To find the best workers' compensation insurance in Arkansas, we evaluated several factors, including financial stability, affordability, customer satisfaction and the speed of online quotes. Based on these criteria, Thimble is the best provider in the state.

Workers' compensation insurance is crucial for small business owners since it is legally required in Arkansas. It also provides protection for both the employer and employees, ensuring that medical bills and lost wages are taken care of.

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Best Workers’ Compensation Insurance in Arkansas

Thimble is the top-ranked company in Arkansas for workers’ compensation insurance, with a MoneyGeek score of 94 out of 100 and an average monthly cost of $83. The best company for you may vary depending on factors like annual payroll costs and the number of employees you have.

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Cheapest Workers’ Compensation Insurance in Arkansas

The cheapest workers' compensation insurance provider in Arkansas is Thimble, with an average monthly premium of $83. For this category, we evaluated quotes for businesses with 20 employees and $1,250,000 in annual payroll costs. Note that the number of employees and payroll can impact the cost of your premium.

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We ranked insurance companies based on their average monthly costs to determine the cheapest provider in the state. Keep in mind that the cheapest option for your small business can vary depending on other factors. Below, you'll find a table showing the annual and monthly costs for insuring an Arkansas business with 20 employees, ranked by monthly cost.

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Best Workers’ Compensation Insurance for Micro Businesses in Arkansas

biBERK is the overall winner for Arkansas micro businesses with five employees, offering a monthly premium of $54. This premium is based on an annual payroll amount of $312,500.

Micro businesses usually have between one to nine employees, and the number of employees can affect the cost of your premium. However, your annual payroll usually has a greater impact.

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Best Workers’ Compensation Insurance for Midsize Businesses in Arkansas

biBERK is ranked best overall for Arkansas businesses with 100 employees, offering a monthly premium of $420. This premium is based on an annual payroll amount of $6,250,000. While employee count is a factor in the cost of workers' compensation insurance, payroll typically has a more significant impact on determining the premiums.

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How Much Is Workers’ Compensation Insurance in Arkansas?

The average monthly cost of workers' compensation insurance in Arkansas for a business with 20 employees is $112 per month, which is much lower than the national average of $168 per month.

The policy limits we set are:

  • $1 million total policy limit: The maximum amount the insurance policy will cover for all claims combined during the policy period.
  • $1 million per accident limit: The maximum amount the insurance policy will cover for a single accident or incident.
  • $1 million per employee limit: The maximum amount the insurance policy will cover for each injured employee.

Below, you'll find a table showing the average cost of workers' compensation insurance for businesses with five, 20 and 100 employees. Note that these figures are provided as a general reference and may vary based on factors specific to individual businesses and insurers.

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Factors That Impact Workers’ Compensation Costs in Arkansas

Several factors play a role in determining workers' compensation costs in Arkansas. Understanding these factors is crucial for businesses to manage their insurance expenses effectively.

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Do You Need Workers’ Compensation Insurance in Arkansas?

Businesses are mandated by law to have workers' comp insurance in Arkansas if they employ three or more workers. However, employers with fewer than three employees should verify their coverage requirements with the Arkansas Workers' Compensation Commission because some businesses might be exempt depending on their specific circumstances.

If employers have any questions regarding their workers' compensation insurance requirements, they can get clarification by contacting their insurance agent or reaching out to the Information Officer, Operations/Compliance Division or Legal Advisor Division of the Arkansas Workers' Compensation Commission.

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WORKERS’ COMP PENALTIES IN ARKANSAS

There might be consequences for employers who do not comply with workers’ comp laws in Arkansas. These can include:

  • Penalties from the state
  • Losing the benefits and protections offered by Workers' Compensation insurance and state laws

What Does Workers’ Compensation Insurance Cover in Arkansas?

Workers' compensation insurance in Arkansas offers significant benefits for both employers and employees. In the event of a work-related injury or illness, employees can get coverage for necessary medical treatments, including hospitalization, surgeries and rehabilitation services. It also provides compensation for lost income if the employee is unable to work due to an injury or illness. Additionally, it can cover various expenses, such as vocational rehabilitation and death benefits if an employee passes away due to a work-related incident.

For employers, having workers' compensation insurance provides financial protection by ensuring that the business is not responsible for paying medical expenses, lost wages and other costs out of pocket in case of work-related incidents.

Workers’ Comp Resources for Employees in Arkansas

The Arkansas Workers' Compensation Commission is the department responsible for overseeing workers' compensation insurance in Arkansas.

To file a claim and receive workers' compensation benefits, employees should report the injury to their employer using Form N or as directed by the employer. The reporting procedures set by the employer must be reasonable and provide employees with reasonable notice of the requirements.

If emergency medical treatment is required outside the employer's normal business hours, the employee should report the injury to the employer on the next regular business day.

Frequently Asked Questions About Workers’ Compensation Insurance in Arkansas

If you have questions about workers' compensation insurance in Arkansas, we compiled some frequently asked questions to provide you with answers.

Thimble offers the best workers' compensation insurance in Arkansas with competitive rates at around $83 per month. Keep in mind that the best provider for you will depend on factors like the type of business you have, how many employees you have and the rules set by your state.

The cheapest workers' compensation insurance in Arkansas is offered by Thimble, with an average monthly premium of $83. This cost is based on a business with 20 employees and $1,250,000 in annual payroll costs. It's essential to consider that your location, number of employees and payroll can affect the overall premium.

Yes, Arkansas legally requires businesses with three or more employees to carry workers' compensation insurance. Employers with less than three employees should consult the Arkansas Workers' Compensation Commission to determine if they are exempt from this requirement.

The average monthly cost of workers' compensation insurance in Arkansas for a business with 20 employees is $112. This is significantly lower than the national average of $168 per month.

About Melissa Wylie


Melissa Wylie headshot

Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.

Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.

Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.

Melissa's other work can be read on LendingTree and Bizwomen.


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