To establish Indiana’s top workers’ compensation insurance providers, we examined factors like customer satisfaction, affordability, financial stability and the efficiency of online quote applications. Our analysis indicates that The Hartford outshines its competitors.

Indiana requires all businesses with at least one employee to carry workers’ compensation insurance. While the law may exempt some employers from this coverage, purchasing a policy protects business owners from legal and financial liabilities. This coverage can help pay for medical treatment and lost wages if an employee suffers from work-related illnesses or injuries.


Best Workers’ Compensation Insurance in Indiana

Earning a MoneyGeek score of 95 out of 100, The Hartford stands out as the best workers’ compensation insurance company for Indiana businesses.

The insurer’s average monthly rate of $119 is the third cheapest compared to the other insurers in our analysis. However, your monthly premium will vary based on factors like the size and nature of your business.


The HartfordBest Overall in Indiana




Customer Satisfaction


Financial Stability


Online Quote Process

Geek Quick Take
Geek Quick Take
  • Policies cost a monthly average of $119
  • Receives the lowest number of complaints from customers among Indiana providers
  • A+ rating from AM Best demonstrates strong financial stability
More About The Hartford

With over 200 years of customer service, The Hartford has a track record of delivering exceptional policyholder satisfaction. Its excellent service record is evident in the scant number of customer complaints it receives, according to the NAIC’s (National Association of Insurance Commissioners) ratings for the company.

The Hartford earned an A+ rating from AM Best, indicating its capability to meet its financial obligations after customers file their claims. However, the company’s policies are not the cheapest in the state, so business owners looking for a more affordable policy may opt for another provider. Its online quote application takes about 90 seconds, which is moderate compared to its competitors.





Customer Satisfaction


Financial Stability


Online Quote Process

Geek Quick Take
Geek Quick Take
  • Offers affordable workers’ compensation policies at an average monthly rate of $101
  • Strong financial backing to make good on claims
  • Poor customer service record
More About Thimble

Thimble offers affordable rates and reliable financial stability, making it the second-best Indiana workers’ compensation insurance provider. Our analysis finds that you can depend on Thimble for competitive rates. The company provides policies at a monthly average of $101.

Customers can obtain a quote from the company’s website in slightly over a minute and a half, which is fair compared to other insurers. However, the company has a history of receiving many customer complaints, implying that customer concerns may not get addressed adequately.


Cheapest Workers’ Compensation Insurance in Indiana

Small business owners in Indiana who prioritize cost may consider obtaining workers’ compensation insurance from Pie. The company offers the most affordable coverage at an average monthly rate of $97 for businesses with 20 employees and $1,250,000 in annual payroll expenses. Note that the premiums for your business will vary based on your annual payroll and your number of employees.


We based our rankings for Indiana’s cheapest workers’ compensation coverage provider on average monthly premiums. However, the most affordable insurer for your business will depend on many factors, including your business size and industry. The following table allows you to compare monthly costs for a company with 20 employees across multiple insurers in Indiana.

Best Workers’ Compensation Insurance for Micro Businesses in Indiana

The Hartford offers Indiana’s best workers’ comp insurance for micro businesses, offering an average monthly premium of $54. We based this study on quotes obtained for a company with five employees and an annual payroll sum of $312,500.

Generally, companies with an employee count of less than 10 are micro businesses. Increasing the employee count of your business can cause your workers’ compensation premium to rise. However, the most significant influence on your costs arises from your payroll expenses.


Best Workers’ Compensation Insurance for Midsize Businesses in Indiana

Nationwide tops our list of Indiana’s best workers’ comp companies for midsize businesses, earning a MoneyGeek score of 95 out of 100. This provider offers average monthly rates of $418.

Insurance providers consider a company’s number of employees when determining monthly premiums, although payroll expenses play a more significant role. MoneyGeek calculated the average rates for midsize businesses in Indiana using quotes for a business with 100 employees and an annual payroll of $6,250,000.


How Much Is Workers’ Compensation Insurance in Indiana?

For businesses with 20 employees, workers’ compensation insurance in Indiana costs about $129 per month, $39 lower than the national average monthly premium of $168.

MoneyGeek’s based quotes in this study on a sample policy with the following limits:

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

The total policy limit means the insurer will pay up to $1 million in total liability costs for all accidents within the policy duration. The $1 million per accident limit caps the coverage amount paid per every workplace incident, and the $1 million per employee limit restricts the amount paid to any involved employee. Business owners seeking more protection may consider getting commercial umbrella insurance that facilitates higher coverage limits.

The primary determinants of workers' comp insurance premiums are the company’s annual payroll expenses and employee headcount. The following table shows how average workers' compensation insurance rates vary for businesses with five, 20 and 100 employees.


Factors That Impact Workers’ Compensation Costs in Indiana

The cost of workers’ compensation insurance varies based on several dimensions of your business. State regulations, payroll costs, number of employees, claims history and employee class codes can influence your rates significantly.


Do You Need Workers’ Compensation Insurance in Indiana?

Businesses in Indiana with at least one full-time or part-time employee are required to purchase workers’ compensation insurance. However, a few categories of workers are exempt from this coverage, including railroad workers, real estate employees and independent contractors.

Although workers’ comp insurance is not compulsory for every business, we suggest purchasing a policy to safeguard your company from liability claims. Your insurer will protect your business from any expenses and legal liabilities that may arise if an employee gets ill or injured while at work.

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Indiana businesses that fail to provide the state-mandated workers’ compensation insurance to their employees commit a Class A crime and could be subject to the following penalties:

  • A maximum fine of $10,000
  • Compensation of not more than double the compensation provided by the Workers’ Compensation Act
  • Medical expenses for any affected employees
  • Payment of attorney fees
  • Suspension of business licenses

These legal and financial punishments provide ample motivation for obtaining workers’ compensation insurance.

What Does Workers’ Compensation Insurance Cover in Indiana?

Indiana’s workers’ comp insurance safeguards the employer (the policyholder) from medical expenses and legal liabilities stemming from a work-related employee injury or illness. The policy covers medical, rehabilitation and income costs for employees injured on the job. The insurer provides these benefits according to the policy guidelines and offers benefits to an employee’s dependents if the employee dies due to a job-related injury.

In Indiana, real estate employees, railroad workers and independent contractors are exempt from workers’ compensation insurance.

Workers’ Comp Resources for Employees in Indiana

The Workers' Compensation Board of Indiana provides resources and a platform for workers and businesses to file claims, check compliance status, report workplace injuries and get answers to inquiries regarding the Indiana Workers’ Compensation system.

To file for workers’ comp benefits in Indiana, you must inform your employer of the injury or illness, and the employer will file the necessary injury report with the insurer. The insurer will then send a copy to the Workers’ Compensation Board to initiate investigations into the claim. Once approved, the employee will receive the benefits based on the policy guidelines. Employees can appeal denied claims with the help of an attorney.

Frequently Asked Questions About Workers’ Compensation Insurance in Indiana

The ideal workers’ compensation insurance coverage meets your business’s needs at affordable rates. MoneyGeek answered your questions about Indiana’s best workers’ compensation insurance.

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

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.