Workers' comp rates in Indiana depend on your industry and team size. Find answers to common coverage questions below.
Best Workers' Comp Insurance in Indiana
With rates starting at $5 monthly, NEXT, The Hartford and Simply Business offer the cheapest and best workers' comp insurance in Indiana.
Get matched to top Indiana workers’ comp insurance providers and find your ideal coverage.
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Updated: December 29, 2025
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Best Indiana Workers' Comp Insurance: Fast Answers
What are the best and cheapest workers' comp insurance providers in Indiana?
NEXT offers the top cheap workers' compensation insurance in Indiana. The following are the state's cheapest and best workers' comp insurance providers and their average monthly rates:
- NEXT: $67
- The Hartford: $67
- Simply Business: $70
- Coverdash: $71
- biBerk: $73
Is workers' comp insurance required in Indiana?
Indiana mandates workers' compensation insurance for most employers once they hire their first employee. Key exemptions include sole proprietors without employees, independent contractors and certain agricultural workers. Non-compliance results in fines up to $10,000 plus daily penalties, potential criminal charges and unlimited liability for workplace injuries.
How much does workers' comp insurance cost in Indiana?
Workers' compensation insurance costs in Indiana run $36 monthly per employee for small businesses. Your actual premium depends heavily on your specific industry and payroll size. Low-risk businesses, such as speech therapy, pay around $3 per employee per month, while high-risk industries, like roofing, pay approximately $407 per employee each month.
How do you get workers' comp insurance in Indiana?
You can get workers' comp coverage in Indiana by: Â
- Purchasing coverage from licensed private insurance companies operating in the state
- Working with the Indiana Bureau of Workers' Compensation for state fund options
- Qualifying for self-insurance status if your business meets specific financial requirements
Many business owners compare quotes online or through brokers to get the best rate and compliance support.
What does Indiana workers' comp insurance cover?
Workers' compensation in Indiana covers:
- Medical expenses for workplace injuries and occupational illnesses
- Wage replacement benefits during recovery periods
- Permanent disability compensation for lasting impairments
- Survivor benefits for families when work-related deaths occur
Best Workers' Comp Insurance Companies in Indiana
NEXT leads our research for workers' comp insurance in indiana, delivering outstanding customer support and comprehensive coverage options that protect businesses thoroughly. The Hartford and Simply Business rank as solid second and third choices, offering reliable alternatives for Hoosier small business owners.
| NEXT Insurance | 4.60 | $67 | 1 | 2 |
| The Hartford | 4.60 | $67 | 2 | 3 |
| Simply Business | 4.52 | $70 | 5 | 1 |
| Coverdash | 4.45 | $71 | 6 | 2 |
| biBERK | 4.43 | $73 | 2 | 5 |
| Nationwide | 4.42 | $79 | 2 | 4 |
| Progressive Commercial | 4.39 | $69 | 7 | 5 |
| Hiscox | 4.37 | $70 | 4 | 6 |
| Thimble | 4.35 | $68 | 8 | 5 |
| Chubb | 4.26 | $83 | 3 | 4 |
How Did We Determine These Rates and Rankings?
These rates are estimates based on MoneyGeek's analysis of small businesses with two employees across 79 major industries. Actual rates vary based on your business location, industry risk factors, claims history, coverage limits and individual insurer underwriting criteria. Contact insurers directly for personalized quotes.
Get Matched to Top Workers' Comp Insurers in Indiana
Select your industry and state to get a customized Indiana workers' comp quote from your top provider match.
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LEARN MORE ABOUT THE BEST BUSINESS INSURANCE IN INDIANA
Explore the best business insurance providers in Indiana through our guides:
Best Indiana Workers’ Comp Insurance Company Reviews
We evaluated our top workers' comp insurance picks for Hoosier State businesses.
