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New Mexico Workers’ Compensation Requirements
In New Mexico, you need workers’ compensation insurance if you have more than three employees. This is true even if you’re a farming business.1
According to New Mexico workers’ compensation laws, employees include:2
- Anyone who works for your business, including family members, part-time employees and temporary or seasonal workers
- Owners that actively work at the business
- Volunteers at non-profit, charitable, or religious organizations
- Part-time and seasonal workers at agricultural businesses3
Workers’ compensation isn’t necessary for all workers, though. Employers may not need to get workers’ comp coverage for:4
- Independent contractors
- Real estate salespeople
- Federal employees covered by the Federal Employees Compensation Act or other federal programs
- Executive employees or sole proprietors with a financial interest
The New Mexico Workers’ Compensation Administration (WCA) makes sure employees receive benefits at a fair cost to you. Their goal is to balance the best interests of both employers and employees.5 WCA e-services make it easy to file a case with them online at any time.6
New Mexico Workers’ Compensation Insurance Coverage and Rates
Before you apply to get workers’ compensation coverage in New Mexico, you’ll need to determine who qualifies as an employee of your business. You’ll also need to meet other requirements of the New Mexico Workers’ Compensation Act, such as: 7
- Paying the workers’ compensation assessment fee to the New Mexico Taxation and Revenue Department
- Hanging the Workers’ Compensation Act poster in a noticeable place
- Displaying the Notice of Accident form in a noticeable place
- Following the workers’ compensation safety inspection requirements
With workers’ comp coverage comes an assessment fee. You’ll have to pay it if you’re carrying this coverage for your business, and the fee is $2.30 for each employee per calender quarter. Covered employees working on the last day of the quarter pay an additional $2.00 each.8
It’s important to note that your workers’ comp assessment fee isn’t the same as a workers’ compensation premium. So, paying this fee does not count as having workers’ comp coverage. You’ll need to purchase a workers’ comp policy in addition to paying the assessment fee.9
Insurance companies, like The Hartford, can provide the coverage you need. However, the workers’ compensation insurance company you choose needs to have a license from the New Mexico Office of the Superintendent of Insurance (OSI). The OSI must also approve the insurance company’s premiums.10
The OSI has a guide to workman’s comp that outlines 95% of the workers’ comp market in the U.S. and can help you find the right insurance carrier for your business. Some of the factors that go into deciding your workers’ comp premium are:11
- How much you pay your employees
- The type of work your employees do
- Your business’ claims and safety history
What is covered in NM? Workers’ comp provides benefits to injured workers who get hurt on the job. If your employees get sick as a result of their job, they can also receive workers’ comp benefits. The amount an employee receives depends on their type of injury and the amount of time they need to recover.12
NM coverage requirements say you must carry workers’ compensation insurance if you employ more than three people. Without the right workers’ comp insurance, you may be responsible for covering the cost to treat injured or sick employees, and may also have to pay a percentage of their wages.13
If you fail to pay when you’re supposed to, your workers can file a claim with the Uninsured Employers’ Fund (UEF). This fund pays expenses to them and collects their reimbursement from you. This reimbursement can include:14
- Interest
- Penalties
- Costs
- Attorney fees
In some cases, the UEF may go to the district court and request your assets for reimbursement. This could include your:15
- Propiedad
- Real estate
- Bank accounts
- Vehículos
Proof of coverage is a formal document that shows your business has the proper workers’ comp coverage. Get a workers’ compensation cita today, and our team at The Hartford will get your proof of coverage to you fast.
What Workers’ Compensation Covers in New Mexico
Workers’ comp insurance can also help cover:
Accidents or injuries that happen on the job. For example, if an employee injures their back after a workplace accident, workers’ comp can help cover the health care they need.
Illnesses from poor work conditions, allergens and other harmful substances.
Ongoing care for severe injuries. For example, if one of your employees breaks their leg, workers’ comp can help cover surgeries and physical therapy.
Funeral costs if an employee passes away from a workplace accident.
Repetitive injuries, like carpal tunnel syndrome, that occur over extended periods of time.
Missed wages when an employee needs time off to recover from a work-related injury or illness before they can return to work.
Disability benefits when an injury or illness causes an employee to be out of work for an extended period of time.
New Mexico Workers’ Compensation Claims
If an employee gets hurt on the job, they should notify you within 15 days of the accident or injury by submitting this Notice of Accident form or sending you a written note.16 If there are any issues reporting an accident or injury, contact the Ombudsman Program.
To file a workers’ comp claim in New Mexico, visit our workers’ compensation claims page today.
This article provides general information, and should not be construed as specific legal, HR, financial, insurance, tax or accounting advice. As with all matters of a legal or human resources nature, you should consult with your own legal counsel and human resources professionals. The Hartford shall not be liable for any direct, indirect, special, consequential, incidental, punitive or exemplary damages in connection with the use by you or anyone of the information provided herein.
1,2 “When Must Employers Carry Workers’ Compensation Insurance?” State of New Mexico Workers’ Compensation Administration, https://workerscomp.nm.gov/Employers-Insurance
3 “Agricultural FAQs,” State of New Mexico Workers’ Compensation Administration, https://workerscomp.nm.gov/Agricultural-FAQs
4 “When Must Employers Carry Workers’ Compensation Insurance?” State of New Mexico Workers’ Compensation Administration, https://workerscomp.nm.gov/Employers-Insurance
5 “About the WCA,” State of New Mexico Workers’ Compensation Administration, https://workerscomp.nm.gov/about
6 “WCA eServices,” State of New Mexico Workers’ Compensation Administration, https://workerscomp.nm.gov/WCA-eServices
7 “Employer Requirements” State of New Mexico Workers’ Compensation Administration, https://workerscomp.nm.gov/Employer-Requirements
8,9 “Workers’ Compensation,” Taxation Revenue & New Mexico
10,11 “Obtaining Insurance,” State of New Mexico Workers’ Compensation Administration, https://workerscomp.nm.gov/Obtaining-Insurance
12 “Indemnity Benefits,” State of New Mexico Workers’ Compensation Administration, https://workerscomp.nm.gov/Indemnity-Benefits
13,14,15 “Uninsured Employer’s Fund,” State of New Mexico Workers’ Compensation Administration, https://workerscomp.nm.gov/Uninsured-Employers-Fund
16 “Claims Process,” State of New Mexico Workers’ Compensation Administration, https://workerscomp.nm.gov/Claims-Process