FAQs about New Mexico Workers Compensation Insurance

Who is required to carry Workers Compensation insurance?
The purpose of New Mexico Workers Compensation insurance is to provide medical and indemnity benefits to employees who are injured on the job. As an employer in New Mexico, you are required to carry this insurance if you have three or more employees; if you are in the construction industry, you are required to carry this insurance no matter how many employees you have.

Should my business carry Workers Compensation insurance even if it is not required to do so?
Even if you are not required by law to carry Workers Compensation insurance, it is still something you may want to consider. Remember, Workers Compensation prevents employees from filing lawsuits against your company and places limits on how much money an employee may receive. Without that protection, an injured employee may sue your company in a court of law where there are no limits on the damage amount awarded.

Where do I get Workers Compensation insurance?
Workers Compensation insurance is provided by approved private insurance companies. They must not only be qualified to offer this insurance, but their premiums must also be approved by the New Mexico Insurance Division.

How can I save money on Workers Compensation insurance?
Some businesses qualify for high deductible policies. High deductible policies can save business owners a significant amount of money in premiums. Find out if you qualify for a high deductible policy by contacting one of our experienced agents today!

Are there alternatives to Workers Compensation insurance?
As you search for the best New Mexico Worker Compensation insurance policy, be wary of any company that offers alternatives to Worker Compensation. While these alternatives may look like they’ll save you a lot of money, most are scams and do not offer you the same level of protection—especially when it comes to an employee’s ability to file a lawsuit against you.

At Cress Insurance Consultants, we can help you compare New Mexico Workers compensation insurance across a variety of carriers. Even though many businesses are required to carry this insurance, there are a number of things you can do to reduce costs, including specialized payment plans, higher deductibles and maintaining a good safety record. We can help you sort through the plans available to you and make sure you receive any premium reductions for which you may be eligible.

Call 505-822-8114 to speak with an expert about
New Mexico Workers Compensation insurance today!

Cress Insurance Consultants
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