Known as the Land of Enchantment, New Mexico’s diverse terrain is rugged, yet beautiful. When employees and workers are hurt on the job, however, it can feel almost overwhelming trying to recover. In addition to physical recovery, there’s the financial toll, which is where workers’ compensation insurance can be invaluable.
Having the right workers’ comp insurance can make all the difference in helping ease the financial burden and pay for life’s necessities when you can’t work due to injuries sustained on the job. We’ve done all the heavy lifting to make sure that you can choose a workman’s comp insurance that meets your needs and budget.
The Best New Mexico Workers Comp Insurance:
- Best Overall: The Hartford
- Best for Small Businesses: Chubb
- Best for Growing Businesses that Need Flexible Coverage: Suracy
- Best for Comprehensive Coverage in Global Companies: Zurich
- Best for Claims Handling and Consulting: AIG
- The Best New Mexico Workers Comp Insurance:
- New Mexico Workers’ Compensation Insurance: An Overview
- How Does New Mexico Workers’ Compensation Law Work?
- Employer Cost for Workman’s Compensation
- 4 Types of Workers’ Comp Benefits:
- Best New Mexico Workers’ Compensation
- Buying Reliable Workers’ Comp Insurance in New Mexico
- Frequently Asked Questions
New Mexico Workers’ Compensation Insurance: An Overview
To find the best workers’ comp insurance, it’s important to know the basics of what you’re looking for. Understanding how many fatal injuries occur on the job, as well as New Mexico’s ranking among states nationwide, will give you a clearer idea of the prices that workers’ compensation insurance can cost in your area.
- Number of fatal injuries annually: 5,190 fatal on-the-job injuries, with 4,098 of those being wage and salary workers
- Employers’ cost per $100 of covered payroll: $1.41
- National ranking (1= largest % increase from 2012–2016): 24
- Low rate per $100 in payroll: $0.24
- High rate per $100 in payroll: $27.61
How Does New Mexico Workers’ Compensation Law Work?
In New Mexico, workers’ compensation, sometimes referred to as workman’s comp, is a no-fault system. Workers who are injured on the job are compensated for their medical bills, lost wages and any impairments that may have resulted from their injuries.
Private employers who have 3 or more regular employees are required to have workers’ compensation insurance. Most employees fall into this category, but there are some exceptions to the rule. New Mexico workers’ compensation insurance doesn’t cover real estate workers paid on commission, farm or domestic workers or casual employees.
Although it’s often thought of as covering employees only when they’re injured on the job, workers’ compensation insurance also covers illnesses that happen because of the nature of or scope of employment. It also includes accidents such as slips and falls.
Employer Cost for Workman’s Compensation
The cost for workman’s compensation depends on a specific formula that factors in a class code for the type of work involved. Although the best way to learn exactly how much you’d pay for workers’ compensation insurance is to get a quote directly, getting an overall estimate can help you better understand your financial responsibilities with regard to covering your workers in the event of an injury or illness.
|Class Code||Class Code Description||Rate||Average Annual Pay||State Fee||Annual Employer Premium|
|8835||Home Healthcare Workers||$1.42||$22,776||$250||$2,867|
4 Types of Workers’ Comp Benefits:
- Wage replacement benefits: Beyond paying for medical care after a work-related illness or injury, workers’ compensation may also pay wage replacement benefits in certain cases. These wage replacement benefits can be considered either temporary disability benefits or permanent disability benefits.
- Permanent partial disability benefits: Permanent partial disability benefits means that the employee can return to work, but they will never be able to work at the same capacity as they did prior to their illness or injury.
- Vocational rehabilitation benefits: When an employee receives permanent partial disability benefits, workers’ compensation also covers their ongoing care. This can include vocational therapy to help them learn new skills as part of managing their disability. Workers’ compensation may also help cover any new training or certifications that the employee needs. Generally, workers’ compensation insurance includes up to 2 years of vocational rehabilitation. During this time, the employee still receives their lost wage benefits.
- Medical benefits: These are the benefits paid out to help the employee recover from their accident, injury or illness. Medical benefits can help cover things such as doctor’s appointments, medications, hospital care, emergency room care, and equipment needed to help with recovery, therapy or rehabilitation.
