New Mexico contractors’ workers’ compensation insurance provides essential coverage for construction employees who sustain work-related injuries or occupational illnesses, regardless of fault. This insurance ensures employees receive necessary medical care and wage replacement benefits while protecting construction businesses from potential legal liabilities.

In New Mexico, contractors’ workers’ compensation insurance is mandatory for all construction industry employers, even if only one employee exists.

Workers’ compensation insurance for New Mexico contractors includes the following key benefits:

• Medical Expenses: Covers costs related to medical treatment for work-related injuries or illnesses.
• Wage Replacement: Provides two-thirds of the employee’s average weekly wage, subject to state maximum and minimum limits, during the recovery period.
• Employer Liability Protection: Shields construction businesses from lawsuits related to workplace injuries.

For the most current information on workers’ compensation requirements and to ensure compliance, visit the New Mexico Workers’ Compensation Administration.

New Mexico contractor license bonds are essential for ensuring compliance with state regulations and protecting consumer interests. These surety bonds serve as a financial guarantee that contractors will adhere to state laws and industry standards.

In New Mexico, the Construction Industries Division (CID) requires all contractors to secure a $10,000 contractor license bond as a prerequisite for obtaining a license. This surety bond amount applies uniformly across various contracting classifications.

Key aspects of the New Mexico contractor license bond include:

• Bond Amount: $10,000
• Purpose: Ensures contractors comply with the Construction Industries Licensing Act and relevant building codes.
• Duration: The bond term aligns with the contractor’s license period, typically three years from the issuance date.

Maintaining the bond throughout the license term is crucial to avoid any disruptions in licensure status.

For detailed licensing and bonding requirements information, visit the New Mexico Regulation and Licensing Department’s Construction Industries Division.

New Mexico contractors’ commercial auto insurance protects businesses from financial liabilities arising from vehicle-related accidents or damages. This coverage ensures contractors remain compliant with state regulations while safeguarding their business assets.

The minimum liability insurance requirements for contractors’ commercial vehicle coverage in New Mexico are:

• Bodily injury liability: $25,000 per person and $50,000 per accident.
• Property damage liability: $10,000 per accident.

Commercial auto insurance for contractors in New Mexico offers tailored options, such as increased liability limits, hired and non-owned vehicle coverage, and protection for trailers. Coverage can also extend to multiple vehicles or drivers under a single policy.

For the most current information on commercial auto insurance requirements and to ensure compliance, visit the New Mexico Motor Vehicle Division.

New Mexico contractors’ inland marine insurance protects valuable assets such as tools, equipment, and materials during transit or at job sites. This specialized coverage ensures that your business operations remain uninterrupted, safeguarding your investments against unforeseen events.

Coverage offered by inland marine insurance for New Mexico contractors includes:

• Property Transported (Cargo): Protects materials and equipment while being transported to and from job sites.
• Contractor’s Equipment (Hand Tools): Covers tools and machinery used in daily operations.
• Computer Equipment: Safeguards electronic devices essential for business functions.
• Buildings Under Construction (Builder’s Risk): Provides coverage for structures during the course of construction.
• Installation Floaters: Protects materials and equipment awaiting or in the process of installation.

Having the right New Mexico tool and equipment coverage is key to safeguarding your business against potential losses ensuring continuity and financial stability.