NEXT and The Hartford both earned top MoneyGeek scores of 4.58 out of 5 for small business workers' comp insurance. NEXT offers lower monthly rates at $69, $5 below the industry average of $74. Simply Business and Coverdash provide strong alternative coverage options.
Best Workers’ Comp Insurance for Small Business
The Hartford and NEXT tie for the best workers' comp insurance for small businesses, earning MoneyGeek scores of 4.58 out of 5.
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Updated: November 3, 2025
Advertising & Editorial Disclosure
Key Takeaways
The Hartford, NEXT and Simply Business have the best workers' comp insurance for small businesses.
The best workers' comp insurance for you depends on your industry, business size and budget.
To get the best workers' comp insurance, determine your coverage needs based on your business structure and industry risks, then compare policies from multiple carriers, leveraging discount programs and bundling opportunities.
MoneyGeek obtained thousands of workers' compensation insurance quotes from 79 industries using a two-employee business with $300,000 annual revenue and $150,000 payroll. Coverage was set at $1 million per occurrence and $2 million aggregate limits.
Best Workers’ Comp Insurance Companies
| NEXT Insurance | 4.58 | $69 |
| The Hartford | 4.58 | $70 |
| Simply Business | 4.50 | $71 |
| Coverdash | 4.47 | $73 |
| Progressive Commercial | 4.46 | $71 |
| Thimble | 4.45 | $71 |
| biBERK | 4.44 | $75 |
| Hiscox | 4.42 | $72 |
| Nationwide | 4.39 | $81 |
| Chubb | 4.21 | $85 |
Disclaimer
We gathered these quotes for a small business with two employees and $150,000 in payroll, but your actual rates depend on your industry, location, safety record and claims history. Your quotes will likely differ since every business has unique risk factors.
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Best Workers’ Comp Insurance Companies by State
We found that NEXT is the best workers' comp insurance provider in 33 states, while The Hartford is the top provider in 13 states. These rankings exclude Ohio, North Dakota, Washington and Wyoming, which only offer state-run workers' compensation programs.
| Alabama | The Hartford | 4.60 |
| Alaska | NEXT | 4.62 |
| Arizona | NEXT | 4.62 |
| Arkansas | The Hartford | 4.61 |
| California | NEXT | 4.59 |
| Colorado | The Hartford | 4.64 |
| Connecticut | NEXT | 4.61 |
| Delaware | NEXT | 4.61 |
| Florida | NEXT | 4.58 |
| Georgia | NEXT | 4.59 |
| Hawaii | NEXT | 4.59 |
| Idaho | NEXT | 4.61 |
| Illinois | The Hartford | 4.61 |
| Indiana | The Hartford | 4.60 |
| Iowa | The Hartford | 4.62 |
| Kansas | NEXT | 4.62 |
| Kentucky | NEXT | 4.60 |
| Louisiana | NEXT | 4.58 |
| Maine | NEXT | 4.61 |
| Maryland | The Hartford | 4.63 |
| Massachusetts | NEXT | 4.60 |
| Michigan | NEXT | 4.59 |
| Minnesota | NEXT | 4.60 |
| Mississippi | NEXT | 4.61 |
| Missouri | The Hartford | 4.60 |
| Montana | The Hartford | 4.60 |
| Nebraska | The Hartford | 4.61 |
| Nevada | NEXT | 4.61 |
| New Hampshire | NEXT | 4.62 |
| New Jersey | NEXT | 4.60 |
| New Mexico | The Hartford | 4.63 |
| New York | NEXT | 4.60 |
| North Carolina | NEXT | 4.60 |
| Oklahoma | The Hartford | 4.61 |
| Oregon | NEXT | 4.59 |
| Pennsylvania | NEXT | 4.60 |
| Rhode Island | NEXT | 4.60 |
| South Carolina | NEXT | 4.61 |
| South Dakota | NEXT | 4.59 |
| Tennessee | NEXT | 4.60 |
| Texas | NEXT | 4.62 |
| Utah | NEXT | 4.61 |
| Vermont | NEXT | 4.61 |
| Virginia | NEXT | 4.61 |
| West Virginia | NEXT | 4.59 |
| Wisconsin | The Hartford | 4.59 |
Best Workers’ Comp Insurance Review
Finding the right workers' comp insurer means looking beyond just price. We evaluated the top providers based on what matters most to your business: affordable rates, responsive customer service when you need to file a claim, and coverage availability in your state. Here's how NEXT, Progressive Commercial and Simply Business stack up.
