Best Workers'CompensationMississippiBest Workers' Compensation Insurance in Mississippi (2023)
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MoneyGeek analyzed factors like affordability, customer satisfaction, financial stability and online quote process to find the best workers’ compensation insurance in Mississippi. Based on these factors, our top choice is The Hartford.
Aside from meeting state requirements, small business owners need workers' compensation insurance to safeguard their businesses and provide financial support for employees' work-related illnesses and injuries.
Best Workers'CompensationMississippiBest Workers’ Compensation Insurance in Mississippi
Best Overall in Mississippi - The Hartford
Cheapest in Mississippi - Pie
Best for Micro Businesses - The Hartford
Best for Midsize Businesses - The Hartford
Best Workers’ Compensation Insurance in Mississippi
The best overall company for workers' compensation insurance in Mississippi is The Hartford, which received a MoneyGeek score of 94 out of 100. While it may not be the cheapest option available, this provider stands out with a low average complaint index and a fast online quote time.
The Hartford offers comprehensive coverage to protect businesses and their employees, making it an excellent choice for securing workers' compensation insurance.
How was this MoneyGeek score calculated?
1
The HartfordBest Overall in Mississippi
Score:94
- Average monthly cost of $172
- High scores in customer satisfaction and financial stability
More About The Hartford
The Hartford earned an overall MoneyGeek score of 94 out of 100, making it our top provider of workers’ compensation insurance in Mississippi. This insurer excelled in various individual categories, receiving a perfect score for customer satisfaction. The provider also has a solid financial stability rating, demonstrating a strong ability to meet ongoing financial obligations. Additionally, The Hartford garnered an impressive 4 out of 5 score for its quick online quote process, offering convenience to customers.
However, in terms of affordability, The Hartford only received a 3 out of 5 score, positioning it as the third cheapest option among the six companies we evaluated.
2
biBERK
Score:92
- Policies cost $182 per month
- Exceptional financial stability and efficient online quote process
More About biBERK
With an overall MoneyGeek score of 92 out of 100, biBERK showcases itself as an attractive coverage option in Mississippi. This provider stands out for its exceptional financial stability, indicated by its perfect AM Best rating. It also provides a quick online quote process, garnering a score of 4 out of 5 in this category. Additionally, it received a complaint score of 4 out of 5, indicating solid customer service.
However, at $182 per month, biBERK is one of the more expensive workers’ compensation insurance coverage options in the state. Nevertheless, biBERK's strong financial standing and efficient quote process make it a reputable choice for businesses seeking reliable workers' compensation insurance coverage.
3
Pie
Score:92
- Offers coverage for $111 per month
- Fast online quote process
More About Pie
Pie stands out for its highly affordable workers' compensation insurance option, with an average monthly cost of $111. The company also provides a quick and efficient online quote process, garnering a score of 5 out of 5.
However, Pie received a relatively low financial stability rating of 2 out of 5. Additionally, its complaint score of 1 out of 5 indicates a high rate of complaints, highlighting the potential for improved customer satisfaction.
4
Thimble
Score:92
- Provides workers’ compensation coverage for $135 per month
- Robust financial stability and quick quote process
More About Thimble
With an overall score of 92 out of 100, Thimble offers an attractive option for workers' compensation insurance, particularly for businesses seeking affordability. With an average monthly cost of $135, it earned a strong cost score of 4 out of 5, indicating competitive pricing. The company also demonstrates commendable financial stability, as reflected in its financial stability rating of 4 out of 5. Additionally, Thimble provides a streamlined online quote process, scoring 4 out of 5. However, Thimble did receive a complaint score of 2 out of 5, suggesting a high rate of complaints.
5
Next
Score:90
- Coverage for $223 monthly
- Excellent customer service score
More About Next
Next offers workers' compensation insurance at a monthly cost of $223, positioning it as a relatively expensive option. However, this provider received a perfect customer satisfaction score. Next's commitment to quick and responsive service is also reflected in its online quote process, which we scored 4 out of 5. However, it’s worth noting that this provider has a relatively low financial stability rating (2 out of 5).
