Popular QuestionsPopular Questions About New Mexico Business Insurance

Why should I have New Mexico business insurance?

In 2016 alone, commercial insurance providers paid out more than $751 million in business insurance claims in New Mexico. Without insurance, business claims have to be paid out of your pocket, meaning they have to be paid out of your business’s revenue. 

Needless to say, you need a comprehensive insurance plan that gives you 360 degrees of protection if something unexpected happens.

How have other business owners used their business insurance?

40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:

  • Theft Or Burglary: Average Cost Per Claim - $8,000
  • Water Damage & Freezing Pipes: Average Cost Per Claim - $17,000
  • Wind & Hail Damage: Average Cost Per Claim - $26,000
  • Fire Damage: Average Cost Per Claim - $35,000
  • Customer Slip & Fall: Average Cost Per Claim - $20,000
How does New Mexico business insurance help me?

New Mexico business insurance will pay for covered claims so your business doesn’t have to. It gives you peace of mind so you can focus on what matters: your business's bottom line.

Here’s what a standard business insurance policy should do:

Pay For Damage To Your Building

  • We call this “Commercial Property Insurance.”
  • Example: A tree falls on your office building.

Pay For Damage To Your Business Property

  • We call this “Business Personal Property Insurance.”
  • Example: A fire destroys all your computers.

Pay For Damage To Someone Else’s Property

  • We call this “General Liability Insurance.”
  • Example: A contractor does a poor job of installing a cabinet, resulting in its falling and breaking homeowner's kitchenware.

Pay For Someone Else’s Medical Bills

  • We also call this “General Liability Insurance.” 
  • Example: A customer slips and falls on your recently mopped floor and breaks an arm.

Pay For Accidents in Company Vehicles

  • We call this “Commercial Auto Insurance.”
  • Example: Your salesperson rear-ends someone while driving to an appointment.

Pay For Employee Injuries & Compensation

  • We also call this “Workers' Compensation.”
  • Example: An employee falls off a ladder at work and can’t work for two weeks.

Sometimes, these coverages are not enough to properly protect a business against risk. Your business most likely faces unique risks and may need additional coverages.

To make sure you're properly insured, we can match you with the right independent insurance agent who specializes in covering businesses that operate in your industry.

What insurance does New Mexico require for businesses?

Commercial insurance is not mandatory for New Mexico business owners, but certain aspects of it may be. For example, in this state, businesses that employ three or more people must carry workers' compensation insurance. 

And businesses that have company-owned vehicles must carry commercial auto insurance. To learn more about coverage that you may need to carry, you can talk with a local independent insurance agent.

How much does New Mexico business insurance cost?

It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.

  • A sole proprietor who owns a garment hemming business: $260 per year
  • A commercial landscaper with five employees who operate heavy machinery: $22,700 per year
How do I find the best business insurance in New Mexico?

Business insurance rates are calculated using a number of factors such as the risks to your business property, your liability coverage needs and the amount and types of coverage you want. Policies can vary significantly by business industry, so it is best to talk with an experienced insurance agent when building a suitable and comprehensive policy for your business.

It’s usually wise to work with an independent agent in New Mexico since they have access to obtaining quotes and coverage options from multiple insurance companies. Sometimes it’s difficult to find an insurance company who will offer the coverage your business needs.

  • There are 146 independent agents in New Mexico who are ready to help.
  • In 2017 our agents helped 1,032 people.
What are the Top Business Insurance Companies in New Mexico?

An independent insurance agent compares policies from multiple companies to find the best coverage for your needs.

westfield insurance
cna insurance
central insurnace companies
liberty mutual insurance

InformationFind the Best Insurance in Your City

How does your city measure up?

  • Number of business in the U.S.: 27,626,360
  • Number of businesses in New Mexico: 151,363
  • Burglary rate per 1,000 residents in the U.S.: 4.69
  • Burglary rate per 1,000 residents in NM:  8.30
  • Auto theft rate per 1,000 vehicles in the U.S.: 2.37
  • Auto theft rate per 1,000 vehicles in NM:  5.64


CityPopulationNumber of Established FirmsBurglary Rate Per 1,000 ResidentsAuto Theft Rate per 1,000 Vehicles
Albuquerque559,27742,27210.966.37
Las Cruces101,7597,9847.132.14
Rio Rancho96,0285,4853.421.98
Santa Fe83,87512,39613.262.84
Roswell48,1843,3177.582.12
Farmington41,6294,8595.542.81
Clovis39,3731,94013.314.2
Hobbs38,1432,4548.622.55
Alamogordo31,2831,7983.961.27
Carlsbad28,9141,4975.724.27
Gallup22,6703,70714.275.79
Taos5,7631,83320.931.21


Albuquerque, NM Business Insurance Cost Factors

Covering Your Business Assets

Property: Local crime rates are important to keep in mind when you're looking at insurance policy options. You want to ensure that your business and property are protected from the unique weather and theft risks you face in Albuquerque.

