The Hartford leads for workers' comp insurance in New Mexico, due to its comprehensive coverage and quality customer service. New Mexico business owners can also count on NEXT and Simply Business as equally reliable alternatives, with both providers offering comparable service quality.
Workers' Comp Insurance in New Mexico
The Hartford is New Mexico's top workers' comp insurance provider, with an overall score of 4.63 out of 5 based on our analysis.
Compare top New Mexico workers' comp insurance providers and find your ideal coverage.
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Updated: September 10, 2025
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Key Takeaways
The Hartford, NEXT and Simply Business rank as the top workers' compensation insurance providers in New Mexico.
Your business type, number of employees, previous claims and available budget will determine the best workers' comp provider for your needs.
Compare quotes from multiple providers, look into their industry expertise, review their service records and examine coverage details to find your ideal workers' comp insurance match.
Best Workers' Comp Insurance Companies in New Mexico
| The Hartford | 4.63 | 1 |
| NEXT Insurance | 4.61 | 2 |
| Simply Business | 4.53 | 3 |
| Coverdash | 4.46 | 4 |
| biBERK | 4.44 | 5 |
| Nationwide | 4.43 | 6 |
| Progressive Commercial | 4.40 | 7 |
| Hiscox | 4.38 | 8 |
| Thimble | 4.35 | 9 |
| Chubb | 4.27 | 10 |
How Did We Determine These Rates and Rankings?
These rates are estimates based on MoneyGeek's analysis of small businesses with two employees across 79 major industries. Actual rates vary based on your business location, industry risk factors, claims history, coverage limits and individual insurer underwriting criteria. Contact insurers directly for personalized quotes.
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LEARN MORE ABOUT BUSINESS INSURANCE IN NEW MEXICO
While workers' compensation is essential for New Mexico businesses, it's just one piece of your insurance needs. To ensure comprehensive protection for your business in New Mexico, consider exploring additional coverage options.
Here are valuable resources to help you understand your insurance needs:
Best New Mexico Workers’ Comp Insurance Reviews
The Hartford and NEXT stand out as the premier workers' compensation insurance providers in New Mexico, offering exceptional coverage for business owners.
The Hartford
Best Overall Provider
MoneyGeek Rating
4.6/ 5
4.4/5Affordability
4.7/5Customer Experience
4.8/5Coverage Options
Average monthly premium
$71Based on analysis of New Mexico workers' compensation ratesOur survey: Claims process
4.5/5Rating from business owner satisfaction surveyOur survey: Recommend to others
4.5/5Percentage of surveyed customers who would recommend The Hartford
NEXT
Best for Coverage Availability
MoneyGeek Rating
4.6/ 5
4.4/5Affordability
4.7/5Customer Experience
4.8/5Coverage Options
Average monthly premium
$70Based on average costs across multiple business typesOur survey: Claims process
3.9/5Score based on customer satisfaction with claims handlingOur survey: Recommend to others
4.8/5Percentage of customers who would recommend NEXT Insurance
Cheapest Workers' Comp Insurance Companies in New Mexico
NEXT Insurance provides New Mexico's most affordable workers' comp coverage at $70 monthly ($836 annually). The Hartford and Thimble offer competitive alternatives at $71 per month each. The table below shows costs from all companies we analyzed:
| NEXT Insurance | $70 | $836 |
| The Hartford | $71 | $847 |
| Thimble | $71 | $848 |
| Simply Business | $72 | $858 |
| Progressive Commercial | $72 | $859 |
| Hiscox | $72 | $864 |
| Coverdash | $73 | $877 |
| biBERK | $75 | $904 |
| Nationwide | $81 | $977 |
| Chubb | $85 | $1,022 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on workers’ comp policies. Your actual premium depends on where your business is located, what industry you're in, how many employees you have, and other factors insurers consider.
Average Cost of Workers’ Comp Insurance in New Mexico
Workers' compensation insurance in New Mexico costs business owners an average of $74 per month or $889 annually, matching the national monthly average of $74. New Mexico's rates can vary based on your industry's risk level, number of employees, annual payroll and previous claims history.
