Best Workers'CompensationGeorgiaTo determine the best workers’ compensation insurance in Georgia, MoneyGeek analyzed providers in the state for their affordability, customer satisfaction, financial stability and online quote process. biBERK came out on top with high scores across these metrics.
Workers' compensation insurance is a legal requirement for small business owners in Georgia, serving as a safeguard against potential financial and legal liabilities. In the event of an employee's work-related illness or injury, it can cover medical expenses, lost wages and potential lawsuits, reducing liability for you and your employees.
Best Workers'CompensationGeorgiaBest Workers’ Compensation Insurance in Georgia
Best Overall in Georgia - biBERK
Cheapest in Georgia - Pie
Best for Midsize Businesses in Georgia - Nationwide
Best Workers’ Compensation Insurance in Georgia
Our analysis ranks biBERK as the overall best workers’ comp insurance provider in Georgia. biBERK narrowly outranked Thimble thanks to the company's strong customer satisfaction record. biBERK's workers' compensation insurance costs an average of $148 per month, but this can change depending on factors unique to your business.
How was this MoneyGeek score calculated?
1
biBERKBest Overall in Georgia
Score:93
- Monthly premiums average $148
- Strong financial stability rating of A++ from AM Best
- Exceptional customer satisfaction record
More About biBERK
biBERK is a small business insurance provider founded in 2015. Backed by the Berkshire Hathaway Insurance Group, biBERK has a strong financial stability rating of A++ by AM Best, making it a reliable provider for businesses in Georgia. The company also receives a low rate of customer complaints, according to the NAIC, which means its ongoing customer care is quite good. However, biBERK is not the most affordable insurer in Georgia. Monthly premiums cost an average of $148, and the time to get a quote can take an average of two and a half minutes, which is longer than many other insurers.
2
biBERK
Score:93
- Monthly premiums average $148
- Strong financial stability rating of A++ from AM Best
- Exceptional customer satisfaction record
More About biBERK
biBERK is a small business insurance provider founded in 2015. Backed by the Berkshire Hathaway Insurance Group, biBERK has a strong financial stability rating of A++ by AM Best, making it a reliable provider for businesses in Georgia. The company also receives a low rate of customer complaints, according to the NAIC, which means its ongoing customer care is quite good. However, biBERK is not the most affordable insurer in Georgia. Monthly premiums cost an average of $148, and the time to get a quote can take an average of two and a half minutes, which is longer than many other insurers.
3
Pie
Score:92
- Coverage costs an average of $106 per month
- Quote process takes less than a minute
More About Pie
Launched in 2017, Pie Insurance is a solid option for workers’ compensation insurance in Georgia. Coverage costs an average of $106 per month or $1,266 per year, and you can get quotes in less than a minute. However, Pie Insurance has a mediocre financial stability rating from AM Best (A-). As such, Pie Insurance offers affordable workers' compensation insurance, but you might want to think twice if you prioritize finding a financially stable insurer. Pie also scored poorly in customer satisfaction, with a higher rate of complaints than the other insurers we scored.
4
Pie
Score:92
- Coverage costs an average of $106 per month
- Quote process takes less than a minute
More About Pie
Launched in 2017, Pie Insurance is a solid option for workers’ compensation insurance in Georgia. Coverage costs an average of $106 per month or $1,266 per year, and you can get quotes in less than a minute. However, Pie Insurance has a mediocre financial stability rating from AM Best (A-). As such, Pie Insurance offers affordable workers' compensation insurance, but you might want to think twice if you prioritize finding a financially stable insurer. Pie also scored poorly in customer satisfaction, with a higher rate of complaints than the other insurers we scored.
5
Thimble
Score:92
- Costs an average of $122 per month
- Takes less than a minute and a half to get a quote
- Strong financial stability score from AM Best
More About Thimble
Established in 2016 and originally called “Verifly,” Thimble offers the second-best overall workers’ compensation insurance in Georgia. Premiums average $122 per month or $1,468 per year, making it one of the most affordable providers in the state. Interested business owners can often get a quote from Thimble in less than a minute and a half. Based on the NAIC’s complaint index, Thimble has a higher-than-average number of customer complaints, which means its ongoing customer care is not as good as other companies on our list.
