Based on cost, financial stability, client satisfaction and the convenience of the online quote system, MoneyGeek identified the top general liability insurance providers in New Mexico. Having achieved high ratings, Thimble was declared the overall winner. This insurance company charges an average monthly premium of $63 for limited liability companies (LLCs) with 20 employees and $22 for one-person businesses with no staff.

Next provides the most affordable general liability insurance in New Mexico for small enterprises that are under budgetary constraints. For LLCs with 20 employees, general liability coverage from Next costs $26 monthly. For entrepreneurs with no employees, it charges $25 monthly.

Loading...
Loading...

Best Overall General Liability Insurance in New Mexico

Thimble offers the best general liability insurance in New Mexico, receiving a MoneyGeek rating of 89 out of 100. Along with their average prices and MoneyGeek ratings, the companies we looked at in New Mexico are ranked in the table below.

Loading...
Loading...
Loading...

Cheapest General Liability Insurance in New Mexico

The average cost of general liability insurance from Next is $25 per month for sole proprietors and $26 per month for LLCs, which makes it the cheapest option in New Mexico.

MoneyGeek established an affordability rating that factors in monthly costs for both sole proprietors and LLCs to rank providers in this category. As a result, our winner's price for the two types of entities might not be the most affordable.

Loading...
Loading...

Best General Liability Insurance for Employers in New Mexico

Nationwide is the best general liability insurance for employers in New Mexico, earning a 95 out of 100 rating from MoneyGeek. It charges an average monthly premium of $36.

The average monthly rate for LLCs with a staff of 20 served as the foundation for how we ranked companies. The number of employees has a big impact on insurance costs. Companies with fewer than 20 employees will probably pay below the average price, while those with more than 20 employees will spend more.

Loading...
Loading...

Best General Liability Insurance for Sole Proprietors in New Mexico

Thimble offers the best general liability insurance in New Mexico for sole proprietors, earning a MoneyGeek rating of 95 out of 100. It costs about $22 a month for a policy.

MoneyGeek evaluated organizations according to average prices for sole proprietors with no workers. General liability insurance may cost more depending on the risk exposure the company has.

Loading...
Loading...

Do You Need General Liability Insurance in New Mexico?

General liability insurance is optional for small businesses in New Mexico. All businesses, however, benefit from having an insurance policy since incidents and other unplanned events may occur at any moment. This policy defends your company against the expense of claims from:

  • Attorney expenses and lawsuits such as copyright violations and fraudulent marketing.
  • Damages to third-party properties, such as computer data and rental property.
  • Medical expenses and bodily harm to a client, vendor or bystander.

Be aware that having general liability insurance might be necessary to secure contracts or gain business licenses in some sectors.

If a company has no fewer than three employees, it must acquire workers' compensation insurance in addition to other forms of business insurance. For business-owned cars, companies in New Mexico must obtain commercial auto insurance with at least the following limits:

  • $25,000 per person
  • $50,000 per accident for bodily injury
  • $10,000 for property damage
smallBusiness icon
SMALL BUSINESS RESOURCES IN NEW MEXICO

Businesses in New Mexico have access to numerous resources through nm.gov. They can learn about business regulations and policies, and there are a number of programs to provide financial assistance to small businesses, including the Job Training Incentive Program (JTIP) and the Local Economic Development Act (LEDA).

How Much Is General Liability Insurance in New Mexico?

For LLCs with 20 employees, the average monthly cost of general liability insurance in New Mexico is $52. For sole proprietors with no employees, it is $28.

Keep in mind that these prices apply to an insurance policy with a $0 deductible, a $1 million occurrence limit and an aggregate limit of $2 million. The deductible is the sum that proprietors are responsible for paying before insurance begins to cover expenses. The occurrence limit is the greatest sum that a company will insure for each claim, while the aggregate limit is the highest amount that the insurer can pay out for claims within a policy term.

Factors That Impact General Liability Insurance Costs in New Mexico

Depending on the following important variables, general liability insurance premiums differ for each company:

Loading...
Loading...

Frequently Asked Questions About General Liability Insurance in New Mexico

Depending on your particular business needs and other variables, the best general liability insurance for you can vary. To provide you with more useful information, we provided answers to some frequently asked questions.

With a focus on service excellence and affordability, Thimble provides New Mexico's best general liability insurance. Depending on your coverage, your company's scope and the number of workers you employ, other options could be a better fit for you.

Next provides the cheapest general liability insurance for LLCs in New Mexico with 20 employees. However, it is only the second cheapest option for sole proprietors. The number of employees would be one factor among many that would determine the most affordable option for you.

General liability insurance in New Mexico covers third-party physical harm, third-party property damage as well as third-party personal and advertising injury.

For businesses in New Mexico, general liability insurance is not required, but getting protection is a wise move to safeguard your company's finances from liability claims made by third parties.

About Melissa Wylie


Melissa Wylie headshot

Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.

Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.

Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.

Melissa's other work can be read on LendingTree and Bizwomen.


sources