New Mexico

New Mexico Business Insurance

New Mexico Savings Tips

  • Thanks to New Mexico's wide-open spaces, you and your employees may do a lot of driving between client sites. More driving means a greater risk of accidents. Check with your agent to be sure you have the business auto coverage you need.
  • In New Mexico, if your workers' compensation premium with a commercial carrier or group self-insurance fund is $5,000 or more, or if you are self-insured or a member of a pool, you must have an annual safety inspection that meets the minimum inspection standards of the state's workers' comp administration. The WCA offers free inspections by its own safety consultants.
  • If you're unsure that you have the right insurance policies or the appropriate amount of coverage for your New Mexico business, contact Insureon for a free consultation.
New Mexico Workers' Compensation Rules  |  New Mexico Office of Superintendent of Insurance

New Mexico, The Land of Enchantment, is sure to charm entrepreneurs with its tax competitiveness and its eye toward innovation. According to the Why New Mexico page on the New Mexico Economic Development Department’s site, the state plans to reduce corporate income tax by 22 percent over the next four years. This means New Mexico’s current tax rate of 7.6 percent will decrease until it hits 5.9 percent in 2018.

There are also several tax incentives available to new small-business owners, including a High Wage Tax Credit, a Rural Jobs Tax Credit, a Technology Jobs Tax Credit, and an Investment Tax Credit for Manufacturers.

Start building your small business insurance plan today so you can be sure your New Mexico business is protected the way any important investment should be.

Types of Insurance Policies for New Mexico Business Owners

New Mexico business owners can start crafting their small business insurance plans by taking a look at these four policies:

Business Owner’s Policy

A BOP combines General Liability Insurance and Property Insurance into one policy for one low monthly rate. You are eligible for the savings when you insurer classifies your business as “low-risk” for the types of claims it covers. Third-party claims of property damage, bodily injury, and advertising injury are covered under the General Liability portion of the BOP. The Property coverage helps you absorb the cost of property loss after certain “perils,” such as fire, wind damage, and theft.

Errors & Omissions Insurance

Sometimes insurers call this coverage Professional Liability Insurance. It is designed to help you pay for claims that allege you made a professional mistake or oversight that lost someone money. Sometimes, this shows up in the form of a contract violation. Other times, an employee could simply feel that you did not deliver on a promise. Errors & Omissions Insurance helps provide you with legal counsel. It can also help pay for the cost of a trial or a settlement, should the issue be resolved out of court.

Workers’ Compensation Insurance

As you may know, employers are often held responsible for their workers’ illnesses and injuries (so long as they are work-related). Workers’ Compensation Insurance helps you pay for the costs associated with these incidents. This coverage is regulated by the state government, and New Mexico law states that any employer with three or more employees is required to carry WC Insurance. There are a few exceptions, but you can read more about them by visiting our guide to New Mexico’s Workers’ Compensation laws.

Employment Practices Liability Insurance

EPLI helps employers pay for the costs of lawsuits associated with workplace civil rights violations. An employee might accuse your business of discrimination, harassment, privacy invasion, wrongful termination, and other incidents that cause emotional and mental distress. This type of lawsuit is on the rise, which makes EPLI increasingly valuable.

1. NOAA National Climatic Data Center: Annual average number of tornadoes, 1953–2004

2. PAH Webmaster (2005-11-02): 1925 Tri-State Tornado

Additional Resources
Advertising Injury eBook

What it is, how to avoid it, and what to do if you face an advertising injury lawsuit.

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E&O eBook

Guide to avoiding professional negligence claims or dealing with them when they come.

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