Best Workers' Compensation Insurance in Massachusetts (2024)

MoneyGeek determined the best workers' compensation insurance in Massachusetts by evaluating insurers based on their affordability, customer satisfaction, financial stability and online quote process. The Hartford received high scores in all categories, emerging as the best overall.

Small business owners in Massachusetts are legally required to carry workers' compensation insurance. It financially protects the business owner by covering medical expenses, lost wages and potential lawsuits in the event of work-related illness or injury suffered by employees.

The Hartford emerged as the best company for workers' comp insurance in Massachusetts, earning a MoneyGeek score of 99 out of 100. Its policies cost an average of $114 per month. Rates for workers' compensation insurance may vary based on factors unique to your business.

The Hartford offers the cheapest workers' compensation insurance in Massachusetts at an average of $114 per month. This company has the cheapest rates for businesses with 20 employees and $1,250,000 in annual payroll costs.

Employee count and payroll costs have a significant impact on insurance costs, so rates may vary based on your company’s unique profile.

Moneygeek ranked companies based on average monthly premiums to find the cheapest insurer, but the cheapest option for your small business may vary depending on other factors. You can use the table below to compare average monthly costs by provider for businesses with 20 employees.

biBERK offers the best workers' comp insurance in Massachusetts for micro businesses (businesses with less than 10 employees). A biBERK policy costs an average of $43 per month for a business with five employees and an annual payroll amount of $312,500.

Although employee count affects the cost of workers' compensation insurance, payroll costs tend to have a bigger impact on premiums.

biBERK is the best workers' comp insurance provider in Massachusetts for mid-sized businesses with 100 employees at an average of $504 per month. This premium is also based on an annual payroll amount of $6,250,000.

Employee count is a factor in the cost of workers’ compensation insurance, but payroll amount tends to have a bigger impact on premiums.

The average cost of workers' compensation insurance in Massachusetts for businesses with 20 employees is $122 per month, which is cheaper than the average national cost of $168 per month.

Moneygeek’s analysis is based on a policy with the following limits:

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

With these policy limits, the insurer will pay a maximum of $1 million per employee and a maximum of $1 million for a single accident, up to a total of $1 million in a given policy year. Damages exceeding the set limits will not be covered by the workers' comp policy.

Employee count and annual payroll cost are the biggest factors in determining workers' comp insurance costs. The table below compares average costs in Massachusetts for businesses with five, 20 and 100 employees.

The cost of workers’ compensation insurance for each business will vary based on employee count, payroll costs and other factors.

Workers' compensation insurance is mandated by law in Massachusetts for all businesses with any number of employees. Only domestic workers who work less than 16 hours per week are exempt.

Sole proprietors do not have to carry workers' compensation insurance for themselves. In addition, corporate officers who own at least 25% of a company can file for an exemption if they do not wish to be covered under their company's policy. Their employees must still be covered.

If a business does not carry workers' comp insurance as required by law, the Department of Industrial Accidents (DIA) will issue a stop work order to employers, and the employers will incur daily fines until coverage starts.

Workers' compensation insurance in Massachusetts helps cover the cost of medical expenses incurred by employees who suffer injuries or illnesses on the job. This coverage also helps compensate the injured employee for part of their lost wages while they are unable to work. In addition, workers' comp insurance financially protects the business owner in case an injured employee or employees file a lawsuit against the business.

The Department of Industrial Accidents oversees workers’ compensation in Massachusetts. To file a workers' compensation claim and receive benefits, you should report a work-related injury or illness to your employer or supervisor. After notifying your employer, you can seek the necessary medical treatment. It's important to inform the healthcare provider that the injury is work-related so the insurance can be billed accordingly.

The employer will then provide workers' compensation claim forms that you can fill out and submit to the insurer or directly to the DIA. Once the claim is approved, you will start to receive the appropriate benefits based on your injury.

MoneyGeek answered frequently asked questions to help you learn more about workers' comp insurance in Massachusetts.