Find the Best Business Insurance Options in New Mexico
There are over 161,000 small businesses in New Mexico, representing 99% of the businesses in the state. Small businesses employ over 346,000 people in New Mexico, making small businesses essential to the state’s economy.
Business owners in New Mexico face numerous risks, including property damage caused by crime, severe weather, fires, and natural disasters. And a liability claim or a lawsuit can lead to financial devastation that is difficult to overcome for any business.
A comprehensive business insurance program can help you repair and rebuild damaged property after a disaster. And it can help you stay in business and pay for your defense if you are faced with a lawsuit.
An independent insurance agent can help you compare business insurance quotes in New Mexico.
Best Business Insurance Companies in New Mexico
We’ve noted some of the best business insurance companies. They are highly rated for their mix of valuable coverage offerings and competitive pricing.
- Nationwide: Nationwide provides business insurance and other popular types of insurance coverage in New Mexico. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states, including New Mexico.
- Travelers: Travelers offers highly rated business insurance in New Mexico. The company provides a variety of business insurance options, including inland marine, workers' compensation, and general liability.
- Liberty Mutual: Liberty Mutual is headquartered in Boston, MA, and has been offering business insurance since 1912. Today the company offers a flexible, multiline range of coverages designed to meet the needs of any business, regardless of size or industry.
- EMC Insurance Companies: EMC is in the top 60 business insurance companies in the United States. The company specializes in designing well-rounded insurance programs to protect the financial assets of many types of businesses and organizations.
- Progressive: Progressive is based in Ohio, but offers business insurance across all 50 states, including New Mexico. New Mexico business owners can look to Progressive for most of their business insurance needs.
An independent insurance agent in your area can help you learn more about these and other New Mexico business insurance companies. A local agent can help you get competitive quotes for the coverage that fits your New Mexico business insurance needs.
New Mexico Business Insurance Requirements
Business insurance is a package of insurance policies that cover your property and liability risks. Business insurance is not required in New Mexico, but if your business owns any vehicles, you are likely to have to buy commercial vehicle insurance that complies with the state’s car insurance laws.
In addition, employers in New Mexico with three or more workers must obtain workers’ compensation insurance, with a few exceptions. Workers’ compensation insurance covers employees who are injured on the job. It pays for their injury-related medical care and lost wages if they can’t return to work while recovering.
An independent insurance agent in your area can help you learn more about New Mexico’s business insurance requirements.
What Business Insurance Covers in New Mexico
When you purchase business insurance in New Mexico, you’ll be purchasing several individual policies or a package of policies designed for your type of business. Business insurance in New Mexico will typically include the following types of policies and coverage:
- Commercial general liability insurance (CGL): Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your CGL policy even covers personal injury claims such as libel and slander.
- Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, and other covered perils.
- Business interruption coverage: Protects your earnings and pays certain expenses if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you are forced to close for a while to make repairs or rebuild your business, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
- Commercial auto insurance: Protects your business-owned cars and trucks from property damage and liability claims.
- Workers’ compensation insurance: Pays for medical expenses and a portion of an employee's lost wages after a work-related injury.
Your business insurance in New Mexico may include additional coverage types or policies that cover your unique risks.
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Liability Coverage Options for Small Businesses in New Mexico
Lawsuits against businesses are common. Whether a store owner is responsible for a customer trip and fall or a food manufacturer is responsible for sickening hundreds with tainted products, negligence claims can quickly destroy a business.
A commercial general liability (CGL) policy is a type of small business liability insurance that offers broad protection from lawsuits. It covers the injured party's medical expenses and any property damage you are responsible for. And it covers court costs, attorney fees, and even settlements or judgments that you must pay to injured parties.
Most businesses need general liability coverage, but a CGL policy does not cover every kind of liability risk. Additional small business liability policies are available for times when your CGL policy isn’t sufficient.
Talk to your independent insurance agent about why you might need other liability coverage options like commercial umbrella insurance, employment practices liability insurance, cyber liability insurance, professional liability insurance, or any other customized small business liability protection.
Property Coverage Options for Small Businesses in New Mexico
Commercial property losses can originate in a variety of ways and cause tremendous financial harm to your business. You need these basic business property coverage options to help you repair or rebuild your physical losses, and even to compensate you for lost income while you recover after a covered property loss.
Commercial property insurance protects you when your commercial property is damaged by someone else or by some type of unforeseen event like a fire or severe weather. You need business property insurance if you own your building or have tangible business assets (furniture, computers, fixtures, inventory, materials, tools, etc.). It helps you pay for repairs or to replace damaged or destroyed commercial property after a covered loss.