Commercial Auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicular theft in your city.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry. 

Based on a $100,000 annual payroll, here is what the two leading industries in Albuquerque, NM workers comp cost looks like.

  • Retail Trade Industry, $2,030/year
  • Professional, Scientific & Technical Services Industry, $460/year

The most common industries in Albuquerque are retail trade, professional services and construction — at 12%, 11% and 10%, respectively. But these businesses have different workers' compensation insurance needs. When you talk to an independent insurance agent, you'll receive coverage that addresses your risks and takes workplace risks into account.

Las Cruces, NM Business Insurance Cost Factors

Covering Your Business Assets

Property: Severe weather, property crimes like theft, and unexpected fires can lead to serious business losses if you do not have the right insurance. Get 360 degrees of protection so you can feel comfortable knowing you're financially protected if something unexpected happens.

Commercial Auto: Does your business own a vehicle or two? If so, you will need comprehensive commercial auto insurance that protects both your drivers and cars. But remember this: Your rates will be based on a number of specific factors like the number and types of vehicles you are covering.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Las Cruces, NM workers comp cost looks like.

  • Professional, Scientific & Technical Services Industry, $460/year
  • Educational Services Industry, $300/year

Workers' compensation insurance should address your unique business, which is why these rates are different from one another; for instance, a public administration company — 12% of all Las Cruces businesses — needs more insurance protection for its employees that a health care office. If a liability claim comes your way after an employee suffers a job-related injury or illness, you need the right protection to stay financially stable.

Rio Rancho, NM Business Insurance Cost Factors

Covering Your Business Assets

Property: Your property is a key part of your business no matter what services or products you offer. It needs all the protection it can get from severe weather, property crimes and unexpected flooding.

Commercial Auto: Your commercial auto insurance rate will depend on the number and types of vehicles you are covering, the risk of collisions in the area and the average amount of vehicular theft in your neighborhood. There are a lot of factors to consider, and they will all determine what kind of and how much commercial auto coverage you need.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Rio Rancho, NM workers comp cost looks like.

  • Retail Trade Industry, $2,030/year
  • Manufacturing Industry, $2,430/year

Did you know that 16% of all businesses in Rio Rancho are in the retail trade industry? Another 10% are in manufacturing, and 9% are in accommodation and food services. But these industries are not all created equal — for instance, an employee at a construction site has a greater risk of being injured than someone behind a store counter. Workers' comp insurance should address your unique risks and provide enough protection for you and your employees in the event of an accident.

Santa Fe, NM Business Insurance Cost Factors

Covering Your Business Assets

Property: Property crime is a real threat that you need to consider when looking at insurance policy options. It's important to keep in mind not only the average crime rate but also other situations like severe weather and flooding that can cause serious damage and financial harm.

Commercial Auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicular theft in your city.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Santa Fe, NM workers comp cost looks like.

  • Retail Trade Industry, $2,030/year
  • Professional, Scientific & Technical Services Industry, $460/year

Each industry has its own specific workplace hazards and risks to keep in mind when looking at insurance options. Just consider the risks at a construction site versus the risks in a classroom. It's why these rates are different from one another and why you need to walk through the process with a local independent agent to ensure you're receiving comprehensive, affordable and customized insurance.

Roswell, NM Business Insurance Cost Factors

Covering Your Business Assets

Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance and can affect your coverage rates. That's why we wanted to share the crime rate in Roswell.

Commercial Auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicular theft in your city.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Roswell, NM workers comp cost looks like.

  • Retail Trade Industry, $2,030/year
  • Manufacturing Industry, $2,430/year

Why are these numbers different from one another? Each workplace presents its own inherent risks to the employees who work there, and your business needs the right kind of protection for its specific and unique hazards. The retail industry is the most common type of business in the area, at 10% of all businesses, and has much more risk than manufacturing — 9% of all businesses. Keep this in mind when shopping for insurance.

