New Mexico companies with fewer than 3 part-time or full-time employees must purchase work comp insurance, per law.
However, New Mexico companies licensed under the Construction Industries Licensing Act are required to buy workers compensation coverage, regardless of the number of employees.
Work Comp Insurance is not required for real estate salespeople, household domestics, farm and ranch workers.
Sole-Props & Partners are excluded from coverage, but can choose to be included on the policy.
Sole Props & Partners who include themselves on a work comp policy must utilize a payroll amount of $41,400 for rating purposes. (as of January 1, 2017)
Corporate Officers & LLC Members are automatically included on a workers comp policy, but they may choose to be excluded.
Officers & LLC Members who are included must use a minimum payroll of $41,600 and a maximum payroll of $166,400 for the purpose of rating workers comp premium. (as of January 1, 2017)