New Mexico Business Insurance
Customized protection for your New Mexico business
Business owners in New Mexico should consider carrying business insurance as 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 100,000 small businesses call New Mexico home and collectively employ over 54% of the state’s workforce, as reported by the US Small Business Administration (SBA). Businesses that employ three or more people are required to protect their employees with workers’ compensation insurance according to state law.
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
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.
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.
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.
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.
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).
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.
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 business insurance cost.
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:
New Mexico professions we insure
We help small business owners from a wide variety of industries, including these common professions:
- Technology / IT specialists
- Cleaning services
- Auto mechanics
- Real estate agents
- Retail shops
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.
Business insurance for all New Mexico cities
We can customize business insurance in all New Mexico cities, including, but not limited to:
- Las Cruces
- South Valley
- Rio Rancho
- Santa Fe
*No. 1 commercial auto insurer from SNL Financial’s 2019 national written premium data.