New 2021 Officer Limitations
Each year the State of New Mexico revises the officer / owner payroll limitations, impacting the cost of workers’ compensation coverage for company owners and officers. For 2021, corporate officers and LLC members who elect coverage are subject to a minimum annual payroll of $46,800 and a maximum payroll of $182,000. Partners and sole proprietors who elect to be covered will be included at a flat amount of $45,900 per year, or $3,825 per month.
Please call our Policy Administration Department at 505-345-3477 or 1-800-640-3369 if you have any questions about owner or officer coverage.