Nationwide is Florida’s best worker's compensation insurance provider, scoring 98 out of 100. The company offers a great mix of reliable customer service, very low workers' comp rates and an extensive coverage selection. Hartford and BiBERK are also good runners-up.
Cheapest Workers' Comp Insurance in Florida
Updated: June 20, 2025
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Key Takeaways
Nationwide, The Hartford, biBerk and Thimble are the best cheap workers' comp insurance providers in Florida.
For most small businesses in Florida, workers' compensation coverage costs around $785 per year or $67 per month.
Workers' comp insurance is required in Florida for all companies with employees to cover expenses from employees sustaining injuries or illnesses during business activities.
Best Cheap Workers’ Comp Insurance Companies in Florida
| Nationwide | 98 | $154 |
| The Hartford | 88 | $368 |
| biBERK | 87 | $378 |
| Thimble | 83 | $381 |
*Rates and scores are for software development businesses with small (five employees), medium (20 employees) and large (100 employees) operations, aggregated for an overall best recommendation.
Nationwide: Best Overall
pros
Superior rates for all small businesses
Low customer complaint index
cons
Slower quote process
COMPANY HIGHLIGHTS
Regardless of business size, Nationwide earns the top spot for workers' comp services in Florida. It's affordable, with an average savings of $214 per month compared to the next cheapest provider. It also has the state's second-lowest complaint index and an above-average customer satisfaction rating in J.D. Power's most recent study.
Best Cheap Florida Workers' Comp Insurance by Business Size
Nationwide remains Florida's best workers' compensation insurance option with the most affordable rates, regardless of your business's size. Below are the company's rates for small, medium and larger small businesses.
| Nationwide | Businesses with five or less employees | $41 |
| Nationwide | Medium-size small businesses | $90 |
| Nationwide | Larger small businesses | $353 |
How Much Is Workers' Comp Insurance in Florida?
Workers' comp rates for Florida businesses range from $785 to $9,211 per year. This range applies only to software development companies. Your actual rates will vary based on:
- Number of employees
- Industry risk level
- Specific work performed by employees
- Claims history
| Businesses with five or less employees | $67 | $785 |
| Medium-size small businesses | $174 | $2,034 |
| Larger small businesses | $768 | $9,211 |
Factors That Impact Workers’ Compensation Costs in Florida
The cost of workers' compensation insurance varies for each business based on several factors:
Payroll costs
Workers' compensation premiums in Florida are calculated per $100 of payroll, meaning businesses with higher total payroll expenses pay proportionally more than those with lower wage costs. For example, a company with $500,000 in annual payroll would pay more than one with $100,000 in payroll, even at the same rate per $100 of wages.
Number of employees
Companies with more employees in Florida face higher workers' compensation premiums due to the increased probability of workplace injuries. Insurers calculate rates based on the principle that more employees create greater exposure to potential claims and liability costs.
Employee class code
Class codes categorize employee job types and determine workers' compensation rates per $100 of payroll. Due to varying injury exposure levels, high-risk industries like construction and manufacturing pay more than low-risk professions such as consulting and accounting.
Previous claims
Workers' compensation claims increase insurance costs through experience ratings that track your safety record, with frequent or severe claims leading to higher premiums while clean histories earn discounts. A single major claim or pattern of injuries can raise rates for several years, incentivizing workplace safety investments.
Florida Workers' Comp Insurance: Buyer's Guide
Finding the right business insurance can be challenging. We've broken down how to get the best workers' comp coverage, who needs it and what this type of policy covers to guide you.
How to Get the Best Workers' Comp Insurance in Florida
Here are the steps to help your organization get the best workers' compensation policy possible:
- 1
Learn about required coverages and options
Research your state's specific workers' compensation regulations first, as requirements vary significantly based on your industry, company size, and claims history. Consult a business insurance agent before purchasing to ensure appropriate coverage levels and avoid over- or under-insuring your business.