Business interruption insurance is a separate coverage that is typically included as part of a commercial property policy. It is designed to protect your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown, or some other covered event. This means that if you’re forced to close your doors for some time in order to make repairs or rebuild, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
A local independent insurance agent can help you get quotes for business property insurance in New Mexico.
Other Insurance Options for Small Business Owners in New Mexico
Most businesses in New Mexico are likely to need more than just basic property and liability insurance. Other insurance options for small business owners in New Mexico include:
- Business owners policy (BOP): A package policy that includes commercial liability insurance, commercial property insurance, and business interruption insurance.
- Workers’ compensation insurance: Typically required for any business that has employees. It pays for lost income and medical expenses for employees who are injured on the job.
- Commercial vehicle insurance: Covers your vehicles and drivers in the event of an accident or other types of vehicle damage.
- Cyber liability insurance: Provides coverage in the event of a data breach involving your business.
- Employment practices liability insurance: Protects you if an employee sues you for discriminatory employment practices.
- Flood or hurricane insurance: Your basic commercial property policy does not cover flood or hurricane damage. Talk to your agent about flood and hurricane insurance if you live in an area that is prone to these events.
- Professional liability insurance: Protects you if a client claims you have been negligent in providing professional services.
- Commercial umbrella insurance: Provides excess liability coverage above and beyond the limits of your applicable underlying commercial liability policies.
This is not an exhaustive list of your business insurance options in New Mexico. An independent insurance agent can make sure that all of your New Mexico business insurance needs are met.
Average Cost of Business Insurance in New Mexico
Business insurance costs are not the same for every company in New Mexico. As you can see, every business has different coverage needs. The types and amounts of coverage you need probably have the greatest impact on the cost of your business insurance.
A variety of other important factors are used to determine how much you'll pay for your business coverage, such as the following:
- The company’s annual gross sales and payroll
- The company’s employee count
- The size and physical location of the company
- The company's physical assets (buildings, vehicles, machines, equipment, inventory, etc.)
- The nature of the business (What does the company do?)
- The company’s prior insurance claims history
An independent insurance agent can help you understand all the risks you face and get quotes for affordable business insurance in New Mexico.
How Does Your New Mexico City Measure Up?
Number of businesses in the US: 30,819,176
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
| City | No. of businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Alamogordo | 1,798 | 3.24 | 2.36 |
| Albuquerque | 42,272 | 11.38 | 9.65 |
| Carlsbad | 1,497 | 3.39 | 3.77 |
| Clovis | 1,940 | 7.75 | 5.03 |
| Farmington | 4,859 | 9.57 | 3.22 |
| Gallup | 3,707 | 11.4 | 7.29 |
| Hobbs | 2,454 | 8.09 | 3.52 |
| Las Cruces | 7,984 | 6.32 | 2.97 |
| Rio Rancho | 5,485 | 2.63 | 1.29 |
| Roswell | 3,317 | 6.33 | 2.74 |
| Santa Fe | 12,396 | 16.39 | 2.64 |
| Taos | 1,833 | 8.39 | 3.02 |
How Does Your New Mexico City Measure Up?
Property: The crime rate in Alamogordo is higher than average, and it can affect how much you pay for coverage. It's important to know what risks you face in the area your business is located in, so you can adequately protect what you've worked so hard to build.
Commercial auto: Your commercial auto insurance rates will be based on unique factors. The state minimum requirements are mandatory for any company-owned autos.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Local crime rates are relevant to keep in mind when you're looking at insurance policy options. You want to ensure that your business and property are protected from the unusual weather and theft risks you face in Albuquerque.
Commercial auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and auto theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance. The crime rate in Carlsbad can affect your coverage rates, so keep it in mind when you're considering insurance options.
Commercial auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and auto theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Without the right insurance, severe weather events and property crimes can lead to large business losses. That's why it's essential to know what you're up against and why we want you to be aware of the crime rate in Clovis.
Commercial auto: Did you know that the types of vehicles and the risk of auto theft in your city affect how much you pay for commercial auto insurance? A local adviser can run quotes through multiple markets so your business gets the best rates.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Your office space or storefront can be damaged in several ways. It can happen without warning, which is why you need a financial backup plan and an ally who can help you file a claim and get you the money you deserve.
Commercial auto: Your chances of becoming the victim of auto theft in Farmington are slim, but that doesn't mean you don't need insurance. It's important to have it just in case something happens, such as an employee injury due to an accident or a break-in where a company computer is stolen.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Hobbs is generally a safe community, but accidents and criminal activity can happen when you least expect it. And if you're caught in such a situation without proper insurance coverage, you and your business could suffer. It's important to keep in mind that property crime rates and weather risks come into play when finding insurance coverage.
