New Mexico Business Insurance FAQ - Quick Answers

You won't know your exact costs for commercial coverage without quotes. However, you can understand what impacts your New Mexico business insurance premiums below:

  • Type of industry
  • Number of employees
  • Gross annual sales
  • Location of business
  • Number of company vehicles
  • Safety practices in place
  • Past claims reported
  • Number of years in operation

While you'll have many options on business insurance policies, some are required. In New Mexico, if you have 3 or more employees, you'll need workers' compensation coverage by law. If you have company-owned autos, then the state minimum limits for commercial vehicle insurance are necessary. All other policies are usually not mandatory but are useful to consider.

Your New Mexico business will have many policy options based on your risk exposures. Here are some policies that could apply to your business:

General liability is likely to be your primary policy for your New Mexico business, and it covers the following:

When it comes to offering health insurance to your team, you'll have options. In New Mexico, you'll only be required to provide health coverage if you have more than 50 employees. To have benefits for your staff, you can obtain quotes from an independent insurance agent.

There are several insurance companies that you can choose from when selecting coverage. In New Mexico, Hiscox, Nationwide, Hanover, and Progressive are all rated highly among peers. This is because of their robust coverage offerings and superior customer service.

Do You Know What Your Business Insurance Covers in New Mexico?

Find the Best Business Insurance in Your City

National Business Insurance Stats

Number of businesses in the US: 30,819,176

Burglary rate per 1,000 residents in the US: 3.76

Auto theft rate per 1,000 vehicles in the US: 2.29

CityNo. of businessesBurglaries / 1,000 peopleAuto thefts / 1,000 cars
Alamogordo1,7983.242.36
Albuquerque42,27211.389.65
Carlsbad1,4973.393.77
Clovis1,9407.755.03
Farmington4,8599.573.22
Gallup3,70711.47.29
Hobbs2,4548.093.52
Las Cruces7,9846.322.97
Rio Rancho5,4852.631.29
Roswell3,3176.332.74
Santa Fe12,39616.392.64
Taos1,8338.393.02
  1. Albuquerque, NM
  2. Business Insurance Common Coverage Options
  3. Property: Local crime rates are relevant 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.
  4. 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 auto theft in your city.
  5. 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 workers' compensation rates vary significantly depending on your industry. 


  1. Las Cruces, NM
  2. Business Insurance Common Coverage Options
  3. 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.
  4. 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.
  5. 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 workers' compensation rates vary significantly depending on your industry.


  1. Rio Rancho, NM
  2. Business Insurance Common Coverage Options
  3. 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.
  4. 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 number of auto thefts 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.
  5. 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 workers' compensation rates vary significantly depending on your industry.


  1. Santa Fe, NM
  2. Business Insurance Common Coverage Options
  3. 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.
  4. 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 auto theft in your city.
  5. 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 workers' compensation rates vary significantly depending on your industry.


  1. Roswell, NM
  2. Business Insurance Common Coverage Options
  3. 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.
  4. 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 auto theft in your city.
  5. 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 workers' compensation rates vary significantly depending on your industry.


  1. Farmington, NM
  2. Business Insurance Common Coverage Options
  3. Property: Your office space or storefront can be damaged in several 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.
  4. Commercial auto: Your chances of becoming the victim of 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.
  5. 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 workers' compensation rates vary significantly depending on your industry.


  1. Clovis, NM
  2. Business Insurance Common Coverage Options
  3. 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.
  4. Commercial auto: Did you know that the types of vehicles and the risk of auto theft in your city affect how much you pay for commercial auto insurance? A local adviser can run quotes through multiple markets so your business gets the best rates.
  5. 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 workers' compensation rates vary significantly depending on your industry.


  1. Hobbs, NM
  2. Business Insurance Common Coverage Options
  3. 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.
  4. 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 auto theft in your city.
  5. 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 workers' compensation rates vary significantly depending on your industry.


  1. Alamogordo, NM
  2. Business Insurance Common Coverage Options
  3. 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.
  4. Commercial Auto: Your commercial auto insurance rates will be based on some unique factors. The state minimum requirements are mandatory for any company-owned autos.
  5. 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 workers' compensation rates vary significantly depending on your industry.


  1. Carlsbad, NM
  2. Business Insurance Common Coverage Options
  3. 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.
  4. 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 auto theft in your city.
  5. 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 significantly depending on your industry.