Average Cost of Workers' Comp in New Mexico by Industry
In New Mexico, workers' compensation insurance costs vary based on workplace risk levels. Monthly premiums range from $6 for speech therapists to $846 for roofing contractors. This substantial difference reflects the varying workplace injury risks across different industries in New Mexico.
| Accountants | $20 | $244 |
| Ad Agency | $16 | $192 |
| Auto Repair | $153 | $1,834 |
| Automotive | $118 | $1,415 |
| Bakery | $54 | $648 |
| Barber | $14 | $170 |
| Beauty Salon | $15 | $177 |
| Bounce House | $40 | $479 |
| Candle | $40 | $483 |
| Cannabis | $84 | $1,012 |
| Catering | $74 | $891 |
| Cleaning | $49 | $593 |
| Coffee Shop | $47 | $564 |
| Computer Programming | $28 | $339 |
| Computer Repair | $24 | $293 |
| Construction | $182 | $2,183 |
| Consulting | $30 | $364 |
| Contractor | $167 | $2,003 |
| Courier | $229 | $2,747 |
| DJ | $14 | $170 |
| Daycare | $13 | $161 |
| Dental | $11 | $135 |
| Dog Grooming | $65 | $785 |
| Drone | $27 | $324 |
| Ecommerce | $22 | $265 |
| Electrical | $58 | $694 |
| Engineering | $38 | $458 |
| Excavation | $107 | $1,288 |
| Florist | $61 | $736 |
| Food | $42 | $509 |
| Food Truck | $46 | $553 |
| Funeral Home | $27 | $321 |
| Gardening | $47 | $567 |
| HVAC | $63 | $757 |
| Handyman | $94 | $1,132 |
| Home-based | $10 | $122 |
| Hospitality | $70 | $835 |
| Janitorial | $49 | $584 |
| Jewelry | $30 | $365 |
| Junk Removal | $143 | $1,720 |
| Lawn/Landscaping | $37 | $448 |
| Lawyers | $53 | $638 |
| Manufacturing | $60 | $714 |
| Marine | $152 | $1,827 |
| Massage | $15 | $175 |
| Mortgage Broker | $14 | $168 |
| Moving | $262 | $3,138 |
| Nonprofit | $32 | $383 |
| Painting | $142 | $1,705 |
| Party Rental | $37 | $446 |
| Personal Training | $25 | $302 |
| Pest Control | $71 | $855 |
| Pet | $31 | $369 |
| Pharmacy | $6 | $77 |
| Photography | $17 | $206 |
| Physical Therapy | $7 | $83 |
| Plumbing | $65 | $776 |
| Pressure Washing | $84 | $1,008 |
| Real Estate | $30 | $364 |
| Restaurant | $64 | $763 |
| Retail | $35 | $422 |
| Roofing | $846 | $10,149 |
| Security | $53 | $632 |
| Snack Bars | $43 | $519 |
| Software | $27 | $320 |
| Spa/Wellness | $18 | $211 |
| Speech Therapist | $6 | $73 |
| Startup | $13 | $156 |
| Tech/IT | $27 | $329 |
| Transportation | $229 | $2,748 |
| Travel | $7 | $86 |
| Tree Service | $223 | $2,670 |
| Trucking | $269 | $3,229 |
| Tutoring | $10 | $120 |
| Veterinary | $20 | $237 |
| Wedding Planning | $29 | $347 |
| Welding | $118 | $1,420 |
| Wholesale | $41 | $487 |
| Window Cleaning | $211 | $2,532 |
How Much Workers' Comp Insurance Do I Need in New Mexico?
In New Mexico, businesses with three or more employees must carry workers' compensation insurance. This coverage helps pay for medical expenses and lost wages if workers get injured or become ill due to their job.
Employers who fail to maintain required workers' comp coverage face fines of up to $1,000 per employee for each day they're uninsured.
Sole proprietors
Business owners operating alone can choose to opt out of workers' comp coverage since they are not considered employees of their own company. A formal exemption form must be filed with the state.
Corporate officers
Executive officers owning at least 25% of company stock can waive coverage by submitting proper documentation and maintaining personal health insurance.
Real estate agents
Licensed real estate professionals working on commission basis are typically exempt from mandatory coverage requirements when operating as independent contractors.
Domestic workers
Household employees working fewer than 40 hours per week or earning less than $1,000 per quarter may be exempt from mandatory coverage requirements.
