NEXT is New Mexico’s best workers’ compensation insurance provider, scoring 98 out of 100. The company offers reliable customer service, very low workers' comp rates and an extensive coverage selection. Pie and biBerk are good runners-up to consider.
Cheapest Workers' Comp Insurance in New Mexico
Updated: June 3, 2025
Advertising & Editorial Disclosure
Key Takeaways
NEXT, Pie, biBerk, Thimble and Nationwide are the best cheap workers' comp insurance providers in New Mexico.
For most small businesses in New Mexico, workers' compensation coverage costs around $969 per year or $84 per month.
Workers' comp insurance is required in New Mexico for all companies with employees to cover expenses from employees sustaining injuries or illnesses during business activities.
Best Cheap Workers’ Comp Insurance Companies in New Mexico
| Next | 98 | $171 |
| Pie | 91 | $213 |
| biBERK | 88 | $393 |
| Thimble | 85 | $387 |
| Nationwide | 86 | $410 |
| The Hartford | 87 | $410 |
*Rates and scores are for software development businesses with small (five employees), medium (20 employees) and large (100 employees) operations, aggregated for an overall best recommendation.
NEXT: Best Overall
pros
Very affordable for most businesses
Outstanding customer service reviews
Flexible customer support
cons
Slower quotes process
COMPANY HIGHLIGHTS
With over 600,000 clients spanning 1,300 business categories, NEXT is New Mexico's best workers' compensation provider. Its premier status reflects competitive annual rates averaging $2,052, an excellent 4.7-star customer rating, plus conveniences like instant certificate access and round-the-clock chat support.
How Much Is Workers' Comp Insurance in New Mexico?
Workers' comp rates for New Mexico businesses range from $969 to $10,091 per year. This range applies only to software development companies. Your actual rates will vary based on:
- Number of employees
- Industry risk level
- Specific work performed by employees
- Claims history
| Larger small businesses | $865 | $10,091 |
| Businesses with five or less employees | $84 | $969 |
| Medium-size small businesses | $207 | $2,411 |
Factors That Impact Workers’ Compensation Costs in New Mexico
The cost of workers' compensation insurance varies for each business based on several factors:
Payroll costs
Businesses typically pay workers' compensation rates based on each $100 of payroll. A business with higher payroll costs pays a higher premium than one with lower payroll costs.
Number of employees
Companies with a large number of employees face a higher risk of employee injury, which can increase insurance premiums.
Employee class code
A class code identifies the type of work employees do. This code sets the rate charged for every $100 of payroll. High-risk industries like construction, mining and manufacturing typically have higher rates than lower-risk fields such as consulting, accounting and software development.
Previous claims
A history of workers' compensation claims can increase your premium.
New Mexico Workers' Comp Insurance: Buyer's Guide
Finding the right business insurance can be challenging. We've broken down how to get the best workers' comp coverage, who needs it and what this type of policy covers to guide you.
How to Get the Best Workers' Comp Insurance in New Mexico
Here are the steps to help your organization get the best workers' compensation policy possible:
- 1
Learn about required coverages and options
Research your state's regulations first, as requirements and options vary widely. The coverage you need depends on your industry, organization size and claims history. Talk to a business insurance agent about what's right for your company before buying to avoid getting too much or too little workers' comp insurance.
- 2
Research costs and providers
Research average costs and providers for your specific business to determine which companies to get quotes from. Also, consider state-provided options and whether self-insurance is possible in your state.
- 3
Consult similar businesses
Talk to other businesses in your community, especially those similar to yours. Ask about their experiences, needs and coverage choices to help inform your decision more personally.
- 4
Compare multiple providers through different means
Get multiple quotes and compare providers on equal terms to find the best deal. Prices vary depending on how you get quotes — online comparison sites versus speaking with an agent. Use different methods and contact various companies to gain the most balanced view of what's best for your business.
Do You Need Workers’ Compensation Insurance in New Mexico?
State law mandates workers' compensation insurance for all business entities without exception, though specific ownership roles retain exemption privileges. Sole proprietors, partners and corporate officers maintaining complete ownership may legally opt out of coverage requirements that apply to every other business structure.
WORKERS’ COMP PENALTIES IN NEW MEXICO
In New Mexico, employers who don't provide required workers' compensation insurance or follow workers' comp laws may face:
- Monetary fines: WCA's Enforcement Bureau can seek fines against non-compliant businesses.
- Business shutdown via restraining order: Temporary restraining order issued to shut down the business until insurance is obtained.
- Director's hearing process: Non-compliant employers summoned to a hearing where evidence is presented to potentially issue restraining orders.
- Emergency injunctions: Emergency injunctions can be sought if workers are at immediate risk, without requiring a hearing.
- Personal liability for all injury costs: Employers become liable for medical expenses, lost wages and death benefits if an employee is injured without coverage.
- Uninsured Employers' Fund claims: Workers can file claims with UEF, which then seeks reimbursement from the employer, including court costs and attorney fees.
- Asset seizure: UEF may go to the district court to request employer assets for reimbursement, including property seizure.
- Administrative and criminal violations: Enforcement Bureau investigates and prosecutes both administrative and criminal violations of the Workers' Compensation Act.
- Poster display violations: Separate penalties for failure to display required workers' compensation posters.
What Does Workers’ Compensation Insurance Cover in New Mexico?
Workers' compensation insurance provides essential benefits to employees with work-related injuries or illnesses. This coverage typically includes medical care, disability benefits and lost wages for affected workers, paying 66% of weekly wages under New Mexico law. It protects employees while shielding businesses from potential legal claims related to workplace injuries or illnesses.
Best Workers' Compensation Insurance New Mexico: Bottom Line
NEXT, Pie and biBerk are the best and most affordable workers' comp insurance providers in New Mexico. While we recommend these companies, compare rates and consult similar businesses in your industry to find the best deal.
Workers' Comp Insurance in New Mexico: FAQ
Below are answers to frequently asked questions about New Mexico workers' comp insurance from MoneyGeek experts:
Which company has the best workers’ compensation insurance in New Mexico?
NEXT offers New Mexico's best workers' compensation insurance with competitive pricing (averaging about $116 per month) and a low complaint index. However, your best insurance option depends on your industry, workforce size and state requirements.
Does New Mexico require businesses to have workers’ compensation insurance?
In New Mexico, workers' comp insurance is mandatory for all businesses, though sole proprietors, partners and corporate officers with full ownership may opt out.
How much does workers’ compensation insurance cost in New Mexico?
New Mexico businesses with 20 employees pay an average monthly workers' compensation insurance cost of $207, above the national average of $178.
How We Rated Workers' Comp Insurance Companies in New Mexico
MoneyGeek calculated workers' compensation insurance rates using a software development business with five, 20 and 100 employees to represent various organization sizes.
Our scoring methodology included:
- Affordability (60%): Overall cost compared to other providers and different business profiles
- Customer experience (30%): Ratings from actual customers, J.D. Power studies, AM Best financial stability ratings and our team's experience with quote processes
- Coverage (10%): Additional options beyond standard offerings and breadth of industries served
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.
sources
- NEXT. "Customer Reviews." Accessed June 3, 2025.
- New Mexico Mutual . "New Mexico's Experts in Workers' Compensation." Accessed April 14, 2025.