Best Workers' Compensation Insurance in Arizona (2024)

To determine the best workers' compensation insurance in Arizona, we considered factors like affordability, customer satisfaction, financial stability and the online quote process. The top-ranking company in the state is biBERK.

Small business owners need workers' compensation insurance to comply with state regulations and provide coverage for employees' work-related injuries and illnesses. It safeguards businesses by covering medical expenses, rehabilitation costs and lost wages, ensuring a financially protected workplace.

With a remarkable MoneyGeek score of 93 out of 100, biBERK claims the title of the best overall company for workers' compensation insurance in Arizona. It costs roughly $116 per month. Business owners can benefit from biBERK's exceptional performance and affordable rates when seeking reliable workers' compensation insurance in the state.

The cheapest workers' compensation insurance provider in Arizona is Pie, with an average monthly premium of just $85. This affordability is particularly beneficial for businesses with 20 employees and an annual payroll of $1,250,000. The number of employees and payroll costs significantly impact insurance costs, making Pie an attractive option for small businesses looking to manage their expenses without compromising coverage.

We ranked companies based on the average monthly cost to determine the cheapest insurer, but it's important to note that the most affordable option for your specific small business may vary depending on other factors such as industry, location and coverage needs.

Below is a table showcasing the annual and monthly costs for insuring a business with 20 employees, ranked by monthly cost. This provides a comprehensive overview of the pricing options available from the companies we analyzed in Arizona.

For businesses with five employees, biBERK emerges as the top-ranking company, offering a monthly premium of $41. This premium is based on an annual payroll amount of $312,500.

Businesses with one to nine employees are typically considered micro businesses. While employee count does impact the cost of workers’ compensation insurance, payroll generally has a more significant influence on premiums.

For businesses with 100 employees, Pie emerges as the top-ranked company, offering a monthly premium of $370. This rate is based on an annual payroll amount of $6,250,000.

While employee count does influence the cost of workers' compensation insurance, it's important to note that payroll typically has a more significant impact on premiums.

The average monthly cost of workers' compensation insurance in Arizona for a business with 20 employees is approximately $126. Compared to the national average of $168 per month, the average cost in Arizona is lower, providing potential cost savings for businesses.

We evaluated the following limits to get these averages:

• $1 million per accident
• $1 million per employee
• $1 million total policy

A total policy limit refers to the maximum coverage amount available for all claims combined. A $1 million per accident limit indicates the maximum amount an insurer would cover for a single incident, while the $1 million per employee limit represents the maximum coverage per employee. These limits provide a level of financial protection for the business owner, ensuring coverage for accidents and injuries within the specified limits.

Below, you will find a table that showcases the average cost of workers' compensation insurance for businesses with five, 20 and 100 employees, providing a comprehensive overview of the pricing options available. Employee count and payroll are huge determinants of the cost of workers' compensation insurance.

There are many factors affecting the cost of workers’ compensation insurance in Arizona, including the following:

Workers' compensation insurance requirements in Arizona mandate that most businesses with one or more employees must carry this coverage.

However, there are a few exemptions to the workers' compensation coverage in Arizona. Independent contractors, casual employees and domestic employees might be exempt from these requirements.

It is important for employers to ensure compliance with workers' compensation insurance requirements in Arizona to financially protect their employees and themselves in the event of workplace injuries or illnesses. By providing workers' compensation insurance, employers can help cover medical expenses, lost wages and rehabilitation costs for employees who are injured or become ill due to work-related circumstances.

Workers' compensation insurance provides important benefits to employees who experience work-related injuries or illnesses. Since the employer is the policyholder, this coverage ensures their financial protection by paying for employees’ medical care expenses if they are injured or become ill on the job. This can include treatments, hospitalizations, medications and rehabilitation services, relieving employees of significant financial burdens.

In cases of temporary or permanent disability resulting from work-related incidents, workers' comp insurance offers disability benefits. This covers lost wages for employees unable to work due to work-related injury or illness, providing them with income during recovery. Additionally, workers' comp insurance may cover vocational rehabilitation services, aiding employees in transitioning to suitable employment if they can't return to their previous job.

Ultimately, workers' compensation insurance provides essential financial protection, ensuring access to medical care, income replacement and rehabilitation services for employees affected by work-related injuries or illnesses.

The Department of Labor's Office of Workers' Compensation Programs (OWCP) oversees workers' compensation in Arizona. Employees in Arizona who need to file a workers' compensation claim would typically follow a few steps.

First, they should report the injury or illness to their employer as soon as possible. Then, they need to complete the necessary claim forms, which can be obtained from their employer or the state's workers' compensation department. The completed forms should be submitted to the employer's workers' compensation insurance carrier.

For more detailed information on filing a claim and the specific requirements in Arizona, employees can visit the Arizona Industrial Commission (AIC) website. It provides comprehensive information and resources related to workers' compensation claims for employees in the state.

To help you decide on the best workers’ compensation insurance for your company, we answered a few questions for business owners in Arizona.