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According to New Mexico workers’ comp laws, workers’ comp is required when a business has three or more employees.
New Mexico workers’ compensation requirements are firm but there are ways to cut down on the costs of coverage without sacrificing any policy benefits.
Small business owners can reduce their costs as follows:
Make sure to tell your agent and underwriter if any of the above is applicable to you. They will usually not voluntarily offer it to you.
As with most other states, there is a specific process to get workers’ compensation insurance in New Mexico.
The first step is to get quotes for worker’s comp insurance based on your estimated annual payroll. The next step is to pay the premium for coverage over the next year.
There are different types of payment plan options. Ask your insurance company or agent for more details.
After the term is complete, your payroll will be audited to determine its accuracy. Depending on whether you overpaid or underpaid, you may get a refund or a bill.
Workers' comp coverage also protects employers from legal action. This means that if an employee sues your business because of a workplace injury, the insurance will cover the legal costs of the case.
There are various methods for an employer to get workers' compensation insurance in New Mexico, but the most common is through an insurance agent like Kickstand Insurance.
You can get quotes from different insurance companies and compare them to find the best option for your business.
High-risk industries like mechanics, construction, or hands-on engineering can find it hard to get coverage from a typical company because the risk level is too high.
These types of businesses can turn to the assigned risk pool for proper coverage. Generally, this is more expensive than typical insurance companies.
One major repercussion for New Mexico employers without workers' compensation insurance is their lack of coverage under the New Mexico Workers’ Compensation Act. This act is designed to protect businesses from lawsuits by injured workers, but non-compliance to New Mexico workers’ comp laws negates that protection.
Non-compliance also opens the door to restraining orders from injured employees, which can affect business operations and incur hefty fines.
In New Mexico, death benefits for workers’ compensation insurance include:
Funeral, burial, and cremation expenses up to $7,500.
Weekly wages for up to 700 weeks, paid out to the deceased worker’s beneficiaries, such as a spouse, children, or other dependents.
There are several ways that a workers’ comp settlement works in New Mexico. Here are a few examples:
According to New Mexico workers’ comp laws, the statutes of limitation for workers’ compensation claims include:
An injured worker must give notify their employer within 15 days after an injury. If your injury or some other cause beyond your control prevents you from giving written notice within 15 days, the period may be extended up to 60 days.
If a disability is long-lasting for more than four weeks from the date of injury, a worker can file a claim for disability benefit payouts.
Start by filling out a short online form about your business. We’ll use that info to get you an estimated quote. Then, one of our experienced agents will contact you to review the quote and make sure you are getting the absolutely lowest rate possible for your business. Once the quote is finalized, you’re ready to buy the policy - often with coverage starting that day!
Unlike other online insta-quote systems,
here your quote is reviewed by experts
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