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.


Best Workers’ Compensation Insurance in New Mexico

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.


PieBest Overall in New Mexico




Customer Satisfaction


Financial Stability


Online Quote Process

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  • Monthly average cost of $110
  • Takes only 29 seconds to get a quote
More About Pie

Pie is a workers’ compensation insurance provider that caters to small businesses. The company is the most affordable option in New Mexico, charging an average of $110 monthly. You can get an online quote from this insurer in only 29 seconds. However, Pie has a higher-than-average rate of complaints and an A- AM Best rating, indicating it’s not as financially sound as most of its competitors.

The Hartford




Customer Satisfaction


Financial Stability


Online Quote Process

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  • 204 average monthly cost
  • Takes around a minute to get a quote
  • Exceptional customer service
  • A+ financial stability rating
More About The Hartford

The Hartford has offered business and other types of insurance for over two centuries. It has an exceptional customer service record, with a low average rate of complaints. The company gets an A+ financial stability rating from AM Best, which means it can easily settle your claims. Getting an online quote from this takes around a minute. However, the company charges $204 for workers’ compensation insurance, which is not the cheapest in New Mexico.


Cheapest Workers’ Compensation Insurance in New Mexico

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.

Best Workers’ Compensation Insurance for Micro Businesses in New Mexico

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.


Best Workers’ Compensation Insurance for Midsize Businesses in New Mexico

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.


How Much Is Workers’ Compensation Insurance in New Mexico?

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.


Factors That Impact Workers’ Compensation Costs in New Mexico

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


Do You Need Workers’ Compensation Insurance in New Mexico?

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.

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New Mexico businesses that don’t carry workers’ comp insurance when it’s required can face the following consequences:

  • Financial penalties
  • Misdemeanor charges
  • Felony charges
  • Jail time

What Does Workers’ Compensation Insurance Cover in New Mexico?

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.

Workers’ Compensation Insurance Resources for Employees in New Mexico

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.

Frequently Asked Questions About Workers’ Compensation Insurance in New Mexico

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

Which company has the best workers’ compensation insurance in New Mexico?
Which company has the cheapest workers’ compensation insurance in New Mexico?
Does New Mexico require businesses to have workers’ compensation insurance?
How much does workers’ compensation insurance cost in New Mexico?

About Melissa Wylie

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Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.

Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.

Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.

Melissa's other work can be read on LendingTree and Bizwomen.