6
Thimble
Score:92
- Costs an average of $122 per month
- Takes less than a minute and a half to get a quote
- Strong financial stability score from AM Best
More About Thimble
Established in 2016 and originally called “Verifly,” Thimble offers the second-best overall workers’ compensation insurance in Georgia. Premiums average $122 per month or $1,468 per year, making it one of the most affordable providers in the state. Interested business owners can often get a quote from Thimble in less than a minute and a half. Based on the NAIC’s complaint index, Thimble has a higher-than-average number of customer complaints, which means its ongoing customer care is not as good as other companies on our list.
7
The Hartford
Score:90
- Coverage costs an average of $205 per month
- Excellent customer service rating
- Online quote process takes just over a minute
More About The Hartford
The Hartford is a highly experienced insurance provider, having been around for over 200 years. Due in part to its long history in the business, The Hartford has a high financial stability rating from AM Best. The insurer also has a reputation for excellent customer service, indicating the company receives few complaints. However, The Hartford offers the most expensive workers comp insurance in Georgia, with premiums averaging $205 per month. If you're seeking more wallet-friendly premiums, you might want to consider other providers.
8
The Hartford
Score:90
- Coverage costs an average of $205 per month
- Excellent customer service rating
- Online quote process takes just over a minute
More About The Hartford
The Hartford is a highly experienced insurance provider, having been around for over 200 years. Due in part to its long history in the business, The Hartford has a high financial stability rating from AM Best. The insurer also has a reputation for excellent customer service, indicating the company receives few complaints. However, The Hartford offers the most expensive workers comp insurance in Georgia, with premiums averaging $205 per month. If you're seeking more wallet-friendly premiums, you might want to consider other providers.
9
Next
Score:89
- Workers' compensation insurance costs an average of $169 per month
- Getting a quote takes an average of a minute and a half
More About Next
Next Insurance has been in the small business insurance industry since 2015 and ranks as the fifth-best workers’ compensation insurer in Georgia. With Next Insurance, you can get a quote in a little over a minute and a half on average, which is quick compared to other providers. Next Insurance has a low rate of customer complaints compared to other insurers. However, it’s not the most financially stable provider in Georgia (AM Best rating of A-). Next Insurance also charges an average of $169 per month, ranking fourth out of six insurers for affordability.
10
Next
Score:89
- Workers' compensation insurance costs an average of $169 per month
- Getting a quote takes an average of a minute and a half
More About Next
Next Insurance has been in the small business insurance industry since 2015 and ranks as the fifth-best workers’ compensation insurer in Georgia. With Next Insurance, you can get a quote in a little over a minute and a half on average, which is quick compared to other providers. Next Insurance has a low rate of customer complaints compared to other insurers. However, it’s not the most financially stable provider in Georgia (AM Best rating of A-). Next Insurance also charges an average of $169 per month, ranking fourth out of six insurers for affordability.
11
Nationwide
Score:88
- Average monthly premiums are $199
- A+ rating from AM Best indicates strong financial stability
More About Nationwide
Since 1925, Nationwide has been providing insurance across the U.S. It has a strong financial standing thanks in part to its long history. Nationwide also has a strong reputation with the NAIC, indicating that this insurer receives a low rate of complaints from its customers. While business owners in Georgia can trust Nationwide’s financial stability, its workers’ compensation insurance costs more than the rates offered by most other insurance companies. On average, business owners pay $199 per month for coverage. It may also take a long time to get a quote with Nationwide, making it inconvenient for those who are in a hurry.
12
Nationwide
Score:88
- Average monthly premiums are $199
- A+ rating from AM Best indicates strong financial stability
More About Nationwide
Since 1925, Nationwide has been providing insurance across the U.S. It has a strong financial standing thanks in part to its long history. Nationwide also has a strong reputation with the NAIC, indicating that this insurer receives a low rate of complaints from its customers. While business owners in Georgia can trust Nationwide’s financial stability, its workers’ compensation insurance costs more than the rates offered by most other insurance companies. On average, business owners pay $199 per month for coverage. It may also take a long time to get a quote with Nationwide, making it inconvenient for those who are in a hurry.
