Best Workers' Compensation Insurance in Mississippi (2024)
Updated: October 3, 2024
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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
Why Trust MoneyGeek? We collected 677 workers’ compensation insurance quotes and analyzed cost information alongside customer satisfaction and financial stability reports to determine the best workers’ compensation insurance companies for small businesses in Mississippi.
Coverage costs and company information for workers' compensation insurance providers in Mississippi were last updated in 2023.
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?
MoneyGeek used the following weights to score and rank insurers:
MoneyGeek used the following business profile to gather quotes:
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.
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.
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.
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.
| Pie | Monthly Cost$111 | Annual Cost$1,330 |
| Thimble | Monthly Cost$135 | Annual Cost$1,497 |
| The Hartford | Monthly Cost$172 | Annual Cost$2,058 |
| biBERK | Monthly Cost$182 | Annual Cost$2,053 |
| Next | Monthly Cost$223 | Annual Cost$2,677 |
| Nationwide | Monthly Cost$250 | Annual Cost$2,995 |
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 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.
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 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.
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?
To find the average cost of workers’ compensation insurance in Arkansas, we gathered quotes for three types of software development businesses:
| 5 | Monthly Cost$73 | Annual Cost$850 |
| 20 | Monthly Cost$179 | Annual Cost$2,102 |
| 100 | Monthly Cost$724 | Annual Cost$8,507 |
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.
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.
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.
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.
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:
More information about the process and requirements can be found on the MWCC's website.
MoneyGeek answered commonly asked questions about workers' comp insurance in Mississippi to help you learn more.
The Hartford is the top-rated company for workers' compensation insurance in Mississippi, with a high MoneyGeek score of 94. This insurer provides excellent customer service and fast online quotes, but it may not be the most affordable option. However, keep in mind that the best choice for your business may vary depending on its unique attributes and coverage needs.
The cheapest workers' compensation insurance in Mississippi depends on factors like location, payroll and employee count. However, MoneyGeek found that Pie is the most affordable workers' compensation insurance in Mississippi overall, with an average monthly cost of $111. Despite its lower financial stability rating, its low premium makes it an attractive choice for businesses seeking cost-effectiveness.
Mississippi mandates workers' compensation insurance for businesses with five or more employees. Smaller companies have the option to provide coverage voluntarily, and certain worker categories are exempt from coverage.
The average monthly cost of workers' compensation insurance in Mississippi for a business with 20 employees is $179.
About Melissa Wylie
Melissa Wylie is the Content and SEO Manager at MoneyGeek, with nearly a decade of editorial experience and six years of work in financial content focused on small businesses. She previously held SEO positions at Bankrate and LendingTree, with bylines on ValuePenguin and MagnifyMoney.
Wylie has a journalism degree from the University of North Texas. Her strong foundation in journalism helps her craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.
