New Mexico (NM) Business Insurance

Choose The Hartford for Your New Mexico Business Insurance Needs

Nuevo México

, the Land of Enchantment, is home to more than 158,000 small businesses, making up 99% of all companies in New Mexico.¹ Those small businesses employ 339,640 employees throughout the state and make up more than half of all New Mexico employees.²

The Hartford can help protect businesses in Santa Fe, Albuquerque, Las Cruces and more with New Mexico business insurance. Companies have been safeguarding their New Mexico operations with seguro de negocio from The Hartford for over 100 years.

How Much Is Business Insurance in New Mexico?

Our small business customers in New Mexico pay an average of $77 a month, or about $928 a year, for a Business Owner’s Policy (BOP).³ For workers’ compensation insurance, our customers pay an average of $119 a month, totaling about $1,423 a year.⁴

Remember, insurance costs vary because every business has unique needs. The best way to find out the insurance cost for your New Mexico business is to obtener una cotización. We'll work with you to understand your risks to help you get the coverage you need.

Types of New Mexico Business Insurance Offered

New Mexico Business Owner’s Policy Insurance (BOP)

A New Mexico BOP is a single insurance policy that combines both business property and business liability insurance. It can help cover the cost of damages from things like theft, fire or other covered disasters, while also protecting your business against claims that it caused bodily injury or property damage to someone else.

Businesses in NM can tailor a BOP to meet their specific business needs by adding additional coverages like workers’ compensation insurance, data breach insurance, commercial auto insurance and more.

A BOP can be a good idea if your New Mexico business:

Has digital and physical assets that can be damaged or stolen, like digital hardware and software, tools, inventory, furniture, customer information and other private data.
Could potentially be sued. For example, if a customer gets hurt in your place of business and sues you for his hospital bills.
Has a physical location: This can be your home office, a rented or owned office or another place where you do business.

New Mexico Professional Liability Insurance

Seguro de responsabilidad profesional, also known as errors and omissions insurance or E&O insurance, helps protect you from claims that your NM business made a mistake in the professional services provided.

For example, say you make a clerical error that costs a client thousands of dollars or you are a wedding photographer and damage or lose a client’s wedding photos. These situations can have costly legal repercussions. Professional liability insurance can help cover the costs and fees associated with the incident.

Many types of businesses in New Mexico need professional liability insurance, especially if the work involves providing services directly to customers. Professional liability insurance can help protect technology professionals, tax preparers, home inspectors, real estate professionals, accountants, consultants and more.

New Mexico General Liability Insurance

Nuevo México Seguro general contra terceros coverage helps protect you from claims that your business caused property damage and bodily injury to others. These kinds of claims can come up during normal business operations.

This type of insurance is also known as commercial general liability insurance or business liability insurance.

Seguro de compensación para trabajadores

New Mexico workers' compensation insurance gives your employees benefits if they get hurt or sick from their job. It can help pay their medical expenses, replace lost wages or provide disability payments.

Seguro comercial para automóviles

Commercial auto insurance helps protect you and your employees on the road if you drive company-owned vehicles for work. It helps pay for property damage and medical expenses if you get into an accident while driving for business.

Hired and Non-Owned Auto Coverage

If your New Mexico business rents vehicles or you and your employees use your own vehicles, it may be a good idea to get hired and non-owned auto insurance. This is an important coverage because a personal car insurance policy wouldn't cover claims from an accident if the car was used for work purposes.

New Mexico Commercial Umbrella Insurance

A New Mexico Seguro comercial suplementario policy provides businesses with additional liability coverage. It can cover the costs of an expensive claim that exceeds your primary liability policy. When companies become the target of lawsuits, they may suffer significant losses beyond the limits of their primary business insurance coverage.

Without this coverage, business owners can be obligated to pay out of pocket for legal fees, medical bills and damage expenses that exceed the limits of their current coverages.

A commercial umbrella insurance policy can help protect a business when accidents take place, such as:

An advertising error resulting in significant lawsuits against your company. Because of this, the costs exceed your primary business liability insurance coverage limits.
A customer falls on a slick floor in your office and injures himself. The medical costs of the injuries far exceed your general liability policy’s limits.

New Mexico Minimum Business Insurance Requirements

In New Mexico, employers with three or more workers are required to carry workers’ compensation insurance coverage. Employers actively engaging in activities required to be licensed by the Construction Industries Licensing Act must also have workers’ compensation coverage, regardless of the number of employees.⁵

Get a Quote for New Mexico Business Insurance

With more than 200 years of experience, we’ve helped over 1 million small business owners protect their companies. Get the peace of mind you need if the unexpected happens. Our specialists will work with you to understand your New Mexico business' unique needs, ensuring you get the right coverage.

Whether you're a new or experienced business, obtener una cotización today to see how The Hartford can help your business.

Additional New Mexico Business Insurance Links

Última actualización: 9 de julio de 2024

¹^,2 U.S. Small Business Administration, 2023 Small Business Profile: New Mexico."

^3,4 Premium amounts presented are based on monthly premium paid by The Hartford's Small Business customers between 1/1/22 and 9/14/23 for 12-month policies. Premium is derived from a number of factors specific to your business and may vary.

⁵New Mexico Workers’ Compensation Administration, “Information for Employers.”

Divulgaciones adicionales a continuación.