Farmington, NM Business Insurance Cost Factors

Covering Your Business Assets

Property: Your office space or storefront can be damaged in a number of ways. It can happen without warning, which is why you need a financial backup plan and a partner-in-crime who can help you file a claim and get you the money you deserve.

Commercial Auto: Your chances of becoming a victim of an auto theft in Farmington are very slim, but that doesn't mean you don't need insurance. It's important to have it just in case something happens such as an employee injury due to an accident or a break-in where a company computer is stolen.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Farmington, NM workers comp cost looks like.

  • Mining, Quarrying and Oil/Gas Extraction Industry, $6,660
  • Retail Trade Industry, $2,030/year

Mining and extraction-based businesses (16% of all Farmington businesses, by the way) have much different workers' compensation insurance needs from a retail trade business (15%). An independent insurance agent can tell you why — and why you may pay more for coverage than you thought you should. It's important to have the proper coverage so you're fully insured in case a medical bill or lawsuit come your way.

Clovis, NM Business Insurance Cost Factors

Covering Your Business Assets

Property: Without the right insurance, severe weather events and property crimes can lead to large business losses. That's why it's essential to know what you're up against and why we want you to be aware of the crime rate in Clovis.

Commercial Auto: Did you know that the types of vehicles and the risk of vehicular theft in your city affects how much you pay for commercial auto insurance? Talk to a local independent insurance agent to find coverage that is comprehensive, customized and affordable.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Clovis, NM workers comp cost looks like.

  • Transportation & Warehousing Industry, $6,030
  • Public Administration Industry, $300/year

The most common industries in Clovis are transportation, public administration and construction — at 14%, 13% and 11%, respectively. But these businesses have different workers' compensation insurance needs. When you talk to an independent insurance agent, you'll receive coverage that addresses your risks and that takes workplace risks into account.

Hobbs, NM Business Insurance Cost Factors

Covering Your Business Assets

Property: Hobbs is generally a safe community, but accidents and criminal activity can happen when you least expect it. And if you're caught in such a situation without proper insurance coverage, you and your business could suffer. It's important to keep in mind that property crime rates and weather risks come into play when finding insurance coverage.

Commercial Auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicular theft in your city.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Hobbs, NM workers comp cost looks like.

  • Mining, Quarrying and Oil/Gas Extraction Industry, $6,660
  • Construction Industry, $6000/year

Workers' compensation insurance should address your unique business, which is why these rates are different from one another; for instance, a mining company — 24% of all Hobbs businesses — needs more insurance protection for its employees that a health care office. If a liability claim comes your way after an employee suffers a job-related injury or illness, you need the right protection to stay financially stable.

Alamogordo, NM Business Insurance Cost Factors

Covering Your Business Assets

Property: The crime rate in Alamogordo is higher than average, and it can affect how much you pay for coverage. It's important to know what risks you face in the area your business is located in so you can properly protect what you've worked so hard to build.

Commercial Auto: Your commercial auto insurance rates will be based on a number of unique factors. That's why it's best to team up with a local independent agent to receive personalized protection at a price you can afford.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Alamogordo, NM workers comp cost looks like.

  • Public Administration Industry, $300/year
  • Retail Trade Industry, $2,030/year

Did you know that 28% of all businesses in Alamogordo are in the public administration industry? Another 14% are in retail, and 13% are in food services. But these industries are not all created equal — for instance, an employee at a construction site has much more risk of getting injured than someone behind a store counter. Workers' comp insurance should address your unique risks and provide enough protection for you and your employees in the event of an accident.

Carlsbad, NM Business Insurance Cost Factors

Covering Your Business Assets

Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance. The crime rate in Carlsbad can affect your coverage rates, so keep it in mind when you're considering insurance options.

Commercial Auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicular theft in your city.

Workers’ Compensation

Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most New Mexico employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.

Based on a $100,000 annual payroll, here is what the two leading industries in Carlsbad, NM workers comp cost looks like.

  • Mining, Quarrying and Oil/Gas Extraction Industry, $6,660
  • Construction Industry, $6000/year

Both of the most common industries in the Carlsbad area have extreme employee-related risks. It's why these average workers' comp rates are so high. But because each business is different, every rate will be unique. It all depends on how likely it is that one of your staff will get into an accident while on the job.