To identify the best workers’ compensation insurance companies across Illinois, MoneyGeek evaluated providers based on affordability, customer satisfaction, financial stability and the online quote process. Our overall winner, biBERK, outranked its competitors on most of these measures.

Small businesses in Illinois with one or more employees are required by state law to have workers’ compensation insurance. This serves to protect business owners from legal and financial liabilities.

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Best Workers’ Compensation Insurance in Illinois

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 Illinois.

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

677Quotes Analyzed
6Companies Compared
50ZIP Codes

Best Workers’ Compensation Insurance in Illinois

With a MoneyGeek score of 97 out of 100, biBerk ranks as the overall best workers’ compensation insurance provider in Illinois based on our study. Its workers’ comp policies cost an average of $121 per month for companies with 20 employees. This rate can change depending on several factors, such as the nature of your business and the number of staff you have.

How was this MoneyGeek score calculated?

biBERKBest Overall in Illinois




Customer Satisfaction


Financial Stability


Online Quote Process

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  • Affordable monthly premiums averaging $121
  • Highest financial stability rating
  • Outstanding customer satisfaction record
More About biBERK

biBERK ranks as the best workers’ compensation insurance company in Illinois, with policies averaging $121 monthly. It received the highest possible financial stability rating from AM Best which is an A++ score. biBERK also boasts of exceptional customer satisfaction, with its low rate of complaints. Small business owners can quickly get a quote, but biBERK’s average monthly premiums cost around $21 more than the cheapest provider.





Customer Satisfaction


Financial Stability


Online Quote Process

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  • Costs $126 per month, on average
  • Getting a quote online takes less than a minute and a half
  • Excellent financial stability rating
More About Thimble

Thimble excels in its affordability, streamlined online quote process and financial stability. It ranks as the third-cheapest workers' comp insurance provider in our study, with rates averaging $126 per month or $1,395 per year. Obtaining a quote online is quick, taking less than a minute and a half. However, Thimble received a higher rate of customer complaints compared to other companies, as indicated by its NAIC complaint index, suggesting the need for enhanced ongoing customer care. It also has average financial stability, indicating it should be able to pay out valid claims.

The Hartford

Cheapest Workers’ Compensation Insurance in Illinois

Small business owners who are focused on cost above all other factors should consider purchasing workers’ compensation insurance from Pie Insurance. It is the cheapest provider in Illinois, with premiums averaging $100 per month for businesses with 20 employees and $1,250,000 in payroll costs per year.

MoneyGeek Top Pick

Pie Insurance is our top pick for the most affordable workers’ comp insurance provider in Illinois, with policies costing an average of $100 per month or $1,190 per year for businesses with 20 employees and $1,250,000 in annual payroll costs. Aside from being the cheapest provider, Pie Insurance also has the fastest online quote process among the insurers that we evaluated. Getting a quote takes less than a minute.

It’s important to note that Pie has a very high rate of customer complaints and a relatively lower financial stability rating of A- from AM Best.

Don’t miss our company rankings based on their average monthly costs to find the cheapest insurer in Illinois. The cheapest provider for you may vary [depending on several factors] (#factors-that-impact-workers-comp).

PieMonthly Cost$100Annual Cost$1,190
biBERKMonthly Cost$121Annual Cost$1,277
ThimbleMonthly Cost$126Annual Cost$1,395
NationwideMonthly Cost$234Annual Cost$2,813
The HartfordMonthly Cost$264Annual Cost$3,167
NextMonthly Cost$269Annual Cost$3,230

Best Workers’ Compensation Insurance for Micro Businesses in Illinois

With an average monthly premium of $56, biBERK is the best workers’ comp provider for micro businesses in Illinois. Our analysis is based on quotes for a business with five employees and an annual payroll amount of $312,500.

Companies with less than 10 employees are considered micro businesses. Having more employees can push up your workers’ compensation premium, but your payroll costs have a much greater impact on your rates.

MoneyGeek Top Pick

We recommend biBERK as the workers’ compensation insurance provider of choice for micro businesses in Illinois that have five employees and annual payroll costs of $312,500. Expect coverage to cost approximately $56 per month or $595 per year, the second-most affordable option among the insurers in our study.

biBERK has obtained the highest financial stability rating of A++ from AM Best, indicating it can pay out valid claims. It also maintains a low rate of customer complaints, and its online quote process takes less than a minute and a half to complete.

Best Workers’ Compensation Insurance for Midsize Businesses in Illinois

The best workers’ compensation provider for midsize businesses in Illinois that have approximately 100 employees is biBERK, which has an average monthly premium of $464.

When calculating rates, insurers usually take into account employee headcount, but payroll costs play a much bigger role. Our recommendations for the best workers’ comp for midsize businesses are based on quotes for a business with 100 employees and an annual payroll of $6,250,000.

