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.

MoneyGeek Logo IconBest General LiabilityNew Mexico
2024

Best General Liability Insurance in New Mexico

Why Trust MoneyGeek? We collected 1,229 general liability insurance quotes and analyzed cost information alongside customer satisfaction and financial stability reports to determine the best general liability insurance companies for small businesses in New Mexico.

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Coverage costs and company information for general liability insurance providers in New Mexico were last updated in 2023.

1,229Quotes Analyzed
 
6 Companies Compared
 
50 Zip Codes

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.

How was this MoneyGeek score calculated?

Nationwide90$35$36
Thimble89$22$63
The Hartford89$31$48
Next89$25$26
Hiscox84$29$86
Best OverallScore: 89
Thimble
2/5LLC Affordability
5/5Sole Proprietor Affordability
2/5Customer Satisfaction
3/5Financial Stability
5/5Online Quote Process
PROS

Affordable for sole proprietors

Good AM Best rating

Fast quote system

CONS

Poor customer satisfaction rating

Expensive for LLCs

Company Highlights

Online insurance company Thimble is the best general liability insurance in New Mexico, with a MoneyGeek score of 89 out of 100. For LLCs with 20 employees, the average monthly premium is $63. For sole proprietors without employees, the average monthly rate is $22.

Despite being inexpensive, Thimble's customer satisfaction rating is not as high as those of other service providers MoneyGeek analyzed. Fortunately, the insurer offers fast quotes and a great financial stability ranking to make up for its subpar customer service.

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.

How was this MoneyGeek score calculated?

CheapestScore: 96
Next
5/5LLC Affordability
4/5Sole Proprietor Affordability
0/5Customer Satisfaction
2/5Financial Stability
4/5Online Quote Process
PROS

Offers cheapest yearly rates for LLCs

Fast online quotes

CONS

Earned a poor rating for financial stability

Not the cheapest option for sole proprietors

Company Highlights

Next offers the cheapest general liability insurance in New Mexico. This insurer offers the most affordable annual rates for LLCs, at $26 monthly, and the second lowest rate for sole proprietors, at $25 per month. It also has a quick online quote system compared to other insurers.

Next earned a lower AM Best rating than other insurers we evaluated, which indicates it may not cover its financial obligations as well as other companies.

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.

How was this MoneyGeek score calculated?

Best for EmployersScore: 95
Nationwide
4/5LLC Affordability
5/5Customer Satisfaction
4/5Financial Stability
3/5Online Quote Process
PROS

Second most affordable option for LLCs

Has fewer complaints than the average insurer

Solid AM Best financial strength rating

CONS

Slow quote process

Company Highlights

Nationwide is the leading provider of general liability insurance for employers in New Mexico due to its affordably priced rates, excellent customer service and high rating for financial stability. The average premium for insurance for LLCs with 20 employees is the second-cheapest price in the state, at $36 monthly.

Employers can feel assured knowing that Nationwide will safeguard their companies' finances from unforeseen events thanks to its high AM Best rating. Given the limited number of complaints the insurer gets, it frequently exceeds policyholders' standards. However, when providing a quote online, this insurer takes the longest.

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.

How was this MoneyGeek score calculated?

Best for Sole ProprietorsScore: 95
Thimble
5/5Sole Proprietor Affordability
2/5Customer Satisfaction
3/5Financial Stability
5/5Online Quote Process
PROS

Outstanding AM Best rating

Offers the cheapest average monthly rate for sole proprietors

Provides the fastest online quote time for policyholders

CONS

Unsatisfactory customer service rating

Company Highlights

Thimble provides the best general liability insurance in New Mexico for sole proprietors. This insurer boasts the cheapest average monthly rate of $22 and strong financial stability based on AM Best ratings.

The entire online quote process takes less than a minute with Thimble. The quick processing time makes it possible for sole proprietors to quickly compare numerous estimates. However, Thimble has a low rating for overall client satisfaction based on its NAIC rating.

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
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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:

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    Policy limits

    Both the occurrence limit and the aggregate limit are covered by general liability insurance. Greater limits tend to result in a more expensive cost, while lower limits have smaller monthly costs.

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    Number of employees and payroll costs

    Insurance rates are significantly influenced by the number of employees you have. If you have a larger workforce, general liability coverage may cost higher. This is apparent in New Mexico’s general liability insurance price difference for LLCs vs. sole proprietors.

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    Business location

    The price of general liability insurance can also vary depending on where your company is based. Businesses operating in heavily populated locations pay higher rates since they are more inclined to submit a claim. City premiums can vary from state average premiums.

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    Claims history

    Risk management techniques are frequently used by business owners who have never filed an insurance claim. These businesses consequently typically pay cheaper premiums than individuals who have previously made claims since they are viewed as less risky to insure.

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    Industry

    Your insurance costs depend in part on what sector of business you are in. For example, the price of general liability insurance can be greatly impacted by working in a high-risk business like construction. Learn how the average price for general liability insurance in New Mexico varies depending on the type of business in the table below.

Cleaning$82$1,425
General Contractor$218$2,953
Software Development$28$52

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.

Which company has the best general liability insurance in New Mexico?
Which company has the cheapest general liability insurance in New Mexico?
What does general liability insurance cover in New Mexico?
Does New Mexico require businesses to have general liability insurance?

About Melissa Wylie


Melissa Wylie headshot

Melissa Wylie is the Content and SEO Manager at MoneyGeek, with nearly a decade of editorial experience and six years of work in financial content focused on small businesses. She previously held SEO positions at Bankrate and LendingTree, with bylines on ValuePenguin and MagnifyMoney.

Wylie has a journalism degree from the University of North Texas. Her strong foundation in journalism helps her craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.


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