NEXT
Best for Customer Service
MoneyGeek Rating
4.6/ 5
4.4/5Affordability
4.7/5Customer Experience
4.8/5Coverage Options
Average Cost of Workers’ Comp
$69/monthlyWe analyzed thousands of workers' compensation quotes from insurers operating in California across 79 industriesOur Survey: Claims Process
3.9/5Our Survey: Likely to Recommend to Others
4.8/5
Progressive
Best for Affordability
MoneyGeek Rating
4.5/ 5
4.7/5Affordability
4.1/5Customer Experience
4.3/5Coverage Options
Average Cost of Workers’ Comp
$71/monthlyWe analyzed thousands of workers' compensation quotes from insurers operating in California across 79 industriesOur Survey: Claims Process
3.6/5Our Survey: Likely to Recommend to Others
4.2/5
Simply Business
Best for Coverage Options
MoneyGeek Rating
4.5/ 5
4.6/5Affordability
4.2/5Customer Experience
4.9/5Coverage Options
Average Cost of Workers’ Comp
$71/monthlyWe analyzed thousands of workers' compensation quotes from insurers operating in California across 79 industriesOur Survey: Claims Process
3.7/5Our Survey: Likely to Recommend to Others
4.2/5
How to Get the Best Workers’ Comp Insurance
Below we go over methods to get the best workers' comp insurance for the cheapest price.
- 1Understand Your Premium Factors
Your experience modification rating (EMR) compares your claims history to similar businesses and directly impacts premiums. One workplace injury can affect rates for three years, so understanding how classification codes and payroll size factor into calculations helps you plan accordingly.
- 2Find State Discount Programs
States like Colorado offer safety certification programs that reduce premiums up to 10% when businesses demonstrate workplace safety commitment. Washington provides 10% to 40% discounts for maintaining injury-free workplaces for three years.
- 3Shop Multiple Carriers
Get quotes from at least three insurers since carriers evaluate business risks differently and offer varying rates by industry. Compare identical coverage levels rather than just premiums to ensure adequate financial protection for your business size and employee count.
- 4Consider Deductible and Payment Options
Higher deductibles reduce premiums, but choose amounts you can handle if multiple employees get injured annually. Pay-as-you-go programs help manage cash flow by spreading costs throughout the policy period instead of requiring large upfront payments.
- 5Bundle for Additional Savings
Bundling workers' comp with general liability or commercial property coverage provides multi-policy discounts. Choose insurers experienced with your business size since they understand your claims handling needs without unnecessarily inflating future premiums.
Best Workers’ Comp Insurance: Bottom Line
The Hartford, NEXT Insurance and Simply Business offer the best workers' comp coverage for small businesses. Your right choice depends on industry, business size and budget. To get the best rates, determine your business structure coverage requirements, get quotes from multiple insurers and look for discounts through bundling and safety programs.
Best Workers’ Comp Insurance for Small Business: FAQ
Small business owners have questions about workers' comp insurance requirements, costs and coverage options. Here are the frequently asked questions about finding the best workers' comp insurance:
Which workers' comp insurance company is best for small businesses?
NEXT and The Hartford both earned top MoneyGeek scores of 4.58 out of 5 for workers' comp. Simply Business ranks third with a 4.50 score and competitive $71 monthly rate.
How much does workers' comp insurance cost for a small business?
Small businesses pay $69 to $74 monthly for workers' comp insurance. NEXT offers the lowest rate at $69 monthly, while the industry average is $74. Your actual cost depends on industry classification, payroll size and claims history.
Do I need workers' comp insurance if I'm a sole proprietor with no employees?
Sole proprietors without employees don't need workers' comp coverage. Once you hire anyone (including family or part-time help), you're required to get coverage. Construction businesses in states like Colorado must formally reject coverage if they don't want it.
Can I get workers' comp insurance if I only have contractors?
Contractors handle their own workers' comp coverage, but hiring them creates risk if they're actually employees under labor law. The Department of Labor has recovered over $41 million since 2021 for misclassified workers. Worker classification depends on economic dependence on your business, not just signed agreements.
What industries need workers' comp insurance the most?
Construction and trades need workers' comp insurance the most because they face the highest risk, with 64.4% of fatal falls occurring from heights between six and 30 feet. Health care, manufacturing and restaurant businesses also face significant workplace injury risks requiring comprehensive coverage. Office-based businesses have lower risk but still need basic financial protection.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.
sources
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- U.S. Bureau of Labor Statistics. "2.6 Million Workplace Injuries and Illnesses in Private Industry in 2023." Accessed September 8, 2025.
- U.S. Bureau of Labor Statistics. "National Census of Fatal Occupational Injuries in 2023." Accessed September 8, 2025.
- U.S. Department of Labor. "Making an Impact for Misclassified Workers." Accessed September 8, 2025.
- Washington State Department of Labor and Industries. "Claim-Free Discount." Accessed September 8, 2025.