Agricultural workers
Small farms with limited seasonal employees or total annual payroll under $20,000 can qualify for exemption from workers' comp requirements.
Religious organizations
Members of religious orders performing duties for their organization are generally exempt from mandatory coverage requirements.
Professional athletes
Athletes in certain professional sports leagues operate under separate injury compensation systems and may be exempt from standard workers' comp requirements.
Direct sellers
Independent sales representatives selling consumer products directly to customers on commission basis can qualify for exemption when meeting specific criteria.
How to Get the Best Workers' Comp Insurance in New Mexico
While workers' comp requirements in New Mexico might seem complex, affordable coverage options are readily available to protect your team and maintain reasonable business insurance costs. Take time to compare insurance rates from multiple providers, evaluate their coverage options and understand their claims handling process before making your selection.
- 1
Check coverage requirements
New Mexico law requires most businesses with three or more employees to carry workers' comp insurance.
- 2
Collect business details
Prepare your annual payroll figures, employee count and job classifications before requesting quotes.
- 3
Get multiple insurance quotes
Contact at least three insurance carriers for quotes.
- 4
Find Industry-Specific Providers
Select insurers who understand your business type and local regulations. Construction companies should prioritize carriers familiar with New Mexico safety requirements
- 5
Compare Provider Services
Review each insurer's claim processing speed and complaint history. Look for added benefits like workplace safety training and return-to-work programs
- 6
Review Policy Details
Examine coverage limits and payment options carefully. Consider pay-as-you-go structures that can help manage cash flow, especially for seasonal businesses
- 7
Schedule Annual Coverage Review
Mark your calendar for yearly policy evaluation. Changes in employee count, payroll, or claims history can affect your premium costs
New Mexico Workers’ Comp: Bottom Line
New Mexico offers several strong options for workers' compensation coverage. Our analysis shows The Hartford, NEXT and Simply Business lead the pack as the most reliable providers. Consider getting quotes from these insurers to find the best fit for your business's specific industry and size.
New Mexico Workers' Comp Insurance: FAQ
Find clear answers to your most common questions in our comprehensive FAQ guide below.
Is workers' comp insurance required for all New Mexico businesses?
New Mexico requires workers' compensation insurance for businesses with three or more employees.
How much does workers' comp insurance cost in New Mexico?
NEXT offers the lowest-priced workers' comp insurance in New Mexico at $70 per month ($836 annually). Your actual premium will depend on your industry risk level, number of employees, payroll size and claims history.
What does workers' comp insurance cover in New Mexico?
New Mexico workers' compensation insurance covers medical expenses and partial wage replacement for work-related injuries or illnesses.
Which workers' comp insurance company is best in New Mexico?
The Hartford leads New Mexico's workers' comp providers with a 4.63 overall score, excelling in comprehensive coverage options. NEXT follows at 4.61, offering superior customer service, while Simply Business (4.53) has the most coverage options.
What happens if I don't have workers' comp insurance in New Mexico?
Operating without workers' compensation insurance in New Mexico is illegal for most employers. Violations can lead to fines up to $1,000 per employee and business closure. The New Mexico Workers' Compensation Administration enforces compliance and can pursue criminal charges.
Do sole proprietors need workers' comp insurance in New Mexico?
Sole proprietors in New Mexico typically don't need workers' compensation insurance since they're not considered employees.
How do I choose the right workers' comp insurance company in New Mexico?
Get quotes from at least three workers' comp insurance providers. Review each insurer's claims handling process, customer satisfaction scores and complaint records with the New Mexico Office of Superintendent of Insurance.
How We Scored the Best Workers' Comp Insurance Companies in New Mexico
- Affordability (50%): Cost drives every small business insurance decision in New Mexico's expensive market. We compared monthly premiums across all companies, since even comprehensive policies won't help if you can't afford them.
- Customer experience (30%): When your employee gets hurt, you'll need an insurer that handles claims quickly and treats injured workers fairly. We used J.D. Power ratings, New Mexico Department of Insurance complaint data and independent reviews.
- Coverage options (15%): We evaluated each company's policy flexibility, add-on options and coverage limitations for specific New Mexico industries and regulatory requirements.
- Financial strength (5%): Premium savings don't matter if your insurer struggles financially. We checked AM Best ratings to ensure recommended carriers can deliver on their promises.
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.