| 8831 Animal Shelters & Kennels-Veterinarians | $0.93 | $2.72 |
| 8832 Medical Office-Doctors-Dentist-Chiropractors-Optometrist-- | $0.26 | $0.76 |
| 8835 Home Healthcare Workers | $1.28 | $3.74 |
| 8842 Group Homes-Temporary Shelters-Disability Facilities | $1.80 | $5.26 |
| 8864 Social Service Organizations | $1.20 | $3.51 |
| 8868 Religious Organizations-Church-Temple | $0.39 | $1.14 |
| 8869 Child Care Center-Daycare Providers | $0.96 | $2.81 |
| 9012 Property Management-Leasing Agent | $0.90 | $2.63 |
| 9014 Janitorial Service Contractors-Pest Control-Exterminating-Chimney | $2.05 | $5.99 |
| 9015 Building Maintenance- Campgrounds- Camps- RV Parks | $2.37 | $6.34 |
| 9052 Hotels & Motels | $1.52 | $4.44 |
| 9060 Golf Courses & Country Clubs | $1.26 | $3.68 |
| 9063 Fitness Center-Health Clubs-YMCA Programs | $0.66 | $1.93 |
| 9082 Restaurants & Catering | $0.97 | $2.84 |
| 9083 Fast Food Restaurant-Concessions-Doughnut Shop | $0.86 | $2.51 |
| 9083* Mobile Food Trucks-Food Cart | $0.86 | $2.51 |
| 9084 Bars Taverns-Nightclubs | $1.10 | $3.22 |
| 9102 Lawn Service & Maintenance | $2.09 | $6.11 |
| 9180 Shooting Range-Amusement Park | $3.88 | $11.34 |
| 9402 Septic Tank Cleaning-Portable Toilets | $3.38 | $9.88 |
| 9403 Reefuse Collection-Garbage-Trash Service | $4.25 | $12.42 |
| 9426 Septic Tank Cleaning- Portable Toilets | $3.77 | $10.08 |
| 9516 Electrical Equipment Repair & Service | $2.62 | $7.66 |
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 or EMR Rating) assigned to their business 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.
Get a Quote or Learn More
- 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 Insurance
- Workers Compensation Forms
- Handling Workers Comp Audits
- Understanding an Employer Liability Policy
- Excluding Owners and Officers
- Other States Coverage
State Resources for NM
State Resources for NM
NM Workers' Compensation Administration
2410 Centre Ave SE
PO Box 27198
Albuquerque, NM 87125-7965
800-255-7965
www.workerscomp.state.nm.us/
New Mexico Mutual
3900 Singer Blvd. NE
PO Box 27825
Albuquerque, NM 87109
800-788-8851
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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