Question 1

How much does workers' comp cost for Charter Aircraft in New Mexico?

Accepted Answer

The current rate for Charter Aircraft (Class Code 7405) in New Mexico is $12.50 per $100 of payroll. This means an employee earning $50,000/year would cost approximately $6250 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 Charter Aircraft is $12.50, which is $1.11 below the national average of $13.61 (-8%).

Question 4

What does class code 7405 cover?

Accepted Answer

Covers crew and ground personnel operating charter aircraft services for passengers and cargo.

State	Rate per $100	Difference
New Mexico (current)	$12.50	—
Indiana	$9.95	-2.55
Texas	$10.46	-2.04
Virginia	$10.58	-1.92
Utah	$10.84	-1.66
Arkansas	$11.22	-1.28

Workers' Comp Rate for Charter Aircraft in New Mexico (Class Code 7405)

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