NEXT
Best Workers' Comp Insurance in Indiana
MoneyGeek Rating
4.6/ 5
4.4/5Affordability
4.7/5Customer Experience
4.8/5Coverage Points
Average Monthly Workers' Comp Premium
$67We analyzed thousands of workers' compensation quotes from insurers operating in Indiana across 79 industriesWorkers' Comp Digital Experience Score
4.8/5 (1st)Based on customer satisfaction surveysWorkers' Comp Customer Likelihood to Be Recommended to Others Score
4.8/5 (1st)Percentage of customers who would recommend NEXT
The Hartford
Best Indiana Workers' Comp Insurance: Runner Up
MoneyGeek Rating
4.6/ 5
4.5/5Affordability
4.6/5Customer Experience
4.7/5Coverage Points
Average Monthly Workers' Comp Premium
$67Based on average costs across multiple business typesWorkers' Comp Claims Process Score
4.5/5 (1st)Rating from MoneyGeek's customer satisfaction surveyWorkers' Comp Customer Likelihood to Be Recommended to Others Score
4.5/5 (2nd)Percentage of customers who would recommend The Hartford
Cheapest Workers' Comp Insurance Companies in Indiana
NEXT delivers the most affordable workers' comp insurance in the Hoosier State at just $67 monthly ($807 annually), putting $4 back in your pocket each month compared to the state average of $72. That's a 6% savings that adds up over time. The Hartford comes in as a close second at $67 monthly ($809 yearly), while Thimble rounds out the top three at $68 per month ($814 annually). The table below shows costs from all companies we analyzed.
| NEXT Insurance | $67 | $807 |
| The Hartford | $67 | $809 |
| Thimble | $68 | $814 |
| Progressive Commercial | $69 | $824 |
| Simply Business | $70 | $836 |
| Hiscox | $70 | $838 |
| Coverdash | $71 | $851 |
| biBERK | $73 | $877 |
| Nationwide | $79 | $948 |
| Chubb | $83 | $991 |
How Did We Determine These Rates?
These rates represent small businesses with two employees across 79 major industries and focus solely on workers' comp policies. Your actual premium depends on your business location, industry, employee count, claims history, coverage limits and other factors insurers consider.
Cheapest Workers' Comp in Indiana by Industry
NEXT delivers the most affordable workers' comp rates for dental practices at just $10 monthly or $120 annually. NEXT leads pricing in 28 industries, excelling in automotive, bakery and veterinary sectors. The Hartford ranks second, offering competitive rates across 22 industries including auto repair, wholesale and window cleaning.
| Accountants | Thimble | $19 | $223 |
| Ad Agency | NEXT Insurance | $14 | $171 |
| Bakery | Thimble | $47 | $565 |
| Automotive | Thimble | $104 | $1,245 |
| Auto Repair | The Hartford | $135 | $1,618 |
| Beauty Salon | Progressive Commercial | $13 | $160 |
| Barber | Thimble | $13 | $152 |
| Candle | NEXT Insurance | $36 | $435 |
| Bounce House | Simply Business | $37 | $440 |
| Cannabis | Nationwide | $91 | $1,091 |
| Cleaning | Progressive Commercial | $45 | $535 |
| Catering | Simply Business | $67 | $804 |
| Coffee Shop | NEXT Insurance | $44 | $527 |
| Computer Programming | NEXT Insurance | $26 | $310 |
| Construction | The Hartford | $161 | $1,937 |
| Computer Repair | The Hartford | $22 | $261 |
| Consulting | The Hartford | $27 | $328 |
