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Workers' Compensation rates in New Mexico are lower than the national average, but they have been on the rise in recent years. In New Mexico, rates have increased 8 percent since 2020. This may be due to a lack of competition in the marketplace. Rates are expected to decrease throughout 2024.
New Mexico is an NCCI state like most other states. This means that NCCI manages employers' experience modifiers and collects all data for the state including claims, class codes, premiums, and payroll. They analyze this data and make annual recommendations to carriers and to the NM Department of Insurance. Every Insurance company is required to file their rates with the state for approval each year.
Workers' compensation rates vary for the same class codes in New Mexico because insurance companies can apply policy credits and debits up to 25% to adjust their filed rates. More discounts may also be added to a policy depending on the size of payroll and overall claims or loss experience.
Don't pay too much for your workers' comp coverage. Our agents will find the best deal for your workers' comp coverage. Our technology tracks carrier rates by state and compares their pricing in real-time. Find out how knowledegeable agents, better advice and more options lead to lower rates and a better price.
Ask about our Pay As You Go plans designed to improve cashflow and bullet-proof your audits.
What influences my workers comp insurance cost?
Insurance companies file their "base manual rates" for approval with each state for all class codes. Rate recommendations are generally made to the state and carriers annually by the National Council on Compensation Insurance.
Employee claims are reported to NCCI and statistically compared with all other similar type businesses using the same class code in each state. An Experience Modification Rate may apply to your business after a few years of coverage.
Insurance company underwriters are permitted to make premium rate adjustments based on unique factors about your business, safety practices, and management experience in most states.
Insurance companies may apply policy credits and debits to the base manual rates. Additional discounts can be applied to premium as the total payroll & premium increases.
Smart Agents with expertise in workers' compensation insurance utilize this information to negotiate your insurance rates with underwriters. A good narrative about your business helps insurance companies justify a better price.
Rates for State Class Codes. Select Codes Listed:
New Mexico workers' compensation rates listed below represent the current low rates and high rates we've found for 2024. New Mexico is an NCCI state and rates are approved by the New Mexico Workers' Compensation Administration. Insurance companies are permitted to offer premium discounts and underwriting credits up to 25% on eligible policies. We also offer Pay As You Go workers' comp coverage in New Mexico. Not all employers will qualify for the lowest rates available or maximum policy credits. We shop rates with more carriers so business owners find their best deal.
New Mexico workers' comp rates vary significantly by industrial classification codes and insurance company underwriting standards. Employers' who have an Experience Modification Rate (E-Mod or EMR Rating) assigned to their business may have additional credits or debits applied to their insurance rates based on prior premiums and workers' compensation loss experiences. New Mexico Mutual is the State Fund for the state.
State Resources for NM
NM Workers' Compensation Administration
2410 Centre Ave SEPO Box 27198Albuquerque, NM 87125-7965800-255-7965 www.workerscomp.state.nm.us/
New Mexico Mutual
3900 Singer Blvd. NEPO Box 27825Albuquerque, NM 87109800-788-8851 http://www.nmmcc.com/
New Mexico is under the Jurisdiction of the National Council for Compensation Insurance (NCCI) and contracts with Travelers as the state fund carrier.
Our agency helps employers find guaranteed state fund workers' comp in NM. If we can't find more affordable coverage with a private insurance company, we can help you buy a state fund policy.
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