Business insurance • New Mexico electrical contractors
New Mexico Electrical Contractor Insurance: EE-98 License, $10,000 Bond, and Coverage
New Mexico licenses electrical businesses through the Construction Industries Division (CID) under the EE-98 classification, with a certified qualifying party and a $10,000 code bond. Electrical work must be done by or under an EE-98J journeyman, who needs four years of experience. Contractor licensees must carry workers’ compensation, with a possible exemption for sole proprietors.
This guide covers New Mexico electrical licensing, the bond, workers’ comp, coverage, and typical costs. Blake Insurance Group is an independent agency licensed in New Mexico, and a licensed agent can compare quotes for your electrical business.
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New Mexico EE-98 license
| Requirement | Detail |
|---|---|
| EE-98 business license | Certified qualifying party, contractor exam, and Business and Law requirement |
| Bond | $10,000 code bond on CID’s form |
| EE-98J journeyman | Four years (8,000 hours) and three exams at 75%; renews every three years with 16 CE hours |
| Workers’ comp | Required for contractor licensees; sole proprietors with no employees may be exempt |
Source: Contractor License Requirements (New Mexico electrician guide). CID sets no statewide general liability minimum.
See our New Mexico contractor license bond guide.
Coverage most New Mexico electricians carry
- General liability: third-party injuries and property damage, such as a wiring fault that starts a fire in a customer’s home.
- Business owner’s policy: general liability bundled with property coverage for your shop, wire, and stock.
- Workers’ compensation: medical bills and lost wages if an employee is hurt, including shocks and falls.
- Commercial auto: service vans and bucket trucks that carry crews and equipment.
- Tools and equipment (inland marine): meters, benders, lifts, and power tools on job sites or in transit.
- Commercial umbrella: extra limits on top of general liability and auto, often required on commercial jobs.
What New Mexico electricians pay
| Policy | Monthly | Annual |
|---|---|---|
| General liability | $61 | $732 |
| Business owner’s policy | $100 | $1,198 |
| Workers’ compensation | $140 | $1,679 |
| Commercial auto | $275 | $3,304 |
| Tools and equipment | $42 | $503 |
| Professional liability | $67 | $808 |
| Commercial umbrella | $74 | $886 |
Median costs for electricians who got quotes through Insureon, mostly businesses with fewer than five employees. Your price depends on payroll, the work you do, claims history, and location.
New Mexico electrical insurance FAQs
What license does a New Mexico electrical business need?
A CID license with the EE-98 classification and a certified qualifying party.
What bond does a New Mexico electrical contractor need?
A $10,000 code bond on CID’s prescribed form.
Do New Mexico electrical contractors need workers’ comp?
Yes. Contractor licensees must carry it, though a sole proprietor with no employees may be exempt.
Related guides
Important information
Compensation. The link in the partner quote box near the top of this page is sponsored, and Blake Insurance Group may be paid if you make a purchase. Sponsored placement does not affect the other information on this page.
Independent agency. Blake Insurance Group LLC is an independent insurance agency. Licensed insurance producer NPN 16944666. Licensed states: AZ, AL, TX, CA, NY, OH, FL, NC, VA, GA, OK, NM, IA, KS, MI, NE, SC, SD, WV, IL, NJ, PA, TN, and WA. Which insurance companies we can quote depends on our current appointments, the product, and your state. Mentioning a company on this page does not mean we represent it.
Cost figures. Published averages and ranges are cited from the sources named, as of the dates shown. They are not quotes and may not reflect your price, which depends on the insurer, your state, your payroll, the work you do, and your claims history.
Availability. Coverage, prices, discounts, and eligibility vary by insurer, state, and applicant, and are subject to underwriting. The issued policy controls.
Your next step
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