| Courier | Progressive Commercial | $202 | $2,429 |
| Contractor | Thimble | $147 | $1,767 |
| Dental | NEXT Insurance | $10 | $120 |
| Daycare | The Hartford | $12 | $145 |
| DJ | The Hartford | $13 | $151 |
| DJ | NEXT Insurance | $13 | $151 |
| Dog Grooming | Progressive Commercial | $59 | $708 |
| Ecommerce | NEXT Insurance | $19 | $232 |
| Drone | NEXT Insurance | $24 | $285 |
| Engineering | The Hartford | $35 | $418 |
| Electrical | The Hartford | $53 | $635 |
| Florist | NEXT Insurance | $54 | $652 |
| Excavation | NEXT Insurance | $97 | $1,159 |
| Food | NEXT Insurance | $38 | $453 |
| Food Truck | Thimble | $42 | $505 |
| Gardening | NEXT Insurance | $42 | $500 |
| Funeral Home | Simply Business | $24 | $290 |
| Funeral Home | NEXT Insurance | $24 | $290 |
| Home-based | NEXT Insurance | $9 | $105 |
| Handyman | The Hartford | $85 | $1,016 |
| HVAC | Progressive Commercial | $56 | $673 |
| Hospitality | Progressive Commercial | $62 | $739 |
| Janitorial | Progressive Commercial | $44 | $522 |
| Jewelry | NEXT Insurance | $27 | $327 |
| Jewelry | Thimble | $27 | $327 |
| Lawn/Landscaping | NEXT Insurance | $34 | $409 |
| Junk Removal | The Hartford | $124 | $1,488 |
| Manufacturing | NEXT Insurance | $53 | $636 |
| Lawyers | NEXT Insurance | $46 | $552 |
| Massage | NEXT Insurance | $13 | $158 |
| Marine | Simply Business | $139 | $1,666 |
| Moving | NEXT Insurance | $238 | $2,861 |
| Mortgage Broker | Thimble | $13 | $153 |
| Nonprofit | The Hartford | $28 | $341 |
| Party Rental | NEXT Insurance | $33 | $397 |
| Painting | Hiscox | $129 | $1,548 |
| Pest Control | NEXT Insurance | $63 | $751 |
| Personal Training | NEXT Insurance | $23 | $274 |
| Pharmacy | The Hartford | $6 | $69 |
| Pet | NEXT Insurance | $28 | $330 |
| Pressure Washing | biBERK | $84 | $1,005 |
| Photography | NEXT Insurance | $15 | $184 |
| Physical Therapy | The Hartford | $6 | $76 |
| Plumbing | The Hartford | $58 | $692 |
| Real Estate | Progressive Commercial | $27 | $327 |
| Retail | The Hartford | $31 | $367 |
| Restaurant | NEXT Insurance | $58 | $694 |
| Roofing | Nationwide | $906 | $10,871 |
| Snack Bars | Progressive Commercial | $39 | $468 |
| Security | The Hartford | $47 | $560 |
| Startup | The Hartford | $12 | $142 |
| Software | Thimble | $24 | $284 |
| Spa/Wellness | NEXT Insurance | $16 | $187 |
| Speech Therapist | The Hartford | $5 | $64 |
| Tech/IT | The Hartford | $24 | $290 |
| Trucking | NEXT Insurance | $243 | $2,921 |
| Transportation | The Hartford | $207 | $2,487 |
| Travel | Simply Business | $6 | $75 |
| Tree Service | Thimble | $202 | $2,422 |
| Veterinary | Progressive Commercial | $17 | $210 |
| Tutoring | Thimble | $9 | $109 |
| Wedding Planning | Progressive Commercial | $26 | $307 |
| Welding | Thimble | $105 | $1,258 |
| Wholesale | The Hartford | $35 | $424 |
| Window Cleaning | The Hartford | $189 | $2,267 |
How Much Is Workers' Comp Insurance in Indiana?
Indiana workers' comp insurance cost averages $72 monthly ($859 annually), slightly below the national average of $74. Industry rates vary significantly, ranging from $6 monthly ($3 per employee) for speech therapists to $815 monthly ($408 per employee) for roofing contractors.