Commercial auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and auto theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Severe weather, property crimes like theft, and unexpected fires can lead to serious business losses if you do not have the right insurance. Get comprehensive protection so you can feel comfortable knowing you're financially protected if something unexpected happens.
Commercial auto: Does your business own a vehicle or two? If so, you will need comprehensive commercial auto insurance that protects both your drivers and cars. But remember this: Your rates will be based on a number of specific factors, like the number and types of vehicles you are covering.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Your property is a key part of your business, no matter what services or products you offer. It needs all the protection it can get from severe weather, property crimes, and unexpected flooding.
Commercial auto: Your commercial auto insurance rate will depend on the number and types of vehicles you are covering, the risk of collisions in the area, and the average number of auto thefts in your neighborhood. There are a lot of factors to consider, and they will all determine what kind of and how much commercial auto coverage you need.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance and can affect your coverage rates. That's why we wanted to share the crime rate in Roswell.
Commercial auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and auto theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Property crime is a real threat that you need to consider when looking at insurance policy options. It's important to keep in mind not only the average crime rate but also other situations like severe weather and flooding that can cause serious damage and financial harm.
Commercial auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and auto theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
New Mexico Business Insurance FAQ
While you can't predict the exact costs of business insurance in New Mexico, it’s important to understand what variables play a role in your insurance rates. Here are just a few of the factors that insurance companies use when calculating your business insurance costs in New Mexico:
- Type of industry
- Number of employees
- Gross annual sales
- Location of business
- Number of company vehicles
- Past claims reported
- Number of years in operation
In New Mexico, it’s essential for almost every business to carry a comprehensive business insurance package. Business insurance is not required by law in New Mexico, but any company with one or more employees must carry New Mexico workers’ compensation insurance.
In addition, if your business owns any vehicles, you’re required to comply with New Mexico’s car insurance laws by purchasing appropriate commercial vehicle insurance.
Most businesses in New Mexico need a combination of property and liability insurance, in addition to workers’ compensation insurance and commercial vehicle insurance, as required by the state.
Depending on your unique business and the risks you face, you’ll likely need additional coverage, such as professional liability insurance, commercial umbrella insurance, or cyber liability insurance.
Business liability insurance is a primary building block of your New Mexico business insurance program. It helps protect your operation from bodily injury and property damage lawsuits that come your way as a result of doing business.
Though not mandatory by New Mexico state law, this policy is necessary to avoid the major financial repercussions of even a single negligence claim or lawsuit.
Health insurance and other employee benefits are important for many small businesses and their employees. A good employee benefits plan helps companies support a healthy and satisfied workforce. In addition, employers who offer employee health plans may also be eligible for significant tax benefits.
Many different business health insurance plans and options are available in New Mexico. An independent insurance agent can help you find business health insurance plans near you.
Nationwide, Travelers, Liberty Mutual, EMC, and Progressive are some of the best business insurance companies in New Mexico. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for business owners.
Small businesses in New Mexico may need the following types of business insurance:
- Commercial general liability insurance
- Commercial property insurance
- Business interruption/loss of use insurance
- Workers’ compensation insurance
- Commercial vehicle insurance
- Commercial umbrella insurance
Business owners in New Mexico may also need additional policies, including professional liability insurance, equipment breakdown insurance, inland marine insurance, employment practices liability insurance, and more, to cover their unique risks.
A certificate of insurance is a document you obtain from your insurance company to prove you have business insurance. Certificates of insurance assure your clients that you have the right insurance before they agree to work with you. This can be very important in certain industries, such as construction.
Most insurance companies make it easy to get a certificate of insurance. You can usually request one directly from your insurance company by phone or online, or your independent insurance agent can handle it for you.
While your industry does not affect what business insurance is required by the state of New Mexico, it does affect what business insurance is likely needed to adequately protect your assets when you have a loss. The business insurance package for a retail store will be very different from that for a manufacturer, a landscaper, or even a restaurant.
An independent insurance agent in your area can help you understand the unique risks faced by businesses in your industry and how the right business insurance policies can protect you. Your agent can also make sure you comply with all of New Mexico’s business insurance requirements.
Searching for the best and most affordable business insurance can be frustrating and confusing. That’s why it pays to have an experienced insurance professional in your corner.
Find an independent insurance agent in New Mexico now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.
Do You Know What Your Business Insurance Covers in New Mexico?
https://workerscomp.nm.gov/Information-for-Employers
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