According to the census, New Mexico is the 36th most populous state in the country and the 5th largest in terms of area. The largest and most populous city in New Mexico is Albuquerque, located in the north-central part of the state. Some of the city's institutions include government buildings, research facilities, and educational facilities.
Even though the mining sector has reduced its workforce, the gas and oil industry still generates over $2 billion in revenue and taxes each year in New Mexico. Since the recession of 2007, the state has been recovering.
About 29,500 people work for the federal government, while about 650,000 work for the private sector. Companies and organizations operating within New Mexico can take advantage of tax credits and exemptions.
Workplace injuries in New Mexico require businesses to have comprehensive workers' compensation policies.
New Mexico Workers Compensation: Why Every Business Needs It
Worker's compensation insurance provides employers with the protection they need to ensure a safe workplace for their employees.
Generally referred to as "workers' comp," workers' compensation claim is a government-mandated program that provides benefits to workers who have been injured on the job or ill as a result of their work. To protect their employees from unpredictable events, businesses must file comprehensive workers' compensation claims.
In addition to safeguarding employees and employers, workers' compensation insurance is a valuable investment. Injured workers can receive unemployment benefits, healthcare benefits, and compensation for loss of wages and medical expenses after a workplace injury. Meanwhile, employers can protect their reputation from costly lawsuits and be free from liability due to work-related injuries.
Most states require employers to carry workers' compensation insurance, but the requirements vary by state. Federal workers' compensation programs cover longshoremen, harbor workers, energy workers, and domestic workers. The Workers' Compensation Board is usually responsible for processing claims.
Under certain circumstances, an injured employee may be ineligible for workers' compensation benefits or have their medical benefits reduced, such as when an employee intentionally caused the accident or if their injury is caused by alcohol or drugs.
Workers' compensation may be required even for sole proprietors and independent contractors in some states. Depending on state laws, it may be necessary to get a contractor's license.
Get In Touch With Stampede Insurance Today!
It is a wise investment to insure your workers. A small business owner seeking workers' compensation coverage for their team should seek out a company specializing in small business policies. We offer the following services at Stampede Insurance:
- Partnership with top-rated insurance companies
- Skilled consultants to find the best coverage
- Free no-obligation quote
Many New Mexico employers are able to secure financial and physical protection from workers' compensation coverage. With the help of our dedicated business partners and experienced agents at Stampede Insurance, we can provide you with an entire solution for all your insurance and business needs.
You can count on our expert agents no matter where you are to find a comprehensive policy that fits your business' needs! We also offer services in California, Texas, and Arizona. For the best workers' compensation coverage, get a free, no-obligation quote today!