Best New Mexico Workers’ Compensation
Selecting the best workers’ compensation insurance means better understanding the variety of options available, the financial strength of the organization, and the amount of coverage your company will need. We’ve reviewed and compared the best workman’s comp insurance in New Mexico and selected these top 5 companies for their outstanding service and features.
1. The Hartford: Best Overall
With more than 200 years of experience, The Hartford is selected among the nation’s top workers’ comp insurance carriers. The insurer is considered the best choice for worker’s compensation policies because of its preferred medical provider network with more than 1 million providers who treat workplace injuries.
It also offers more than 65,000 pharmacies in the U.S. to fill prescriptions usually with no out-of-pocket expense for injured workers, and a network of nurse care managers to help coordinate the injured workers’ care with doctors and therapists.
The Hartford offers companies pay-as-you-go billing solutions based on actual payroll, which can help manage cash flow and reduce audit surprises.
2. Chubb: Best for Small Businesses
Chubb workers’ comp insurance is designed for a variety of job classes and is targeted toward small businesses. Businesses can take advantage of this insurance with as little as a single employee and making as much as $30 million dollars in revenue.
As one of the largest workers’ compensation insurance companies in the U.S., Chubb’s network of providers encompasses over 750,000 physicians, including those with experience handling occupational injuries. In addition, Chubb provides employers with access to nursing professionals that help with the injured party’s medical care management, so that they can fully recover and return to work in a timely manner.
3. Suracy: Best for Growing Businesses that Need Flexible Coverage
Suracy is designed for small and growing businesses that need workers’ compensation insurance that scales with them. The company particularly excels in working with businesses to help them choose the right levels of coverage and benefits for both current and anticipated needs.
Suracy’s customer service is highly rated, and members and employees can manage much of the process directly online, including getting a free, no-obligation quote. In addition to workers’ compensation insurance, Suracy provides general liability insurance and other types of coverage that is designed to help save business owners money.
4. Zurich: Best for Comprehensive Coverage in Global Companies
Zurich is a well-known workers’ compensation insurance provider with global coverage capabilities, making it a great option for businesses with employees around the U.S. and the world.
The company is particularly notable for fast claims handling by professional experts who understand the ins and outs of the local jurisdiction so that employees can concentrate on their healing and recovery without sacrificing cost or efficiency. Zurich also offers a helpful Risk Insight newsletter, FAQs, orientation and more to help business owners better understand the specifics of getting the right workers’ comp insurance.
5. AIG: Best for Claims Handling and Consulting
AIG is particularly outstanding in 2 specific areas of workers’ comp insurance. First, using a combination of analytics and professional knowledge of proper compensation, the company is able to handle claims processing faster and more thoroughly than many other competitors.
In addition, the company’s industry professionals offer data-driven insights to consult with companies on how best to structure their workman’s compensation insurance for the best results while minimizing risks and keeping the workplace safe.
Buying Reliable Workers’ Comp Insurance in New Mexico
Choosing the right workers’ compensation insurance in New Mexico means to consider the specific needs of your business and your employees. Every company wants its workers to avoid risk, stay safe and maintain their health on the job. But accidents can happen, no matter how safe the workplace is. In these times, it’s advisable to have more workers’ compensation coverage than you think you’ll need.
By taking a few minutes to get customized quotes from each of the companies profiled here, you’ll be well on your way to getting the coverage you need at an affordable price. And you’ll be closer to your goal to ensure that your employees focus properly on their recovery without the added stress of lost wages, high medical bills or other concerns.
Frequently Asked Questions
1) Q: How long can an employee stay on workers’ compensation?
The length of time that an employee can remain on workers’ compensation is set by the state. Usually, the range is from 3 to 7 years. In addition to that, there is generally not a limit for permanent disability benefits unless you live in a state that terminates the benefits at age 65. For employers seeking the cheapest workers’ compensation insurance, check out these top providers.
2) Q: Who pays for workers’ compensation benefits?
3) Q: Do I have to get workers’ compensation insurance?
This depends on which state you have employees. The following states require workers; compensation under specific requirements: AK, CA, CO, CT, DE, HI, IL, IA, KS, KY, MD, MA, MI, MN, MS, NH, NJ, NY, NC, OH, OK, SC, SD, UT, WA. To get the best workers’ compensation premium, enter your zip code here.