Question 1

How much does workers' comp cost for Leather Goods Manufacturing in New Mexico?

Accepted Answer

The current rate for Leather Goods Manufacturing (Class Code 2586) in New Mexico is $2.94 per $100 of payroll. This means an employee earning $50,000/year would cost approximately $1470 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 Leather Goods Manufacturing is $2.94, which is $0.26 below the national average of $3.20 (-8%).

Question 4

What does class code 2586 cover?

Accepted Answer

Covers workers manufacturing leather goods such as belts, wallets, handbags, and other leather accessories.

State	Rate per $100	Difference
New Mexico (current)	$2.94	—
Indiana	$2.34	-0.60
Texas	$2.46	-0.48
Virginia	$2.49	-0.45
Utah	$2.55	-0.39
Arkansas	$2.64	-0.30

Workers' Comp Rate for Leather Goods Manufacturing in New Mexico (Class Code 2586)

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