6
Nationwide
Score:88
- Coverage costs $250 monthly
- Solid customer service and financial stability scores
More About Nationwide
Nationwide received a solid overall MoneyGeek score of 88 out of 100. The company demonstrates solid financial stability with a score of 4 out of 5, ensuring its ability to meet ongoing financial obligations. Nationwide also received a solid customer satisfaction score of 4 out of 5, indicating high customer approval.
However, Nationwide’s online quote process score was 3 out of 5, suggesting room for improvement in terms of efficiency and convenience. The company is also the most expensive provider in Mississippi, costing $139 more than the cheapest option, Pie.
Cheapest Workers’ Compensation Insurance in Mississippi
In Mississippi, Pie is the most affordable workers’ compensation insurance option for businesses with 20 employees and $1,250,000 in annual payroll costs. With an average monthly premium of $111, Pie offers competitive pricing that caters to the specific needs of small businesses. Note that employee count and payroll can significantly impact insurance costs.
Pie
With an average monthly premium of $111, Pie offers highly competitive pricing, making it an appealing option for businesses seeking affordable workers' compensation coverage. However, it's worth noting that Pie received a fairly low financial stability rating of 2 out of 5, indicating room for improvement in this category. Despite this, Pie's exceptional affordability makes it a top choice for cost-conscious businesses in Mississippi.
MoneyGeek ranked companies based on average monthly costs to determine the cheapest workers’ compensation insurer in Mississippi. The table below displays each assessed provider’s annual and monthly premiums for insuring a business with 20 employees. However, while these sample rates can be helpful in your search for an affordable insurer, keep in mind that the cheapest option for your small business may vary depending on other factors.
Best Workers’ Compensation Insurance for Micro Businesses in Mississippi
For micro businesses with five employees, The Hartford stands out as MoneyGeek’s top choice, offering a monthly premium of $63. This affordable premium is based on an annual payroll amount of $312,500.
While employee count is a factor in the cost of workers' compensation insurance, payroll generally has a more significant impact on premiums.
As micro businesses with one to nine employees often have lower payroll amounts, The Hartford’s competitive pricing makes it an excellent option for these smaller enterprises seeking cost-effective workers' compensation coverage.
The Hartford
The Hartford excels in several categories, including cost. With a monthly premium of $63 for businesses with five employees and an annual payroll amount of $312,500, this provider offers remarkable affordability. Its cost-effective pricing makes it an ideal choice for micro businesses seeking budget-friendly workers' compensation coverage. But this low cost doesn’t mean that consumers are cutting corners in other areas; The Hartford also received solid customer service and financial stability scores.
Best Workers’ Compensation Insurance for Midsize Businesses in Mississippi
For businesses with 100 employees, The Hartford ranks as the best option with a monthly premium of $676. This competitive premium is based on an annual payroll amount of $6,250,000. While employee count is a factor in the cost of workers' compensation insurance, payroll generally has a more significant impact on premiums.
The Hartford
The Hartford stands out as the top pick for workers' compensation insurance for midsize businesses in Mississippi. Though its monthly rate of $676 for 100-employee businesses isn't the cheapest, it offers a balance of affordability and strong service. What sets The Hartford apart is its top-rated customer satisfaction and proven financial stability. This insurer's commitment to reliable claims handling and steady financial backing makes it the best choice for midsize businesses seeking dependable coverage.
How Much Is Workers’ Compensation Insurance in Mississippi?
The average monthly cost of workers' compensation insurance in Mississippi for a business with 20 employees is $179, slightly higher than the national average cost of coverage of $168.
To obtain these average rates, we’ve gathered quotes for a policy with the following limits: $1 million total policy limit, $1 million per accident limit and $1 million per employee limit. The total policy limit is the maximum amount the insurer will pay for all claims within the policy period. The per accident limit is the maximum coverage available for a single incident or accident, while the per employee limit signifies the maximum coverage per employee for any given claim.
