New Mexico Workers' Compensation Insurance

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Why Do I Need Workers' Comp. Insurance in New Mexico?

We know that running a small business is tough. That’s why we want to help make it easier on you by providing the best possible coverage at the lowest price.

Our team of experts will be there every step of the way, from helping you choose your policy to making sure it fits your needs and budget. And if something does happen, our claims specialists are just a phone call away!

You can feel confident knowing that Elemental Risk Management has got your back with industry-leading products and services designed specifically for businesses like yours. It doesn’t matter how big or small your company is – we have options available no matter what stage of growth you're in!

Plus, as an added bonus, when you sign up today, we'll give you free access to our online training courses so that everyone in your office knows exactly what they need to do when an accident occurs!

Workers' Comp Insurance Application

Do you carry workers compensation insurance? Click the button below to receive a custom quote to fit your business' budget and needs.

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What are New Mexico's Workers' Comp Laws?

New Mexico imposes strict workers’ compensation insurance laws on employers. All businesses with three or more employees must provide workers’ comp coverage. Furthermore, construction company of any size are required to carry coverage.

The first law for workers compensation was first passed in New Mexico in 1929, called the Workers’ Compensation Act. The law makes sure that all employers have workers compensation insurance that can provide the necessary benefit to any injured or ill workers regardless of where the liability lies.

You will find that workers cannot sue their employer for injury liability, but they do receive wage reimbursements and medical care costs to recover properly. The Workers Compensation Administration (WCA) of New Mexico was created in 1986 to handle all administrative compensation needs. This ensures quicker case resolution as well as efficient delivery of the benefits to any injured parties.

For more information check out our "What Are Workers’ Compensation Requirements in New Mexico" blog!

How Does Workers' Comp Help My Employee?

New Mexico employees benefit from workers' comp coverage by having lost wages covered while they are hurt from a work related incident or sick and not able to work.

Workers compensation also pays for medical treatment & costs they might incur as a result of the sickness.

If the employee is permanently disabled by a work-accident and can’t return to work, the program will pay benefits for medical care and lost wages.

It also should cover ongoing medical expenses if the injury or illness requires several weeks, months or years of rehabilitation.

Workers compensation can also cover funeral costs if the worker dies because of a work-related accident.

How Much Does Workers' Compensation Insurance Cost in NM?

Workers’ comp coverage can start as low as $14 a month. Several factors are used to determine the cost of workers’ compensation insurance.

Estimated employer rates for workers compensation insurance in New Mexico are $1.35 per $100 in covered payroll. Factors that will affect the cost of your premium include:

Payroll
Location
Number of employees
Industry and risk factors
Coverage limits
Claims history

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A licensed New Mexico workers' compensation insurance advisor will follow-up with you shortly after completing this form. We look forward to working with you.