Accountants and auditors
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Computer repair and installation
Day spas
Dentists
Electricians
Engineers
Flooring installation
General contractors
Hair and beauty salons
House cleaning
Insurance agents and brokers
IT consultants
Janitorial services
Landscape design
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Business Insurance in New Mexico
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Recommended insurance policies for small businesses in New Mexico
General liability insurance
This type of business liability insurance is important for all New Mexico businesses. It covers common risks, including customer injuries. Most commercial leases require this coverage.
BEST FOR
- Customer bodily injuries
- Damaged customer property
- Libel and other advertising injuries
Professional liability insurance
This policy, also called errors and omissions insurance (E&O), protects New Mexico businesses that provide professional services or advice. It covers legal costs related to work performance.
BEST FOR
- Work mistakes and oversights
- Professional negligence lawsuits
- Late or incomplete work
Cyber liability insurance
This policy covers financial losses from data breaches and cyberattacks. It's recommended for New Mexico businesses that handle credit card numbers and other sensitive data.
BEST FOR
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Business owner’s policy
A BOP bundles commercial property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for a New Mexico business.
BEST FOR
- Customer injuries
- Damaged customer property
- Damaged business property
Workers’ compensation insurance
New Mexico state law requires workers’ comp for businesses that have three or more employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Partial missed wages
- Lawsuits over employee injuries
Commercial auto insurance
This policy is required for business-owned vehicles in New Mexico. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
BEST FOR
- Accidents involving commercial vehicles
- Theft of a business vehicle
- Damage to a company vehicle
Looking for different coverage? See more policies.
New Mexico business insurance requirements
State laws affect which business insurance coverage you need. These policies are required everywhere in New Mexico, from Albuquerque to Las Cruces.
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-related injuries and illnesses. It also provides disability benefits to injured New Mexico workers.
Commercial auto insurance
All business-owned vehicles in New Mexico must be covered by commercial auto insurance. This policy covers the cost of accidents involving work vehicles.
New Mexico's minimum requirements for auto liability insurance are:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $10,000 property damage liability per accident
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to commercial general liability insurance or a business owner's policy (BOP).
How much does small business insurance cost?
Commercial insurance can be affordable for New Mexico small business owners. Factors that affect the premiums include:
- Type of business and its risks
- Business operations and location
- Number of employees
- Types of insurance purchased
- Policy limits and other coverage options
- Claims history
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Find the right policies and get your certificate of insurance
Insureon's licensed agents can help you find policies that fulfill New Mexico's requirements and your business insurance needs. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.
In New Mexico, insurance agencies, agents, and brokers are licensed by the New Mexico Office of the Superintendent of Insurance. 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.