Workers’ compensation insurance is designed to cover the costs associated with workplace injuries and illnesses, including medical treatment and paid time off. In New Mexico, all construction companies and all other businesses that have at least three employees are required to carry this insurance. Exceptions are made for real estate agents, domestic servants, and farm/ranch laborers.
In New Mexico, the cost of workers’ compensation insurance is slightly higher than the national average. Your cost for coverage will be determined by your business industry, the number of employees you have, the types of jobs your employees do, your company’s overall payroll, and your safety record. New Mexico is an NCCI state, and the rates for all job types are regulated by the New Mexico Workers’ Compensation Administration. You can purchase your coverage through a commercial provider or through New Mexico’s state-administered fund. Because commercial providers are permitted to offer policy discounts of up to 25%, comparing quotes may save you money.
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Workers’ compensation is designed to benefit employees and employers alike. Employees can rest assured that workplace injuries will not cause them large financial losses, and employers can avoid costly lawsuits related to these injuries. You can expect a standard workers’ compensation policy in New Mexico to cover the following:
There are currently 146 independent insurance agents in New Mexico who are ready to help you find the right workers’ compensation policy for your business. These agents can answer your insurance-related questions, explain your coverage options, and assist you with finding the policy that offers the most value to your business. Contact an agent near you to start comparing customized workers’ compensation insurance quotes.