New Mexico Business Insurance

Customized protection for your New Mexico business

Business owners in New Mexico should consider carrying business insurance because it can protect against the financial ramifications of an accident or mistake that can cripple a company, like a customer slip and fall or employee injury.

Over 158,000 small businesses call New Mexico home and collectively employ over 52% of the state’s workforce, as reported by the U.S. Small Business Administration (SBA). According to state law, businesses that employ three or more people must protect their employees with workers’ compensation insurance.

Luckily, choosing the right coverages to protect your New Mexico business is easy with the Progressive Advantage^® Business Program. Our insurance experts are ready to help you customize a business insurance policy that meets your needs.

Types of NM business insurance

General Liability

This is the most common business insurance coverage, and nearly all businesses in New Mexico should have it. It protects against third-party bodily injury and property damage, as well as personal and advertising injury.

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Commercial Auto

This coverage protects against damage to your vehicles and trailers, as well as injuries or property damage related to their use. Your personal auto policy doesn’t cover vehicles while they’re being used for business reasons.

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Workers' Compensation

Businesses in New Mexico are required to have workers’ comp insurance if they have three or more employees. Workers’ comp insurance helps pay for expenses related to employees becoming injured or ill while working for you.

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Business Owners Policy (BOP)

A BOP combines property and liability coverage into one easy-to-manage policy. It’s a great option for small to medium-sized businesses that rent or own commercial property, such as a storefront, warehouse or office building.

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Professional Liability

New Mexico businesses that offer professional services should consider this coverage. It protects businesses from claims of professional negligence, both actual or alleged, and helps pay for defense costs. It’s also known as errors and omissions insurance (E&O).

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Cyber Insurance

This protects against incidents like data breaches and cyber attacks. It includes first-party and third-party protection for things like investigative services, data recovery and legal costs. Businesses that store or manage customer data, like credit card information, typically need this coverage.

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How much does business insurance cost in New Mexico?

The cost of business insurance in New Mexico is dependent on many factors, including your business’s size, location and coverage needs. For example, a business with three employees located in Albuquerque will have a different cost than one with twelve employees located in Farmington.

One of the most crucial factors in determining your rate is the type of work your business does. Businesses that are exposed to a higher amount of risk can expect to pay a higher price to insure their business. For example, tree trimmers are considered high-risk because they usually work with dangerous equipment high off the ground, which leaves them more susceptible to accidents. They can expect to pay more for coverage than landscapers, whose work typically involves trimming smaller trees and shrubs from ground level.

Learn more about the factors that affect your business insurance rate.

New Mexico business insurance requirements

Businesses in New Mexico are required to carry workers’ compensation insurance if they have three or more employees. This requirement includes part-time, temporary and transitory workers.

Learn more about workers’ comp laws and exemptions in New Mexico from the New Mexico Workers’ Compensation Board.

While workers’ comp is the only coverage required by state law, you should still consider other types of business insurance protection. Business prospects and clients typically require you to carry certain insurance coverages and limits before you may begin working with them.

Resources for New Mexico small business owners:

The New Mexico Small Business Development Center (NMSBDC)
2023 New Mexico Small Business Profile (U.S. Small Business Administration)

New Mexico professions we insure

We help small business owners from a wide variety of industries, including these common professions:

Browse more examples of professions we insure.

Why choose Progressive?

Options

We can help you secure coverage at any stage of your business’s development with the flexibility to adjust your policy as your business changes. Our agents will work with you to make sure you’re getting protection that meets both your needs and budget.
Experts

As the #1 commercial auto insurer in America^*, you can trust us with all your business insurance needs. Our team of specially trained, in-house agents can assist you every step of the way to make sure you’re getting the best coverage for your business.
Convenience

There are several ways to get a quote, whether you need a single New Mexico policy or a combination of business insurance coverages. Simply start a quote online or call us to speak with an agent.