Best Workers' Compensation Insurance in Montana (2023)

MoneyGeek assessed several Montana workers' compensation insurance providers based on cost, customer service, financial stability and online applications. We found that biBERK is the best insurer, as it balances these factors to offer quality coverage.

Workers’ compensation insurance is essential for entrepreneurs, as it protects their businesses and employees in the event of work-related illnesses and injuries. Businesses in Montana are generally required to have workers' compensation insurance no matter their size, although some professions may be exempt.

biBERK is Montana’s best workers’ compensation insurance provider. The company earned a MoneyGeek score of 94 out of 100 based on its rates and customer service record. Its average monthly premium is $234, although your actual rates will depend on factors like your industry, number of employees and payroll.

Thimble offers the cheapest workers’ compensation insurance in Montana, at $154 monthly on average. We based our recommendation on rates for businesses with 20 employees and yearly payroll costs of $1,250,000. The number of employees you have and your payroll expenses significantly influence your premiums.

We evaluated companies by considering the lowest average monthly premiums from Montana workers’ compensation insurance providers. Various factors can influence your rates, so the most affordable option for you may be different. The table below includes the annual and monthly workers’ compensation insurance premiums for businesses with 20 employees. We provided rankings based on monthly premiums.

biBERK offers the best workers' compensation insurance for businesses with five employees. It provides an average monthly premium of $84 for companies with an annual payroll of $312,500. The size of the business, the number of employees and payroll costs significantly affect your premiums. As a result, businesses with fewer than 10 employees (also known as micro businesses) generally enjoy more affordable premiums.

Thimble offers the best workers' compensation insurance for Montana businesses with 100 employees. It has an average monthly premium of $637, calculated based on an annual payroll of $6,250,000. The number of employees and the company’s payroll amount are crucial factors influencing your premiums. However, your payroll makes a more significant impact.

In Montana, the average monthly cost of workers' compensation insurance is $279, surpassing the national average of $168 per month. To determine the average policy cost, we considered a policy with a $1 million total policy limit, $1 million per accident limit and $1 million per employee limit. The total policy limit represents the maximum coverage the insurer provides during the policy period, while the per-accident limit sets a cap on coverage for a single incident. Each employee can receive coverage up to the per-employee limit.

The table below illustrates the average workers' compensation insurance costs for Montana businesses employing five, 20 and 100 individuals. Consider comparing these costs to see how various factors may change your rates. The number of employees and payroll amount typically influence premiums most. Your rates may rely heavily on these factors, so it’s best to consider them before shopping for insurance.

The costs of your workers' compensation insurance can be influenced by various factors, leading to variations in rates specific to your business. These include payroll costs, number of employees, employee class codes and previous claims history.

You’ll need to purchase workers’ compensation insurance in Montana, no matter how many employees your company has. Whether you have full-time, part-time or seasonal employees, the law requires you to protect them with this coverage.

Some professionals can be exempt from this rule. These exemptions include domestic workers, amateur athletic officials and church ministers. The state also exempts independent contractors, but they must secure an exemption certificate to waive their rights and benefits. Sole proprietors, partners, LLC members and corporate officers are also not required to have this coverage.

Workers' compensation insurance covers injuries that occur while employees perform their job duties. It extends coverage even if the injury happens outside of the workplace, as long as the employee is performing a task in the course of their regular employment. It covers medical treatment expenses and offers benefits such as wage replacement, disability benefits, rehabilitation services and death benefits.

This coverage protects employees from income loss during recovery, particularly when they cannot work. This coverage also protects the employer from financial responsibilities that may lead to losses. The employer holds the policy, protecting them from potential liability.

The Workers' Compensation Claims Assistance Bureau of the Department of Labor and Industry oversees workers’ compensation in Montana. It’s important to promptly notify your employer and seek medical attention if you suffer injury or illness as you complete work duties. Reporting the incident to the employer allows them to document it and assist with completing the required forms for filing a claim. You need to wait for a response from the insurer to determine if an injury or illness is eligible for coverage. In the event of a denial, there is an option to appeal the decision.

MoneyGeek answered frequently asked questions regarding insurers, costs and coverage. Our answers will help you identify the best Montana workers’ compensation insurance provider that meets your needs.