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 100,000 small businesses call New Mexico home and collectively employ over 54% 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
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:
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?
Business insurance for all New Mexico cities
We can customize business insurance in all New Mexico cities, including, but not limited to: