To 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.

MoneyGeek Logo IconBest Workers'CompensationGeorgia
2024

Best Workers’ Compensation Insurance in Georgia

Why Trust MoneyGeek? We collected 677 workers’ compensation insurance quotes and analyzed cost information alongside customer satisfaction and financial stability reports to determine the best workers’ compensation insurance companies for small businesses in Georgia.

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Coverage costs and company information for workers' compensation insurance providers in Georgia were last updated in 2023.

677Quotes Analyzed
 
6Companies Compared
 
50ZIP Codes

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

2.9/5

Affordability

4/5

Customer Satisfaction

5/5

Financial Stability

3/5

Online Quote Process

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Geek Quick Take
  • 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
Pie
Score:92

5/5

Affordability

1/5

Customer Satisfaction

2/5

Financial Stability

5/5

Online Quote Process

Geek Quick Take
Geek Quick Take
  • 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.

3
Thimble
Score:92
4
The Hartford
Score:90
5
Next
Score:89
6
Nationwide
Score:88

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.

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MoneyGeek Top Pick
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.

PieMonthly Cost$106Annual Cost$1,266
ThimbleMonthly Cost$122Annual Cost$1,468
biBERKMonthly Cost$148Annual Cost$1,565
NextMonthly Cost$169Annual Cost$2,025
NationwideMonthly Cost$199Annual Cost$2,382
The HartfordMonthly Cost$205Annual Cost$2,458

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.

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MoneyGeek Top Pick
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.

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MoneyGeek Top Pick
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?

5Monthly Cost$62Annual Cost$725
20Monthly Cost$158Annual Cost$1,861
100Monthly Cost$521Annual Cost$6,077

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.

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    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.

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    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.

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    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.

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    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.

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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.

Which company has the best workers’ compensation insurance in Georgia?
Which company has the cheapest workers’ compensation insurance in Georgia?
Does Georgia require businesses to have workers’ compensation insurance?
How much does workers’ compensation insurance cost in Georgia?

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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