Cheapest Workers’ Compensation Insurance in Georgia
If you’re after affordability, the cheapest workers’ compensation insurance in Georgia is from Pie Insurance, with premiums averaging $106 per month.
Pie
Pie Insurance is MoneyGeek’s top choice for affordable workers' compensation insurance in Georgia, with an average cost of just $106 per month or $1,266 per year for businesses with 20 employees and $1,250,000 in annual payroll costs. Employee count and payroll costs significantly impact how much workers' comp insurance costs.
Pie is great for business owners who are just starting out and need cheap coverage, or those trying to reduce operating costs. However, Pie Insurance has a mediocre financial stability rating of A- from AM Best. Although affordability is crucial to consider, it's important to evaluate all aspects of Pie Insurance to determine whether it meets your business needs.
See how we ranked companies by average monthly cost in the table below to find the cheapest insurer. Remember, the best option for your small business may depend on other factors.
Best Workers’ Compensation Insurance for Micro Businesses in Georgia
For Georgia businesses with approximately five employees, the best option for workers’ compensation is Pie Insurance, with an average monthly premium of $29.
Although employee count does impact your workers’ comp insurance premium, payroll is typically the main cost factor. We gathered quotes for a business with five employees and annual payroll costs of $312,500 to determine the best workers’ comp for micro businesses (that is, businesses with fewer than 10 employees) in Georgia.
Pie
Pie Insurance is MoneyGeek’s top choice for workers’ compensation for micro businesses in Georgia. Businesses with five employees and annual payroll costs of $312,500 can expect to pay $29 per month, or $337 per year, for workers’ comp coverage. Pie also has the quickest online quote process among the companies on our list. Business owners may retrieve a quote in less than a minute, making it easy and fast to comparison-shop for workers’ comp insurance.
Best Workers’ Compensation Insurance for Midsize Businesses in Georgia
Nationwide offers the best workers’ compensation for midsize businesses in Georgia, with a monthly premium of $391 for businesses with approximately 100 employees.
Besides employee count, payroll plays a major role in the cost of workers’ comp. We 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 Georgia.
Nationwide
Nationwide ranks highest for medium-sized companies in Georgia. Nationwide offers a monthly premium of $391 ($4,691 per year) for businesses with 100 employees and annual payroll costs of $6,250,000. Nationwide isn’t the cheapest option for midsize businesses — that would be Pie Insurance — but strong customer satisfaction and financial stability scores pushed Nationwide to the top spot. However, Nationwide has a slower online quote process than other companies on our list. Business owners can expect to retrieve a quote in about three minutes.
How Much Is Workers’ Compensation Insurance in Georgia?
On average, workers' compensation insurance in Georgia costs $158 per month for businesses with 20 employees, which is less than the national average cost of $168 per month. Our sample policy limits are as follows:
- $1 million total policy limit
- $1 million per accident limit
- $1 million per employee limit
This means that the policy will cover up to $1 million for any given accident and $1 million per employee, up to the total policy limit of $1 million. However, if your employee needs more in lost wages or has medical bills exceeding these limits, you must pay for that out of pocket. Umbrella insurance can also help expand your coverage limits.
Annual payroll and employee count are among the most significant factors impacting workers' compensation insurance costs. See how the cost of workers' comp in Georgia varies by employee count in the table below.
How was this cost calculated?
Factors That Impact Workers’ Compensation Costs in Georgia
The cost of workers’ compensation insurance can vary significantly from one business to another. This includes factors such as the number of employees, payroll costs, employee class code, state regulations and previous claims.
Payroll costs
Insurance providers typically charge a set rate for every $100 of payroll. The rate is set at the state level and varies by industry. Businesses with high payroll costs will likely pay a higher premium than those with lower payroll expenses. Georgia charged an average of $1.15 per $100 of payroll in 2022, slightly less than most other states.
