Although New Mexico was the 47th state to be admitted to the Union in 1912, it has been inhabited for thousands of years. New Mexico has ancient ancestral ruins, blackened dormant volcanoes, awe-inspiring caves, white sand deserts, and towering snow-capped mountains. Little wonder the state is known as the Land of Enchantment.
The three main drivers of New Mexico’s economy are oil and gas production, tourism, and federal government operations at three major air force bases and the White Sands Missile Range. Like most states, New Mexico relies on small businesses for most of its economic activity. Around 55% of New Mexico’s workers in the private sector rely on independent businesses, which make up 95.7% of the state’s employers.1 Retail trade provides the most taxable receipts to the state government followed by construction, professional, scientific and technology services, and food services.
Whether a New Mexico business is leasing oil field equipment or running whitewater river rafts, it is required to provide workers’ compensation insurance if it has three or more employees. However, employers in the construction industry must carry coverage for every employee. Farm and ranch laborers, real estate salespersons, and private domestic servants are exempt from workers’ compensation laws.2 Consult with your local workers’ compensation insurance agent to find the correct coverage for your business.
Workers’ compensation protects workers and employers from losses caused by on-the-job accidents and job-related illnesses. Some of the leading small businesses purchasing worker’s compensation insurance in New Mexico include hotels, janitorial services, auto dealers, attorneys, and manufacturers of foods and beverages.
Interested in learning more about how EMPLOYERS can help your New Mexico business? Request a quote for workers’ compensation insurance from EMPLOYERS!
1 “Small Business Profile, New Mexico,” SBA Office of Advocacy, February, 2013. www.sba.gov/sites/default/files/nm12.pdf.
2 “A Guide to Workers’ Compensation in New Mexico,” State of New Mexico, July, 2013. www.workerscomp.state.nm.us/pdf/brochure.pdf.
In New Mexico, insurance is offered through Employers Compensation Insurance Company, Employers Assurance Company and Employers Preferred Insurance Company. Not all insurers do business in all jurisdictions.