| Accountants | $20 | $238 |
| Ad Agency | $15 | $186 |
| Auto Repair | $147 | $1,759 |
| Automotive | $114 | $1,370 |
| Bakery | $52 | $618 |
| Barber | $14 | $165 |
| Beauty Salon | $14 | $171 |
| Bounce House | $39 | $472 |
| Candle | $39 | $466 |
| Cannabis | $81 | $975 |
| Catering | $72 | $861 |
| Cleaning | $48 | $572 |
| Coffee Shop | $46 | $552 |
| Computer Programming | $28 | $334 |
| Computer Repair | $24 | $283 |
| Construction | $175 | $2,096 |
| Consulting | $29 | $354 |
| Contractor | $162 | $1,945 |
| Courier | $219 | $2,626 |
| DJ | $14 | $164 |
| Daycare | $13 | $156 |
| Dental | $11 | $130 |
| Dog Grooming | $64 | $762 |
| Drone | $26 | $315 |
| Ecommerce | $21 | $255 |
| Electrical | $56 | $676 |
| Engineering | $37 | $450 |
| Excavation | $105 | $1,261 |
| Florist | $59 | $710 |
| Food | $41 | $492 |
| Food Truck | $45 | $537 |
| Funeral Home | $26 | $312 |
| Gardening | $45 | $544 |
| HVAC | $61 | $734 |
| Handyman | $91 | $1,089 |
| Home-based | $10 | $117 |
| Hospitality | $68 | $814 |
| Janitorial | $48 | $572 |
| Jewelry | $29 | $353 |
| Junk Removal | $136 | $1,631 |
| Lawn/Landscaping | $37 | $443 |
| Lawyers | $51 | $615 |
| Manufacturing | $58 | $694 |
| Marine | $148 | $1,778 |
| Massage | $14 | $170 |
| Mortgage Broker | $14 | $164 |
| Moving | $255 | $3,059 |
| Nonprofit | $31 | $372 |
| Painting | $136 | $1,638 |
| Party Rental | $36 | $431 |
| Personal Training | $25 | $294 |
| Pest Control | $68 | $821 |
| Pet | $30 | $360 |
| Pharmacy | $6 | $75 |
| Photography | $17 | $200 |
| Physical Therapy | $7 | $80 |
| Plumbing | $62 | $749 |
| Pressure Washing | $82 | $978 |
| Real Estate | $29 | $353 |
| Restaurant | $62 | $743 |
| Retail | $34 | $406 |
| Roofing | $815 | $9,780 |
| Security | $50 | $604 |
| Snack Bars | $42 | $504 |
| Software | $26 | $310 |
| Spa/Wellness | $17 | $204 |
| Speech Therapist | $6 | $70 |
| Startup | $13 | $153 |
| Tech/IT | $27 | $318 |
| Transportation | $224 | $2,691 |
| Travel | $7 | $81 |
| Tree Service | $215 | $2,586 |
| Trucking | $261 | $3,130 |
| Tutoring | $10 | $117 |
| Veterinary | $19 | $229 |
| Wedding Planning | $28 | $331 |
| Welding | $113 | $1,357 |
| Wholesale | $39 | $468 |
| Window Cleaning | $202 | $2,426 |
Indiana Workers' Comp Insurance Cost Factors
Several cost factors influence workers' compensation insurance rates for Indiana businesses:
ICRB Classification System vs. NCCI
Indiana runs its own independent rating bureau instead of relying purely on NCCI like most states. While the bureau uses NCCI data for ratemaking, it doesn't always interpret classification codes the same way. Your roofing company or manufacturing business could land in a different rate category here than across state lines, changing your base premium right from the start.
Schedule Rating Plan (Up to 50% Adjustment)
Indiana gives insurance carriers unusual pricing power through schedule rating. Your underwriter can slash your premium by 50% or increase it by the same amount based on how you run your business. They evaluate your safety programs, management experience, and operational practices without needing approval from regulators. Two identical machine shops can pay vastly different premiums because of these underwriter decisions.
Optional Premium Discount
Most states require carriers to give premium discounts automatically as your payroll grows. Indiana makes these discounts optional. One carrier might offer you a 10% discount for your $100,000 payroll while another offers nothing, even though they're quoting the same base rate. Comparing carriers becomes critical because of this flexibility.
Carrier Rate Flexibility (Up to 25% Adjustment)
Beyond schedule rating, Indiana lets insurance companies adjust their filed rates by 25% through underwriting credits and debits. Three contractors with identical class codes and payroll can receive three different quotes from the same carrier. Shop around to find which carrier views your specific business most favorably.
Experience Modification Eligibility Threshold
Your claims history won't affect your rates until you hit $6,500 in annual premium or average $3,250 over multiple years. Starting July 2025, these thresholds jump to $7,000 and $3,500. Many small businesses stay below these amounts and pay standard rates whether they have perfect safety records or frequent claims.
