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Review insurance requirements in New Mexico
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Recommended insurance policies for small businesses in New Mexico
General liability insurance
General liability covers common risks for small businesses in New Mexico, including customer property damage and injuries. Commercial leases often require this policy.
- Customer injuries at your company
- Damaged customer property
- Copyright and defamation lawsuits
Errors and omissions insurance
This policy is also called professional liability insurance. It protects professionals against lawsuits over mistakes, missed deadlines, and oversights.
- Work errors and oversights
- Professional negligence lawsuits
- Late or incomplete work
Cyber liability insurance
This policy protects New Mexico small businesses against data breaches and cyberattacks that affect your business or a client.
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Business owner’s policy
This policy bundles property insurance and general liability insurance. It's often the most cost-effective type of commercial insurance for a New Mexico small business.
- Customer injuries
- Damaged customer property
- Damaged business property
Workers’ compensation
Workers’ compensation is required for New Mexico small businesses that have three or more employees. It can cover medical costs for work injuries.
- Employee medical expenses
- Wages lost while unable to work
- Lawsuits over employee injuries
Commercial auto insurance
This policy is required for vehicles owned by New Mexico small businesses. It covers injuries and property damage in an accident, along with other types of damage.
- Accidents involving business-owned vehicles
- Theft of a business-owned vehicle
- Damage to a company vehicle
Looking for different coverage? Check out our other policies.
What are the insurance requirements for small businesses in New Mexico?
Workers' compensation insurance
New Mexico state law requires businesses with three or more employees, full-time or part-time, to carry workers’ compensation insurance. This policy covers medical bills for work injuries and illnesses.
Commercial auto insurance
Vehicles owned by small businesses in New Mexico must be covered by commercial auto insurance. New Mexico requires $10,000 property damage liability per accident, $50,000 bodily injury liability per accident, and $25,000 bodily injury liability per person.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance, as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
How much does small business insurance cost?
Commercial insurance can be affordable for small business owners with low risks. Based on policy data from TechInsurance customers in New Mexico, the average premiums are:
General liability: $46 per month
Workers' compensation: $75 per month
Professional liability / E&O: $77 per month
Factors that influence the cost of business insurance include:
- Type of business
- Business operations
- Number of employees
- Location, such as Albuquerque or Rio Rancho
- Policy limits and other coverage options
- Claims history
We specialize in business insurance for New Mexico technology professionals
Our agents are experts in insurance for New Mexico technology businesses. They can help you find policies that fit your company and fulfill state requirements.
TechInsurance is licensed by the New Mexico Office of the Superintendent 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 number, 1800008340.
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