Nationwide emerged as the top contender for New Mexico’s best general liability insurance in MoneyGeek’s analysis, scoring 95 out of 100. However, The Hartford, NEXT, Thimble and Hiscox are also great options for general liability policies.
Best General Liability Insurance in New Mexico
Updated: June 20, 2025
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Key Takeaways
Due to its balance of affordable rates and strong customer service, NEXT is the top overall general liability insurance provider for LLCs in the Land of Enchantment.
The cheapest general liability insurance for sole proprietors in the state is offered by NEXT at $27 per month. For LLCs, NEXT is the most affordable option at $28 a month.
General liability insurance costs in this area depend on your industry, and we found they can range from $31 to $3,189 per month on average.
Best Cheap General Liability Insurance in New Mexico
| Nationwide | 95 | $37 | $39 |
| The Hartford | 92 | $33 | $52 |
| NEXT | 90 | $27 | $28 |
| Thimble | 84 | $33 | $77 |
| Hiscox | 83 | $32 | $93 |
*Rates were based on a $1,000,000 per occurrence and $2,000,000 aggregate limit for a software development company.
Nationwide: Best Overall
pros
Low rates for LLC businesses
Large coverage selection
Low customer claims frequency
cons
Higher rates for sole proprietors
COMPANY HIGHLIGHTS
Nationwide secures our recognition as New Mexico's top general liability insurance provider by striking an excellent balance between affordable rates and reliable customer service. The insurer ties for first place with the lowest NAIC claims ratio while earning second place for LLC cost-effectiveness, with businesses typically investing $468 annually for comprehensive liability protection.
NEXT: Cheapest Overall
pros
Easy fast buying process
Very cheap rates overall, regardless of business size
Business-insurance-only focus
cons
Higher customer complaint frequency
COMPANY HIGHLIGHTS
NEXT captures our title for New Mexico's most budget-friendly general liability insurance choice. Sole proprietors can find excellent rates at $27 monthly while LLCs pay $28 per month for coverage. Despite posting higher claims ratios than other New Mexico insurers we've evaluated, the company compensates with its hassle-free application process and same-day proof of insurance services.
How Much Is General Liability Insurance in New Mexico?
An average general liability insurance policy in New Mexico typically costs around $31 per month for sole proprietors and $56 per month for LLCs. However, this only represents software development companies and the costs can vary widely by industry.
| Cleaning | $1,539 | $88 |
| General Contractor | $3,189 | $235 |
| Software Development | $56 | $31 |
*Rates are based on a $1,000,000 per occurrence and $2,000,000 aggregate coverage policy for general liability.
Factors That Impact General Liability Insurance Costs in New Mexico
General liability insurance costs can fluctuate based on a number of different factors in New Mexico. In the list below, you can see these factors and their impacts on your coverage costs: Business size, industry, location, and claims history all play a role. Higher risk activities often lead to higher insurance costs.
Policy limits
Coverage limits can greatly influence insurance premiums. Opting for higher limits leads to increased costs, while selecting lower limits generally results in more affordable premiums.
Number of employees and payroll costs
Businesses with a large workforce and high payroll expenses often see a rise in general liability insurance costs. Our review of LLCs and sole proprietorships confirms this trend.
Business location
The location of your business plays a significant role in determining insurance costs. State-level average rates can differ from city to city, so it's important to consider these variations when assessing your coverage needs.
Claims history
A business with a history of multiple claims may appear riskier to insurers, leading to higher premiums.
Industry
Industries with higher risks, like construction, typically incur higher general liability insurance costs.
New Mexico General Liability Insurance: Buyer's Guide
Business insurance is a complicated industry and can be difficult to navigate. So, to simplify your understanding of general liability insurance, we've created a short guide detailing how to get the best coverage, defining what it covers, listing requirements in New Mexico, and explaining how much coverage you should consider getting.
How to Find the Best General Liability Insurance Company
To help ensure that you get the best small business insurance regardless of your industry, we've created a step-by-step guide to simplify your coverage search.
- 1
Define your coverage needs
Determine your liability risk by considering your industry, products or services, customer types, business size and market impact. Measure the frequency and costs of common claims in your industry to evaluate coverage options better.
- 2
Research average costs for your business
To understand how good of a deal you're getting from business insurance companies, you need to research average costs for your particular business.
- 3
Consult similar businesses
Your business community is your greatest resource, and personal experience is often more valuable than resources online. You'll likely be able to get recommendations that are better for your specific needs and an understanding of what claims are common within your industry.
- 4
Compare multiple options through different means
Choosing multiple means of comparison, like online comparison sites and brokers, will give you a more comprehensive view of pricing and provide more opportunities to get advice.
What Does General Liability Insurance Cover and How Does It Work?
General liability insurance coverage consists of per occurrence and aggregate limits. Per occurrence refers to the maximum a single claim can reach, while the aggregate limit is the total coverage you can get per year. In terms of covered items, this type of policy includes the following:
Bodily injuries or property damage on business property
Legal fees for bodily injury or property damage that your company may be responsible for
Damages to leased or rented business property
Bodily injury or property damage caused by your product or service
Libel, slander, or reputational harm legal defense
Legal fees for copyright infringement accusations
Is General Liability Insurance Required in New Mexico?
Like in most states, general liability insurance isn't expressly required by state law and instead varies by your industry. If you want to apply for a professional license, sign a contract with a larger company, or sign an office lease, general liability insurance may be required. While not an exhaustive list, the following industries tend to fall into these categories:
- Medical
- Accounting
- Real estate
- Insurance
- Contracting
- Engineering
- Marketing
- Law
- Consulting
- Media/Communications
How Much General Liability Insurance Do I Need?
Most small businesses will only need a standard policy with 1 million dollars of protection per occurrence and a 2 million limit per year. Your particular industry's risks and the size of your operation may require a larger coverage limit than standard.
WHO MAY NEED MORE COVERAGE
Certain businesses, like those in health care, building, serving food or selling goods, often face bigger risks that can lead to costly insurance claims. If your company is bigger, with many workers or your products are used by many people, it's a good idea to check if you need more than the minimum coverage.
Best General Liability Insurance in New Mexico: Bottom Line
Overall, the best general liability insurance companies in New Mexico are Nationwide, The Hartford and NEXT. We recommend comparing around yourself and getting plenty of quotes to ensure you get the best deal possible.
General Liability Insurance in New Mexico: FAQ
Below, we address frequently asked questions regarding general liability insurance in New Mexico:
Which company has the best general liability insurance in New Mexico?
MoneyGeek's leading choice for general liability insurance in New Mexico is Nationwide, which earned an overall score of 95 out of 100.
Which company has the cheapest general liability insurance in New Mexico?
NEXT offers the most affordable general liability insurance in New Mexico. Sole proprietors pay $324 annually ($27 per month), while LLCs pay $336 annually ($28 per month) for coverage.
Does New Mexico require businesses to have general liability insurance?
In New Mexico, while not required by law, choosing general liability insurance is a prudent decision to protect your business from potential lawsuits and financial liabilities.
How We Chose the Best General Liability Insurance Providers in New Mexico
We broke down our scores into these categories and weights:
- LLC cost (55% of score)
- Sole proprietor cost (5% of score)
- Customer satisfaction (25% of score)
- Financial strength (10% of score)
- Quote process time (5% of score)
For all business insurance companies, we assumed software development industry LLCs with 20 employees. We based customer satisfaction and financial strength scores on NAIC and A.M. Best ratings. Quote process scores came from our MoneyGeek experts' personal experiences.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.