Best Workers' Compensation Insurance in Iowa (2023)

MoneyGeek ranked workers’ compensation insurance companies in Iowa based on factors like cost, customer satisfaction, speed of processing online quotes and financial stability. Based on our analysis, Pie is the top workers’ compensation insurer in the state.

Iowa state law requires most small businesses to have workers’ compensation insurance, which provides medical and wage benefits to employees who may suffer from injuries or illnesses related to work. It also offers employers protection against possible legal liabilities.

Our analysis shows that Pie offers the best workers’ compensation insurance in Iowa. This provider charges an average of $87 per month for coverage, although the exact cost you’ll pay will depend on multiple factors.

Pie offers the cheapest workers' compensation insurance in Iowa, charging just $87 per month for coverage. This cost is indicative of what businesses with 20 employees and annual payroll costs of $1,250,000 might pay. However, the actual price of your premiums will depend on factors like the number of employees you have and your payroll costs.

MoneyGeek ranked workers’ compensation insurance companies in Iowa based on average monthly costs; the corresponding table includes those rankings and sample rates for a business with 20 employees. However, remember that the most affordable option for you may vary depending on other factors.

Nationwide provides the best workers’ comp insurance for micro businesses in Iowa, charging an average of $47 per month. A micro-business is typically one that has up to nine employees. While employee count affects how much your workers’ compensation insurance costs, payroll expenses tend to have a more significant impact on premium prices. Our sample rate for this category was obtained for a company with annual payroll costs of $312,500 and five employees.

If you need workers’ compensation insurance for a business with 100 employees and have an annual payroll cost of $6,250,000, Pie is MoneyGeek’s top pick. This provider offers coverage at an average monthly cost stands at $378. Employee count has an effect on the actual cost, but annual payroll costs play a bigger role.

If you have a business with 20 employees, you’ll need to pay an average of $191 per month to get workers’ compensation insurance in Iowa. This is higher than the national average of $168 per month. The policy limits we’ve set are as follows:

• Total policy limit of $1 million (this is the maximum an insurer will pay to settle claims through the course of a policy’s term)
• Per accident limit of $1 million (this is the coverage limit that applies on each accident)
• Per employee limit of $1 million (this is the maximum amount an employee may claim through the course of your policy’s term)

The corresponding table highlights the average cost of workers’ comp insurance for businesses with 5, 20 and 100 employees. The main factors that affect the price of coverage are payroll costs and employee count.

How much you need to pay to get workers’ compensation insurance depends on multiple factors, including payroll costs, employee count, employee class codes, claims history and state regulations.

Almost all businesses in Iowa are required to have workers’ compensation insurance. However, there are some exemptions, including LLC members, domestic employees who earn less than $1,500 in the 12 consecutive months preceding the injury and employees of agricultural exchange programs. Presidents, vice presidents, secretaries and treasurers of family farm corporations might also be exempt, as is the case with proprietors or partners actively engaged in business on a full-time basis.

Workers’ compensation insurance provides benefits for employers and employees alike. From the perspective of a business owner, this coverage safeguards you from financial losses and litigation that may result from an employee’s work-related injury or illness. With workers’ compensation insurance in place, you don’t have to worry about paying steep medical bills or covering lost wages in any such scenario. In case a work-related injury or illness results in an employee’s death, this coverage also provides death benefits to their dependents.

The benefits of workers’ compensation insurance for employees include coverage for medical bills that result from work-related injuries or illnesses. This typically includes the cost of treatment, hospitalization, surgeries, medications and rehabilitation. Income replacement typically depends on the severity of a disability and whether it is temporary or permanent.

The Iowa Division of Workers' Compensation offers multiple resources for employees and claimants, and you may use this platform to file claims. Chapter 876 of the Iowa Administrative Code (IAC) makes it mandatory for claimants to eFile their claims using the department’s online portal. Employers may choose to eFile claims on behalf of their employees or guide them through the process. It is crucial that you file a claim soon after a work-related injury or illness comes to light.

If you’re looking for the best workers’ comp insurance in Iowa, reviewing answers to some commonly asked questions may help you make the best coverage choice for your business.