Best Workers' Compensation Insurance in Idaho (2024)

MoneyGeek assessed Idaho workers' compensation insurance providers using criteria like affordability, customer satisfaction, financial stability and the online quote process. The Hartford stood out as the top choice.

Businesses with a minimum of one employee are required to have workers' compensation insurance in Idaho to protect themselves from financial and legal liabilities. This insurance covers medical expenses, lost income and potential legal claims arising from work-related injuries or illnesses.

In Idaho, The Hartford offers the best customer service and quality workmanship. Based on MoneyGeek’s evaluation, it earned a high score of 99 out of 100. Companies can get top-notch workers’ compensation insurance for their employees at as low as $166.

According to our analysis, The Hartford distinguishes itself as the most affordable workers’ comp insurance provider in Idaho, presenting an enticing average monthly premium of $166. This rate is for businesses with a 20-employee workforce and an annual payroll sum of $1,250,000. Note that employee count and payroll on insurance costs are factors in determining premiums.

We evaluated companies by examining their average monthly expenses to pinpoint the most budget-friendly insurer in the market. Keep in mind that our rates might not precisely match your actual costs, and the most economical provider for you may vary based on other factors.

Below is a table displaying the yearly and monthly expenses associated with insuring a business of 20 employees for all the insurers we analyzed in Idaho.

A business with one to nine employees typically falls under the micro business category. In Idaho, The Hartford emerges as the top choice for businesses with a workforce of five employees, offering an attractive monthly premium of just $55. This premium is for an annual payroll of $312,500.

While employee count does impact workers' compensation insurance expenses, payroll often has a more significant influence on premium rates.

Idaho enterprises with 100 employees may find The Hartford to be an outstanding choice for workers’ comp insurance. It offers the lowest monthly premium out of all the insurers we reviewed at an average of $797. Calculated based on an annual payroll amount of $6,250,000, this rate considers both employee count and payroll.

It's important to remember that while the number of employees influences workers' compensation insurance expenses, payroll typically has a more pronounced effect on premiums.

Idaho businesses with 20 employees can expect to pay an average monthly cost of $193 for workers' compensation insurance. When comparing this figure to the national average of $168, it becomes evident that Idaho's average cost is a tad bit higher.

To establish this average cost, we set specific policy limits that included a $1 million total policy limit, a $1 million per accident limit and a $1 million per employee limit. Each of these limits plays a crucial role in determining the coverage provided to the business owner. The total policy limit signifies the maximum sum the insurer would be responsible for covering across all incidents within the policy duration. The per accident limit represents the highest amount an insurer would be accountable for in the event of a single incident, whereas the per employee limit denotes the maximum sum an insurer would cover for an individual employee's claim.

To gain a deeper understanding of the average cost of workers' compensation insurance in Idaho, take a look at the table below. It illustrates the average monthly costs for businesses with five, 20 and 100 employees, providing a comprehensive view of how the insurance costs vary depending on the size of the company.

The cost of workers' compensation insurance usually fluctuates for every business because it is influenced by multiple factors that affect the cost of coverage.

In Idaho, any business with at least one employee must have workers' compensation insurance. This insurance assists in covering expenses associated with employees who suffer injuries or illnesses while performing their job duties.

However, there are exemptions to this requirement, including those in household domestic service, casual employment, outworker employment and employment of specific family members in a sole proprietorship or single-member limited liability company. This also applies to those employed as the owner of a sole proprietorship, working member of a partnership or limited liability company and certain corporate officers.

Employment governed by U.S. laws, aircraft pilots applying fertilizers or pesticides, associate real estate brokers and salespeople, volunteer ski patrollers and officials of secondary school athletic contests are also exempt.

Workers' compensation insurance provides crucial benefits for employees who experience a work-related injury or illness. As the policyholder, the employer ensures that injured workers receive medical care and compensation for a portion of their lost income while they are unable to return to work. This coverage usually protects employers from lawsuits by workers injured while working. It covers employees regardless of who was at fault in the accident and may even provide death benefits for the worker's dependents in the event of a fatality. In addition to covering injuries from accidents, workers' comp insurance also covers certain illnesses and occupational diseases contracted as a result of employment.

Overall, workers' compensation insurance plays a vital role in safeguarding employees' well-being and financial security in the face of workplace injuries and illnesses.

The Industrial Commission oversees workers' compensation activities in Idaho, including regulating companies licensed to provide workers' compensation policies. To file a claim and obtain workers' compensation benefits, employees must adhere to the steps outlined by the Industrial Commission. These steps may involve reporting the injury to the employer, obtaining medical care and submitting documentation regarding the injury and treatment received.

For more information on workers' compensation in Idaho and the steps to file a claim, employees can visit the Industrial Commission's website.

Here are several commonly asked questions regarding workers' compensation insurance in Idaho, addressing concerns for both employers and employees within the state.