Best Workers' Compensation Insurance in Delaware (2024)

MoneyGeek evaluated state insurance companies for their cost, client satisfaction, financial stability and online quote process to find the best workers’ comp insurance in Delaware. With excellent ratings across the board, Nationwide was MoneyGeek’s top choice in the state.

Workers' compensation insurance protects employees who sustain injuries or illnesses at work. It also ensures legal compliance for employers and helps defend them against lawsuits, save on compensation costs and boost employee morale.

With its excellent balance of pricing and customer service, we rated Nationwide is rated as the overall best workers’ compensation insurance company in Delaware. Its average cost is $125 per month, but your premium may vary depending on factors like your business type and payroll costs.

If cost is your primary concern, Nationwide offers Delaware's most affordable workers' compensation insurance. For companies with 20 employees and an average annual payroll expense of $1,250,000, this coverage costs just $125 per month, on average.

To find the most affordable insurer, we evaluated providers by average monthly cost, although the cheapest option for your small company might differ depending on other factors. The table below lists the average monthly premiums for businesses with 20 employees for all Delaware workers’ compensation insurance companies we examined.

biBERK, with an average monthly premium of $67, is the best workers’ compensation insurance provider for Delaware micro businesses.

Although the number of employees does affect your workers' compensation insurance rate, payroll is usually the more influential factor. To find the best workers' compensation for micro companies, or companies with fewer than 10 employees, we collected quotes from companies with five employees and annual payroll costs of $312,500.

The Hartford offers the best workers’ compensation for midsize businesses in Delaware, with a monthly premium of $564 for companies with 100 employees.

Besides employee count, payroll also plays a major role in workers’ compensation insurance costs. MoneyGeek gathered quotes for a company with 100 employees and an annual payroll amount of $6,250,000 to find the best workers’ comp for midsize businesses in the state.

Businesses with 20 employees pay $135 per month on average for workers' compensation insurance in Delaware, which is less than the $168 per month nationwide average. MoneyGeek used the following sample policy limits to obtain these cost estimates:

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

This means that, up to the $1 million total policy limit, the insurer will pay up to $1 million for every particular accident and a maximum of $1 million for each employee. However, you will be responsible for covering any additional lost income or excessive medical costs incurred by your employee. Your coverage limits may be increased with the use of an umbrella policy.

The number of employees and annual payroll are two of the most important variables affecting workers' compensation insurance rates. The table below shows how employee count affects the cost of workers’ compensation in Delaware.

Workers' compensation insurance rates might differ greatly between businesses. This is due to factors like the workforce size, employee class code, payroll expenses, state laws and claims history that affect the overall premium of a workers’ compensation policy.

Businesses in Delaware with one or more employees, whether they are part-time or full-time, must carry workers’ compensation insurance. Only farm employees are exempt from this rule.

Even if you are exempt, having workers' compensation insurance in Delaware is important to guarantee your financial security. By choosing not to purchase workers' compensation insurance, you accept full financial responsibility for any accidents at work, including medical costs. Injured employees may also file a lawsuit as a result, incurring significant costs.

Workers’ compensation insurance serves two functions: it guarantees that injured employees receive medical care and reimbursement for a portion of the revenue they lose while they are incapable of returning to work. It also safeguards employers — who are the policyholders — from lawsuits brought by employees hurt at work.

When an employee cannot work due to an illness or accident sustained at work, workers' compensation insurance can help them keep their jobs. To aid in their swift return to work, injured employees may also have access to rehabilitation programs, including physical therapy and vocational training. Workers’ compensation insurance may be able to pay death benefits to a deceased employee's dependents.

The Delaware Office of Workers’ Compensation is the place where Delaware employees can get assistance with worker’s compensation and submit insurance claims.

Employers who require workers' compensation benefits must first provide all required medical, surgical and hospital care starting on the date of the accident, keep a record of all injuries suffered by workers and submit a written report to the Office of Workers' Compensation and their insurance carrier within 10 days of the incident.

To help you in making an informed choice, MoneyGeek explored commonly asked questions regarding the best workers' compensation insurance in Delaware.