- 2
Research costs and providers
Research average costs and providers for your specific business to determine which companies to get quotes from. Also, consider state-provided options and whether self-insurance is possible in your state.
- 3
Consult similar businesses
Talk to similar business owners in your community to learn about their workers' compensation experiences, including their coverage needs and provider choices. Their insights can provide valuable perspective to help guide your decisions.
- 4
Compare multiple providers through different means
Get multiple quotes using various methods — online platforms, direct company contact and insurance agents. Compare providers on equal coverage terms and identify the best pricing for your business needs.
Do You Need Workers’ Compensation Insurance in Florida?
All businesses in Florida must carry workers' compensation insurance for their employees, though sole proprietors, partners and fully owning corporate officers can opt out of personal coverage.
WORKERS’ COMP PENALTIES IN FLORIDA
In Florida, employers who don't provide required workers' compensation insurance or follow workers' comp laws may face:
- Financial penalties: Fines worth twice the estimated workers' compensation premium costs from the previous two years, with penalties starting at a minimum of $1,000.
- Stop-work orders: State can force businesses to cease all operations until compliance is achieved and penalties are paid.
- Independent contractor violations: $5,000 fine for each worker falsely declared as an independent contractor.
- Criminal charges: Felony charges with potential fines up to $10,000 and prison time up to 30 years depending on fraud severity.
- Property liens: Liens placed on personal or business property until penalties are paid.
- Civil lawsuits: Loss of exclusive remedy protection, allowing injured employees to sue directly with the potential for larger settlements.
What Does Workers’ Compensation Insurance Cover in Florida?
Workers' compensation insurance provides vital benefits to employees experiencing work-related injuries or illnesses. This coverage usually encompasses medical care, disability benefits, lost wages and more for impacted workers, paying out 66% of weekly wages according to Florida law. This coverage protects workers and provides legal protection for employers against injury-related claims stemming from workplace accidents and occupational health issues.
Best Workers' Compensation Insurance Florida: Bottom Line
Nationwide, The Hartford and biBerk offer the best and cheapest workers' comp insurance providers in Florida. While we recommend these companies, compare rates and consult similar businesses in your industry to find the best deal.
Workers' Comp Insurance in Florida: FAQ
Below are answers to frequently asked questions about Florida workers' comp insurance from our MoneyGeek experts.
Which company has the best workers’ compensation insurance in Florida?
Nationwide offers Florida's best workers' compensation insurance with competitive pricing (averaging around $154 per month) and a low complaint index. However, your best insurance option depends on your industry, workforce size and state requirements.
Which company has the cheapest workers’ compensation insurance in Florida?
Nationwide is Florida's most affordable workers' comp insurance provider and is the best choice for businesses of all sizes. Monthly rates start at $41.
Does Florida require businesses to have workers’ compensation insurance?
In Florida, workers' comp insurance is mandatory for all businesses, though sole proprietors, partners and corporate officers with full ownership may opt out.
How much does workers’ compensation insurance cost in Florida?
In Florida, a medium-sized small business with around 20 employees commonly incurs a monthly workers' compensation insurance expense of $174.
How We Rated Workers' Comp Insurance Companies in Florida
MoneyGeek calculated workers' compensation insurance rates using a software development business with five, 20 and 100 employees to represent various organization sizes.
Our scoring methodology included:
- Affordability (60%): Overall cost compared to other providers and different business profiles
- Customer experience (30%): Ratings from actual customers, J.D. Power studies, AM Best financial stability ratings and our team's experience with quote processes
- Coverage (10%): Additional options beyond standard offerings and breadth of industries served
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!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- MyFloridaCFO. "Florida Workers' Compensation." Accessed June 3, 2025.
- J.D. Power. "Small Commercial Insurance Customer Retention Hinges on Trust in Rising Rate Environment, J.D. Power Finds." Accessed June 3, 2025.