Employee class code
An employee's class code indicates what kind of work they perform, such as consulting or construction. This code determines the rate charged for every $100 of payroll. In industries with higher injury risks, such as construction, your rates are likely higher than in industries with lower injury risks, such as consulting.
Number of employees
How many employees you have can significantly impact your insurance costs. A company with many employees faces a higher risk of employees getting injured or sick on the job. This increased risk can raise workers' compensation insurance premiums.
Previous claims
Insurance providers consider previous claims when determining rates. Businesses with a lengthy history of claims are seen as higher risk.
Workers’ compensation claims are not uncommon in Georgia. The U.S. Bureau of Labor Statistics (BLS) recorded 78,100 nonfatal workplace illnesses and injuries at private-industry businesses in Georgia in 2019, the most recent year available. At the national level, the BLS recorded more than 2 million nonfatal private-industry workplace injuries and illnesses in 2021.
Do You Need Workers’ Compensation Insurance in Georgia?
Workers’ compensation insurance in Georgia is only required for businesses with three or more employees, regardless of whether they are part-time or full-time. A sole proprietor and up to five officers or members of a limited liability company (LLC) are the only exemptions.
Even if you are exempt, getting workers’ compensation insurance in Georgia is essential to ensure you’re financially protected. Opting out of workers' compensation insurance means you assume all financial responsibility for workplace injuries. This could result in high costs and legal action from the injured employee.
WORKERS’ COMP PENALTIES IN GEORGIA
Employers in Georgia who don’t obtain legally required workers’ compensation insurance could be subject to civil and criminal penalties, including:
- A fine of $500–5,000 per violation and/or up to one year in prison for failing to provide required coverage
- A fine of $1,000–10,000 per violation for making false statements to the Georgia State Board of Workers’ Compensation
- A fine of $100–1,000 per offense for general violations of state workers’ comp laws
What Does Workers’ Compensation Insurance Cover in Georgia?
Having workers’ compensation insurance in Georgia can provide several benefits for employers and employees.
For employees who suffer a work-related injury or illness, it can cover the cost of necessary medical treatment, such as hospital stays, surgeries and rehabilitation. Workers’ comp may also compensate employees for lost income if they cannot work due to injury or illness. Additionally, workers’ comp may cover lost wages, vocational rehabilitation and even death benefits if an employee passes away due to a work-related incident.
For business owners, workers’ compensation ensures your business is financially protected if something happens to your employees on the job. Medical expenses, lost wages and other costs can add up quickly. With workers’ compensation insurance, your business will not have to pay them out of pocket.
Workers’ Comp Resources for Employees in Georgia
Employees in Georgia can find resources and file workers’ compensation insurance claims through the Georgia State Board of Workers’ Compensation. Employees needing workers’ comp benefits must file form WC-14 with the state board and provide a copy to their employer and the employer’s insurance provider.
In some cases, the employer may guide an employee through the claim process and take on the responsibility of filing the form. Workers’ comp claims must typically be filed as soon as possible after an employee has sustained an injury or illness at work.
Frequently Asked Questions About Workers’ Compensation Insurance in Georgia
Choosing the right provider for workers’ compensation insurance in Georgia is essential, but there are several things to consider before making a decision. Find answers to frequently asked questions about the best workers' compensation insurance in Georgia.
About Melissa Wylie
sources
- biBERK. "About biBERK." Accessed April 13, 2023.
- Georgia State Board of Workers' Compensation. "Employer Information." Accessed May 23, 2023.
- The Hartford. "Our History." Accessed April 13, 2023.
- Nationwide. "About Us." Accessed April 13, 2023.
- Pie Insurance. "Timeline." Accessed April 13, 2023.
- State Board of Workers Compensation. "Employer Information." Accessed April 13, 2023.
- Thimble. "About Us." Accessed April 13, 2023.
- U.S. Bureau of Labor Statistics. "Injuries, Illnesses and Fatalities: Latest Numbers." Accessed April 28, 2023.
- U.S. Bureau of Labor Statistics. "State Occupational Injuries, Illnesses and Fatalities." Accessed April 28, 2023.