Owner/Officer Payroll Limits
When you include yourself or other business owners in your workers' comp policy, Indiana requires minimum payroll of $49,400 annually per owner and caps it at $234,000. You can't lower your premium by reporting less than the minimum, and you won't pay more once you hit the maximum, regardless of actual compensation.
Assigned Risk Surcharge
Businesses that can't get coverage through regular insurance markets end up in Indiana's Assigned Risk Pool, where a 25% surcharge applies to any premium above $2,500. High-risk operations face these standardized higher rates with no room for carrier discounts or credits.
Claim Limitation Caps in Experience Rating
Indiana caps individual claims at $146,500 and accident totals at $293,000 when calculating your experience modification. One catastrophic workplace accident won't destroy your rates the way it might elsewhere. These caps protect businesses from unlimited penalty when rare but severe incidents occur despite strong safety practices.
How Much Workers' Comp Insurance Do I Need in Indiana?
Indiana doesn't cap your workers' comp coverage at a specific dollar amount. Indiana Code requires you to insure your full liability or prove you can pay benefits directly. Your policy covers whatever the law mandates based on your employees' actual wages and how severe their injuries are. Medical coverage has no dollar limit and includes all surgical, hospital and nursing services your chosen physician deems necessary. Disability benefits pay two-thirds of your employee's average weekly wages, maxing out at $1,170 weekly as of 2023.
Your insurance company figures your premium using your total payroll, your industry's classification code, and your claims history. Skipping required workers' compensation coverage counts as a Class A infraction in Indiana, costing you up to $10,000 per willful violation.
Indiana Workers' Comp Insurance Exemptions
While you're often required to have coverage in Indiana, some business categories are exempt from workers' comp requirements:
- Sole Proprietors, Partners and LLC Members: If you run your business solo, operate in a partnership or manage an LLC, you're not required to carry workers' comp for yourself, but you can opt in by notifying your insurance carrier and the Workers' Compensation Board in writing.
- Corporate Officers: Indiana automatically includes corporate officers in workers' comp coverage, but you can opt out by filing written notice with your carrier and the state board.
- Independent Contractors: Self-employed workers who meet IRS guidelines aren't considered employees and don't need coverage, though construction trade contractors must get a certificate of exemption from the state if they choose not to opt in.
- Casual Workers: Temporary employees hired for irregular, one-off jobs that fall outside your normal business operations don't need coverage.
- Farm Workers: Employees who tend crops and livestock on farms are exempt, but workers doing non-agricultural tasks on your farm property must be covered.
- Household Staff: Domestic employees working in private homes (housekeepers, nannies, caregivers, cooks and gardeners) are exempt from mandatory coverage.
- Real Estate Agents: Agents working as independent contractors on commission rather than hourly wages don't require coverage.
- Part-Time Youth Coaches: Coaches working under independent contractor agreements with nonprofit organizations are exempt.
- Municipal First Responders: Police officers and firefighters enrolled in municipal pension funds are exempt, though cities can choose to cover medical expenses only.
- Nonprofit and Public Corporation Officers: Officers of government agencies and charitable, religious or educational nonprofits are excluded unless the organization specifically adds them to its policy.
- Owner-Operator Truckers: Independent contractors who own their trucks and contract with motor carriers aren't employees, but they can buy into the carrier's workers' comp policy if they pay the premiums.
FEDERAL WORKERS' COMP PROGRAMS OVERRIDE STATE REQUIREMENTS
Indiana business owners don't need state workers' comp for employees covered by federal programs. Federal civilian workers get benefits through FECA, railroad employees through FELA, and maritime workers through the Jones Act or Longshore Act. Independent contractors aren't classified as employees under Indiana law, so they're excluded from state requirements. Construction trade contractors in Indiana must get a state exemption certificate if they skip coverage.
How to Get the Best Workers' Comp Insurance in Indiana
Finding the right workers' comp insurance means matching coverage types to your specific industry risks and business needs.
- 1Determine if you need workers' comp coverage in Indiana
Figure out whether workers' comp exemptions apply to your business structure or employee types. A sole proprietor running an accounting practice doesn't need coverage, but hiring your first employee immediately triggers Indiana's mandatory coverage requirement. Indiana defines employees more strictly than neighboring states, so workers you treat as independent contractors might legally qualify as employees requiring coverage.
