Best Workers' Compensation Insurance in New Mexico (2024)

MoneyGeek found the best insurance provider for workers’ compensation insurance in New Mexico by assessing various companies based on financial stability, cost, customer satisfaction and the time it takes to get an online quote. Based on our criteria, Pie offers the best workers’ comp in the state.

Workers’ compensation can significantly benefit small businesses by helping them meet the state’s requirements and avoiding the liability of employee medical bills and other expenses in case of a workplace injury or illness.

Pie offers the best workers' compensation insurance in New Mexico, scoring 92 out of 100. The company's average monthly cost is $110, which might differ depending on your business.

Pie offers the cheapest workers’ comp insurance in New Mexico, with an average monthly cost of $110. It is the most affordable company for businesses with 20 employees and $1,250,000 in annual payroll costs. The number of employees and payroll significantly impacts workers’ comp insurance costs.

MoneyGeek analyzed insurers based on their monthly insurance costs to find the most affordable option, but the cheapest option for you might differ [depending on other factors]. (#factors-that-impact-workers-comp).

The table below shows the annual and monthly insurance costs for a business with 20 employees for all the insurers included in our analysis.

The best workers’ compensation insurance company in New Mexico for businesses with five employees is Pie, which offers insurance at an average monthly cost of $39. But know that this cost is based on an annual payroll of $312,500.

Your company is a micro business if it has one to nine employees. Although employee count affects costs, payroll has an even more significant impact.

Pie has the best workers’ compensation insurance in New Mexico for companies with 100 employees at $489 per month. This cost is for an annual payroll of $6,250,000. The number of employees in your business generally affects insurance costs, but payroll typically has an even greater effect.

On average, insurers charge New Mexico businesses with 20 employees $197 per month for workers' compensation insurance. The state's average cost is higher than the national average of $168 per month.

We set the following policy limits for our analysis:

• $1 million total policy limit
• $1 million per accident limit
• $1 million per employee limit

With such a policy, the insurer will pay up to $1 million per employee and a maximum of $1 million per accident, up to the maximum policy limit of $1 million.

A company's employee count and payroll significantly affect the cost of its workers' compensation insurance. The table below lists the average costs for a company with 5, 20 and 100 employees.

The cost of workers’ compensation insurance in New Mexico differs for every business based on several factors, as outlined below.

New Mexico law requires businesses with three or more employees to have workers' compensation insurance. However, domestic servants, real estate salespeople, federal employees covered by Federal Employees' Compensation Act and sole proprietors or executive employees are exempt.

Even if you are exempt, purchasing workers' compensation insurance is wise. It will protect you against the cost of employee workplace injuries and litigation.

While workers’ compensation insurance in New Mexico benefits employers and employees, the employer is the policyholder.

Workers’ compensation insurance protects your and your employees against medical costs after a work injury. The insurance can also provide income replacement, death benefits and vocational rehabilitation, depending on the nature of the injury and other factors.

The Workers’ Compensation Administration in New Mexico can help employees understand essential information and file insurance claims.

An employee must let their employer know of an injury within 15 days. They can either fill out a Notice of Accident (NOA) Form or inform the employer in writing. Employees can generally find the NOA forms at their worksite.

MoneyGeek analyzed the following frequently asked questions to help you understand how workers’ compensation insurance works in New Mexico.