![]() If you choose to purchase coverage, be sure to have your certificate of insurance handy. Regardless, there are many reasons for choosing to consider purchasing liability insurance such as protection from false claims (from both client and employees), protection from faulty equipment, and protection from third parties involved within your business. Unlike many other states, there is no statewide requirement for liability insurance in New Mexico. General contractors that employ other contractors in New Mexico are required to have workers’ compensation, but the amount varies depending on your local jurisdiction. Getting bonded and insured - as well as any additional bonding requirements - can vary depending on local laws. Bond insurance is required by most states, and the New Mexico Construction Industry requires any contractor working within the state to post a $10,000 contractor license surety bond. General contractor applicants in New Mexico must submit a classification determination request, obtain a notarized Qualifying Party (QP) Certificate for either two or four years of experience, submit a notarized general work experience affidavit, and submit a general contractors application with fees, proof of CID contractor license code bond. CID issues these licenses, even though administration is handled by PSI. New Mexico is interesting in its exam and licensing requirements and procedures in that they leave it almost entirely up to PSI to administer and allocate myriad construction licenses. New Mexico General Contractor License Requirements Those who fail to register and obtain a license will be subject to forced termination of their construction project, and criminal charges of unlicensed contracting in Metropolitan or Magistrate Court. To work as a contractor in the State of New Mexico, you’ll need to obtain a license from the New Mexico Regulation & Licensing Department - specifically the Construction Industries and Manufactured Housing Division (CID).
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