Employee count and payroll are significant factors influencing the cost of workers' compensation insurance. As the number of employees increases, so does the risk exposure for the business, which can impact premium rates. Additionally, payroll plays a role as it is often used to determine the premium calculation.
The table below displays the average cost of workers' compensation insurance based on employee count for companies with five, 20 or 100 employees.
How was this cost calculated?
Factors That Impact Workers’ Compensation Costs in Mississippi
Worker’s compensation insurance varies in cost depending on several factors, including payroll costs, number of employees, employee class code and previous claims history.
Payroll costs
Understanding the average premium index rate in Mississippi helps businesses assess and budget for their workers' compensation insurance expenses. In Mississippi in 2022, the average premium index rate was $0.98, significantly lower than most states. This rate represents the average charge for every $100 of payroll. As such, higher payroll costs can result in higher premiums, while businesses with lower payroll costs may pay comparatively lower premiums for workers’ compensation insurance coverage.
Number of employees
Organizations boasting a larger workforce have a higher risk of employee injuries, thereby leading to elevated insurance premiums.
Employee class code
The classification code corresponds to the nature of job tasks executed by employees and establishes the per $100 payroll charge. Jobs with higher injury risks, like construction, generally bear higher rates than less hazardous sectors, like consulting.
Previous claims
Having a history of claims can lead to higher premiums. At a national level, there were about 2.6 million total recordable cases of nonfatal injury or illness in the private industry in 2021 alone.
Do You Need Workers’ Compensation Insurance in Mississippi?
In Mississippi, businesses with five or more employees are required to have workers' compensation insurance, which safeguards employees in the event of work-related injuries or illnesses. Small business owners in this category can obtain coverage through private insurance companies or gain approval from the state to self-insure. Businesses with fewer than five employees are not legally obligated to carry workers' comp insurance but have the option to voluntarily provide coverage.
Specific worker categories are exempt from coverage under Mississippi state law, including domestic workers, farm laborers, and employees of non-profit, religious or cultural organizations. Unless their employers choose to offer coverage, these individuals are not automatically protected by workers' compensation.
WORKERS’ COMP PENALTIES IN MISSISSIPPI
Failure to provide legally required workers' compensation insurance or comply with workers' comp laws in Mississippi can result in penalties, including fines imposed by the Mississippi Workers' Compensation Commission, as well as potential lawsuits by injured employees seeking additional compensation.
What Does Workers’ Compensation Insurance Cover in Mississippi?
Workers' compensation insurance, held by the employer, offers vital benefits to employees in the event of work-related injuries or illnesses. This type of insurance typically covers medical care, including hospitalization, doctor visits, medications and rehabilitation services. In addition, it provides disability benefits for employees unable to work due to their condition, encompassing both temporary and permanent disability payments. Furthermore, workers' comp insurance includes lost wage benefits, compensating employees for income lost during their recovery period. It may also extend coverage for vocational rehabilitation, facilitation of an employee’s return to work or help finding suitable alternative employment.
Overall, workers' compensation insurance acts as a crucial safety net, ensuring employees receive necessary medical care and financial support in cases of work-related injuries or illnesses.
Workers’ Compensation Insurance Resources for Employees in Mississippi
The Mississippi Workers' Compensation Commission (MWCC) is responsible for overseeing workers' compensation in Mississippi. It ensures compliance with workers' comp laws and regulations, administers claims and resolves disputes.
To file a claim for workers' compensation benefits, employees in Mississippi should typically follow these steps:
- Report the injury or illness to their employer promptly.
- Seek necessary medical treatment.
- Fill out and submit a Form B-5, Employee's First Report of Injury or Occupational Disease, to the MWCC.
- Cooperate with any investigations or requests for additional information.
More information about the process and requirements can be found on the MWCC's website.
Frequently Asked Questions About Workers’ Compensation Insurance in Mississippi
MoneyGeek answered commonly asked questions about workers' comp insurance in Mississippi to help you learn more.
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