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
Las Cruces7,9846.322.97
Rio Rancho5,4852.631.29
Santa Fe12,39616.392.64

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?

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