- 2Gather your business information
Collect your employee count, annual payroll figures and classification codes from the Indiana Compensation Rating Bureau (ICRB). Indiana operates its own rating system that's completely separate from the NCCI codes most other states use.
Accurate numbers matter more than you'd think. Lowballing your payroll estimate leads to audit charges later, while wrong classification codes can leave you unprotected when you actually file a claim. Construction businesses need extra attention here since Indiana requires specific certification and exemption documentation for building trade contractors.
- 3Request workers' comp quotes from multiple carriers
Request quotes from at least three insurers to properly compare business insurance costs. Make sure you include the Indiana Assigned Risk Pool among your quote sources, which functions as the state's coverage option for high-risk businesses that standard carriers won't insure.
The Assigned Risk Pool exists for employers who struggle to find private market coverage. Rates run higher than what you'd pay through standard insurers, which makes shopping around critical for finding the cost of your coverage that works within your budget.
- 4Research providers with industry experience
Once you've collected quotes, focus on insurers who actually understand your industry's risks instead of just offering cheap business insurance rates. Manufacturing operations benefit most from carriers experienced with Indiana workplace safety regulations, while hospitality businesses need insurers who handle the slip-and-fall and burn injury claims common in restaurants and hotels.
- 5Evaluate your top provider options
Research each insurer's performance to identify which one offers the best business insurance for your needs:
- Review claim approval rates, customer service scores and complaint histories filed with the Indiana Department of Insurance
- Confirm the insurer maintains strong financial stability ratings through AM Best or comparable rating agencies
- Ask about included services like safety training programs, return-to-work coordination and dedicated claim representatives
- Compare policy language for coverage restrictions or industry-specific exclusions that could affect your business
- 6Review and purchase your workers' compensation policy
Read through policy terms with attention to coverage limits, exclusions and renewal conditions that apply under Indiana law. Choose payment structures that align with your cash flow patterns, like pay-as-you-go workers' comp options that base premiums on your actual payroll each period instead of annual estimates. This approach helps businesses with seasonal swings or changing staffing levels avoid large upfront deposits.
- 7Reassess before annual renewal
Review your business changes before your policy comes up for renewal. Track your employee count shifts, look at claims you filed during the year and verify your experience modification rate reflects current data.
Your business evolves constantly. Adding staff, launching new services or expanding into different work creates new coverage requirements. Keep your insurer updated on these shifts so you maintain proper protection without paying for coverage you've outgrown.
Best Indiana Workers' Compensation Insurance: Bottom Line
NEXT, The Hartford and Simply Business lead workers' comp rankings in Indiana. Research each company's service quality, maximize discounts and select coverage that fits your budget.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. He has analyzed the insurance market for over five years, conducting original research for insurance shoppers. His insights have been featured in 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!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.
sources
- Indiana Compensation Rating Bureau. "Classification Code Rates & Look-Up." Accessed December 30, 2025.
- Indiana Compensation Rating Bureau. "Experience Rating Overview." Accessed December 30, 2025.
- Indiana Compensation Rating Bureau. "Experience Rating: Explaining Experience Modifications." Accessed December 30, 2025.
- Indiana Compensation Rating Bureau. "Independent Bureaus, NCCI and WCIO." Accessed December 30, 2025.
- Indiana Compensation Rating Bureau. "Premium Discount Program." Accessed December 30, 2025.
- Indiana Compensation Rating Bureau. "Schedule Rating Plan." Accessed December 30, 2025.
- Indiana Compensation Rating Bureau. "Workers Compensation Requirements and Penalties." Accessed December 30, 2025.
- Justia Law. "2023 Iowa Code :: Title 22. Labor and Safety :: Article 3. Worker's Compensation System :: Chapter 5. Worker's Compensation: Insurance Requirements :: 22-3-5-1. Requirements; Self-Insurance; Security; Fees." Accessed December 30, 2025.
- LegalClarity. "Indiana Workers' Compensation: Eligibility and Benefits Guide." Accessed December 30, 2025.
- NCCI. "NCCI WCIP State Instructions." Accessed December 30, 2025.