Place all ingredients into the pot liner, and set it inside the Instant Pot.
Set your Instant Pot to cook on high pressure for 50 minutes. It will take about 30 minutes to come to pressure before the cook time, so plan ahead. (see notes)
When the 50 minutes are up, you can release the pressure. It will spray quite a bit of liquid and steam, so be cautious.
Check the beans for doneness. If they are not tender enough, place the lid back on the pot and cook for 5 more minutes on high pressure (because the contents are hot it will not take as long to come back up to pressure). After cooking, release pressure again, being mindful of the steam.
Once your beans are cooked to your liking, you can strain the liquid away. I like to make "refried" beans by smashing the beans, and adding a splash of the cooking water to get the right consistency. You can also enjoy the beans whole if you prefer!