Question 1

How much does workers' comp cost for Boat Building - Metal in New Mexico?

Accepted Answer

The current rate for Boat Building - Metal (Class Code 7337) in New Mexico is $9.56 per $100 of payroll. This means an employee earning $50,000/year would cost approximately $4780 per year in workers' comp premium.

Question 2

Is workers' comp mandatory in New Mexico?

Accepted Answer

Yes, workers' compensation insurance is mandatory in New Mexico for employers with 3 or more employees.

Question 3

How does New Mexico's rate compare to other states?

Accepted Answer

New Mexico's rate for Boat Building - Metal is $9.56, which is $0.85 below the national average of $10.41 (-8%).

Question 4

What does class code 7337 cover?

Accepted Answer

Covers workers building and repairing metal boats and ships including welding, fabrication, and outfitting.

State	Rate per $100	Difference
New Mexico (current)	$9.56	—
Indiana	$7.61	-1.95
Texas	$7.99	-1.57
Virginia	$8.09	-1.47
Utah	$8.29	-1.27
Arkansas	$8.58	-0.98

Workers' Comp Rate for Boat Building - Metal in New Mexico (Class Code 7337)

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