Business Insurance in New Mexico

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What are the requirements for small business insurance in New Mexico?

State laws can affect which insurance policies you need for your small business. These policies are required for New Mexico businesses.
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Workers' compensation insurance

New Mexico state law requires businesses with three or more employees, full-time or part-time, to carry workers’ compensation insurance. In the construction industry, businesses with even one employee must provide workers’ comp. This policy covers medical bills for work injuries and illnesses.

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Commercial auto insurance

All business-owned vehicles in New Mexico must be covered by commercial auto insurance. New Mexico requires $10,000 property damage liability per accident, $50,000 bodily injury liability per accident, and $25,000 bodily injury liability per person.

Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance, as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.

Recommended insurance policies for small businesses in New Mexico

Looking for different coverage? See more policies.

How much does small business insurance cost?

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Commercial insurance can be affordable for a small New Mexico business. Factors that influence the cost include:

  • Your industry and risk
  • Coverage limits
  • Location
  • Number of employees
View Small Business Insurance Costs

Insureon specializes in New Mexico business insurance

In New Mexico, insurance agents, agencies, and brokers are licensed by the New Mexico Office of the Superintendent. Insureon is licensed in New Mexico for property and casualty insurance as BIN Insurance Holdings, LLC. You can verify our licensure with the National Association of Insurance Commissioners by selecting New Mexico, Licensee, Business Entity, and then entering our state license, 1800008340, into the field labeled "License Number."

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