New Mexico Workers' Compensation Insurance

Protect your business and employees with New Mexico workers' comp

New Mexico workers' compensation insurance provides medical care and financial support to employees involved in job-related accidents. From Albuquerque to Roswell, this coverage helps businesses meet state regulations while protecting their workforce.

Discover more about workers' comp in New Mexico by starting a quote or speaking with a Progressive Commercial specialist.

Who needs workers' compensation insurance in New Mexico?

Employers in New Mexico with three or more employees are required to have workers' comp insurance. This rule even applies to employers with one employee in New Mexico and at least two workers in another state.

You can review the workers' compensation laws in New Mexico.

New Mexico workers' compensation insurance exemptions

Not all businesses need coverage. New Mexico workers' comp exemptions include:

• Domestic workers
• Real estate agents
• Federal employees
• Executives or sole proprietors who opt out

Review licenses and contracts to see if you need coverage. You can also verify your status with an expert if you're not sure an exemption applies.

What are the penalties for not having workers' comp in New Mexico?

Businesses that fail to follow New Mexico workers' compensation requirements may face penalties ranging from fines to stop-work orders.

Make sure you have coverage to avoid workers' comp penalties in New Mexico.

How much does workers' comp cost in New Mexico?

Multiple factors can affect New Mexico workers' compensation rates. Insurers usually consider the following:

• Job classification code: Workers' comp class codes in New Mexico rank jobs by risk level, influencing coverage costs.
• Payroll: Prices are calculated per $100 of payroll, leading to higher premiums for larger companies.
• Claims history: More claims can cause your insurance rates to increase over time.
• Insurance carrier: Each insurance provider uses its own methods to determine workers' comp costs.

How can you get workers' comp in New Mexico?

There are different methods to secure New Mexico workers' compensation insurance, such as:

• Private insurers: Many companies choose private insurers for coverage because of the flexible policies they provide.
• Self-insurance: Employers may reduce costs by applying for self-insurance through the Workers' Compensation Administration, but they'll need to take on financial risks themselves.
• Assigned risk pool: Businesses that can't get coverage through private insurers or self-insurance can obtain a policy through the National Council on Compensation Insurance.

Consider these options to find the right policy for you. For questions, contact a Progressive Commercial agent or start an online quote.

How does workers' comp work in New Mexico?

Workers' comp helps employees with occupational injuries or illnesses. After reporting an incident, a claim can be filed by the employee or employer. Approval means the employee receives financial assistance.

New Mexico workers' compensation benefits can cover:

• Medical expenses
• Disability benefits
• Lost wages
• Rehabilitation costs

Workers' comp also helps businesses by reducing legal risks. In New Mexico, employees who settle usually can't sue, but insurance offsets costs if they do.

New Mexico workers' compensation death benefits

New Mexico offers workers' comp death benefits to families of deceased employees. Dependents can receive a lump-sum payment of $7,500 for funeral expenses and up to 700 weeks of disability benefits.

New Mexico workers' compensation statute of limitations

Employees in New Mexico have one year from the date of their injury to file a workers' comp claim. Encourage your team to report incidents as soon as possible to meet the New Mexico statute of limitations and secure access to benefits.

Why choose Progressive Commercial for New Mexico workers' compensation

Progressive Commercial is committed to helping you protect your businesses. We offer personalized insurance solutions that prioritize your needs and promote growth.

Give us a call to connect with an experienced agent or start an online quote today.