MoneyGeek Top Pick

biBERK is our top pick for workers’ compensation for medium-sized companies in Illinois. Coverage for businesses with 100 employees and annual payroll costs of $6,250,000 is priced at $464 per month or $4,918 per year. This is around $21 per month more than the most affordable option, Pie Insurance. Although it isn’t the cheapest, biBERK offers the most optimal balance of strong financial stability, superior customer service, a fast online quote process (taking less than a minute and a half) and affordability out of all the insurers that we reviewed.

How Much Is Workers’ Compensation Insurance in Illinois?

Workers’ compensation insurance in Illinois costs an average of $186 per month for businesses with 20 employees. This is $18 more than the national average cost of $168 per month. We collected quotes based on a sample policy with the following limits:

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

These limits mean that the policy will cover up to $1 million in total liability costs for all accidents within the policy period. Coverage is also capped at $1 million per accident and $1 million per employee, which means that you’ll have to pay out of pocket for costs (such as medical bills, lost wages or legal fees) exceeding these limits.

Your annual payroll and employee headcount are the key determinants of your workers’ comp insurance costs. The table below shows how the average cost of workers’ comp in Illinois varies based on the number of employees.

How was this cost calculated?

5Monthly Cost$74Annual Cost$858
20Monthly Cost$186Annual Cost$2,179
100Monthly Cost$634Annual Cost$7,454

Factors That Impact Workers’ Compensation Costs in Illinois

Workers’ compensation insurance costs can vary widely depending on several factors that are unique to your business. In addition to state regulations, payroll costs, employee headcount, employee class code and history of previous claims are likely to have the most impact on premiums.

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    Payroll costs

    The state determines a set rate for every $100 of payroll, which insurers then charge. Businesses with high payroll expenses typically face higher premiums than those with lower payroll costs. We found that in 2022, Illinois charged an average of $1.39 per $100 of payroll, which places it as the 19th most expensive state to get workers’ comp insurance.

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    Number of employees

    Employee headcount has a significant impact on your premiums. Workers’ comp coverage costs more if you have more employees since there’s an increased likelihood of having at least one of your staff getting sick or injured on the job.

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    Employee class code

    Employees are given a class code that represents the type of work they perform. This employee class code serves as the basis for the rate that’s charged for every $100 of payroll. Industries that have a higher risk of injury, like construction, usually pay higher rates than those with lower risks, such as consulting.

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    Previous claims

    Businesses that have filed workers’ compensation claims are usually viewed as riskier to insure and are charged higher premiums. Each year, Illinois gets a significant number of workers’ comp claims. The most recent data from the U.S. Bureau of Labor Statistics (BLS) was for 2021, which recorded 102,000 cases of private-industry nonfatal workplace injuries and illnesses within the private industry in Illinois. This represents a significant percentage of the more than 2.6 million nonfatal workplace injuries and illnesses within the private industry that occurred across the U.S. in 2021.

Do You Need Workers’ Compensation Insurance in Illinois?

Workers’ compensation insurance is required for businesses in Illinois that have at least one full-time or part-time employee. However, certain categories of workers may be exempt.

Whether or not your business is exempted from getting workers’ comp insurance, we still recommend it as a practical way to protect your company from liability claims. This financial safety net will protect you from expenses that may arise from lawsuits and medical bills if any of your employees gets injured or sick on the job.

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In Illinois, employers who don’t provide the legally required workers’ compensation insurance may face criminal and civil penalties, including:

  • Fines
  • Being charged with a Class A misdemeanor or a Class 4 felony
  • Loss of the protection afforded by the Workers’ Compensation Act
  • Unlimited damages if the injured employee sues in civil court

What Does Workers’ Compensation Insurance Cover in Illinois?

Workers’ comp insurance protects employers while also providing benefits for employees who experience a work-related injury or illness. It covers medical expenses, vocational rehabilitation, compensation for lost wages and death benefits.

For business owners (who are the policyholders for workers’ comp insurance), this type of protection is a must-have since liability costs for even one workplace injury can easily add up and dig a massive hole in your company’s financial statement. It’s a wise investment in your company’s financial security.

Workers’ Comp Resources for Employees in Illinois

You can visit the Illinois Workers’ Compensation Commission (IWCC) to find resources, file claims, get status information for open and closed cases and report fraudulent situations.

To file for workers’ comp benefits, an employee must complete the IWCC Application for Adjustment of Claim (Application for Benefits) within three years of the date of the workplace injury. Have this form notarized, then send a copy to your employer, three copies to IWCC and keep a copy for your personal records. You’re given 45 days to notify your employer of your workplace injury or illness and three years to file a claim with the IWCC.

Frequently Asked Questions About Workers’ Compensation Insurance in Illinois

The right workers’ compensation insurance provider can give your small business sufficient coverage within your budget. Here are our answers to frequently asked questions about the best workers’ comp in Illinois.

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

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.