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Best Business Insurance in New Mexico of 2024

Bryan Keith

The most important aspect of running a business is managing risk. It’s one of the skills that distinguish successful businesses from everyone else. Many small business owners in New Mexico don’t have an adequate understanding of business insurance and how to manage risk, which can put their businesses in jeopardy. If you’re a New Mexico small business owner, We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.

Offers a range of insurance poilicies

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Simply Business provides insurance policies for a range of professions and small businesses.

What we like

  • Various business insurance policies
  • Quotes from multiple providers
  • Fast and easy application
  • Strong customer satisfaction

What we don't

  • Policies are a through a third party
  • Claims must be filed through insurance provider

Serving 1,000,000+ Small Business Owners

hartford business insurance logo
4.9

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • NA

Covers a wide range of industries

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.

What we like

  • A skilled advisor to assist you
  • Free quotes from multiple insurance carriers
  • Covers low risk to even some high risk industries
  • Online account management

What we don't

  • No brick-and-mortar offices
  • Deductible costs

Affordable plans and coverage provided within minutes

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • Not available in New York

Customized solution to fit your business needs

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.

What we like

  • Established insurance company
  • Dual auto insurance
  • Customizable insurance for over 180 industries
  • Deductibles starting at $0
  • Affordable rates

What we don't

  • Limited US offices
  • Coverage limited to $2 million online

Flexible coverage by the year, month, day, or by the job

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.

What we like

  • Scheduled coverage options
  • Coverage by the job available
  • Buy a policy online within minutes
  • No hidden fees
  • Affordable plans
  • Drone insurance

What we don't

  • Not available in New York

What are the requirements for business insurance in New Mexico?

Businesses in New Mexico must meet the minimum requirement of business insurance that includes workers’ compensation and business liability. Businesses will also be required to offer workers’ compensation insurance for their employees. Employers with three or more employees are also required to have coverage. Some businesses, such as contractors, manufacturers, and railroad companies, may have additional requirements. You can reach out to the New Mexico Workers Compensation Administration if you have any questions or concerns regarding your business insurance needs.

What are the types of business insurance in New Mexico?

Here are the most common types of coverage small businesses need to protect their assets and employees:

General liability

General liability insurance does not cover damages to your business property, employee injuries, slander, or professional advice. It also won’t protect you from injuries caused by defective products you manufacture or sell. For such coverage, you’ll need additional policies.

General liability insurance typically excludes:

Malicious intent or illegal acts committed by you or your employees. Any liability insurance does not cover these.

Claims related to auto accidents involving a vehicle owned or operated by you or your employee. These are covered by commercial auto insurance.

Workers compensation

Workers compensation is a type of insurance that provides wage replacement and medical benefits to injured employees while performing their job duties. It covers lost wages and medical expenses, including rehabilitation. It can also cover funeral expenses if a worker dies on the job. You may be required by state law to have workers comp insurance if you have employees; some states require it for businesses with just one employee.

 Self-inflicted injuries caused by fighting or intoxication aren’t covered. Injuries sustained during the commission of a felony are also not covered. In addition, some benefits may be limited for employees who have pre-existing conditions or occupational diseases (like black lung).

Professional liability

Professional liability insurance covers both court costs and damages if you’re sued for allegedly failing to perform your professional duties. For example, if you’re an accountant who files incorrect tax information for a client, professional liability can protect you from any lawsuits resulting from the error. 

Professional liability does not cover bodily injury or property damage, which general liability insurance covers. criminal or dishonest acts, including theft and intentional violations of laws or regulations

Product liability

The product liability policy protects manufacturers, wholesalers and retailers against claims that the products they sold caused physical injury or property damage. This insurance policy can be purchased separately or part of a Business Owner’s Policy (BOP). Some businesses, especially those hazardous marketing products, may require this coverage because their product liability exposure is high.

Product liability policies do not cover claims that allege intentional harm. For example, if someone intentionally assaults another person with one of your products, product liability insurance will not cover this claim or any resulting damages or injuries.

Commercial Auto insurance

Commercial auto insurance protects vehicles owned by the business, whether they are used for personal or business purposes. Most personal auto insurance policies exclude vehicles owned by the employer and used by their employees for business purposes.

Commercial auto insurance doesn’t cover your vehicle while you’re using it for personal driving. For example, if you use your pickup truck to haul supplies for your business but then use it on the weekends to drive to sporting events and visit friends, your commercial auto policy won’t pay for damage to the vehicle or injuries to those in other cars if you have an accident.

How much does business insurance cost in New Mexico?

Certain factors are predictive of risk and can be used to determine your premiums. Here are some of the most significant:

  • Company size: The amount of money you make and the number of people you employ can impact how much you pay for business insurance. Even if your company is small, you could still be liable if someone were injured on your property or if one of your products caused damage.
  • Your business location: If your company is located in an area prone to natural disasters, such as hurricanes or floods, you may pay more for business insurance. Additionally, if your business is located in a high-crime area, you may want to pay extra to protect your equipment and inventory against theft.
  • Claims history: When renewing your policy, you could see higher rates if you’ve made claims in the past year. This can lead to the cancellation in some cases. If this happens, you’ll have to purchase commercial property insurance on the open market at a much higher rate than before.
  • Coverage limits: Your insurance costs will increase as your coverage limits increase. Raising liability limits for general liability insurance or increasing a property insurance limit will result in higher premiums because those limits cost more to insure. 
  • Business Activities: The more risk involved in your business activities, the higher the insurance premiums you may pay. For example, if your work requires you to drive a lot, you may be charged higher premiums than an office-based company.

How to choose the best business insurance in New Mexico

To help you make the best decision for your business, here are five tips on finding the right insurer:

  • Consider how much coverage you need: There is no one-size-fits-all answer to this question. The amount of coverage you need will depend on what type of business you have, what type of risk you’re exposed to, and what type of coverage you’re looking for.
  • Check on your local laws: you may be required by law to take out certain types of insurance. This can include workers’ compensation insurance in states that require it or liability insurance if your business is working with children or the elderly. Make sure you know what’s required so you can build the right insurance package for your needs.
  • Shop Around: Many insurance companies and brokers out there will want to sell you their policies. Take advantage of free quotes to compare different packages and rates and ask around for referrals from other people in your industry. 
  • Experience: You want to ensure that the insurance company is experienced in working with businesses such as yours. If you own a restaurant, you want to ensure that they have experience insuring restaurants and are familiar with your industry-specific needs.
  • Know what’s included and excluded: You will want to ask the agent about coverage limits and deductibles before purchasing a policy, so you know what exactly is covered and what isn’t covered under each policy (if this is the case).