We considered coverage options, affordability, and customer satisfaction when determining Nebraska's best workers' compensation insurance. Among the competitors, Pie emerged as the best overall company.
Small business owners need workers' compensation insurance to meet state requirements and ensure coverage for work-related illnesses and injuries. The Hartford, with an average monthly cost of $147, offers the necessary protection and peace of mind for small business employers and employees in Nebraska.
Best Workers’ Compensation Insurance in Nebraska
Best Workers’ Compensation Insurance in Nebraska
The Hartford is the top-ranked company for workers' compensation insurance in Nebraska, earning an impressive MoneyGeek score. With an average monthly cost of $147, this insurer provides comprehensive coverage and competitive pricing.
Small business owners in Nebraska need workers' compensation insurance to meet state requirements and protect employees by covering the costs of work-related illnesses and injuries.
How was this MoneyGeek score calculated?
- The Hartford excels in financial stability, complaints management and a streamlined online quote process.
- The average monthly cost for The Hartford is $147, making it a competitive choice for comprehensive workers' compensation insurance.
The Hartford is a reputable workers' compensation insurance provider known for its financial stability and commitment to customer service.
However, affordability is where The Hartford scored lower, indicating its premium rates may be comparatively high.
Despite this, The Hartford has a strong track record in the workers' compensation insurance industry. For businesses prioritizing financial stability and quality coverage, The Hartford is a reliable choice.
- biBERK demonstrates financial stability and promptness in providing online quotes. Plus, it has a strong record for managing customer complaints.
- Its workers' compensation insurance coverage carries an average monthly cost of $171.
biBERK has an excellent reputation for financial stability and complaint management. Its commitment to insurance customers' satisfaction is shown through prompt responses when addressing complaints. However, biBERK scored relatively low in terms of affordability.
Nevertheless, businesses can rely on biBERK's robust financial stability and expertise when it comes to workers' compensation insurance. By offering tailored coverage options and comprehensive support, biBERK helps businesses receive necessary protections.
- Next provides online quotes in less than two minutes.
- It scored low in financial stability but offers workers' compensation insurance at an average monthly rate of $175.
Next specializes in workers' compensation insurance. Its strong online presence provides quick online quotes in less than two minutes. Next offers competitive workers' compensation coverage rates, with an average monthly cost of $175.
However, Next scored low in financial stability, which may be a consideration for some customers.
- Thimble excelled in financial stability and time to get an online quote. It offers businesses peace of mind via strong financial stability and provides a quick and efficient quote process.
- With an average monthly cost of $122, Thimble offers competitive pricing for workers' compensation insurance coverage.
Thimble stands out for its strong financial stability and efficient online quote process. It also offers reliable coverage options.
However, Thimble scored relatively low in affordability compared to other providers. Additionally, while Thimble receives an average number of complaints, you should consider the feedback itself.
Overall, Thimble offers reliable workers' compensation insurance coverage. But businesses should consider affordability and customer satisfaction factors before deciding.
- Pie excelled in several categories, including affordability, quick online quote process and a low to average complaint rate. With an average monthly cost of $100, this insurer offers cost-effective workers' compensation insurance in Nebraska.
- Its strong performance in these areas makes them a top choice for businesses seeking reliable coverage and excellent customer satisfaction.
Pie Insurance, the best workers' compensation insurance provider in Nebraska, stood out in many key areas. It excelled in affordability, providing businesses with cost-effective coverage at an average monthly cost of $100. Additionally, Pie streamlined the quote process, allowing businesses to obtain online quotes quickly.
However, Pie scored low in financial stability, which may be a consideration for some businesses.
Overall, Pie Insurance offers competitive rates and efficient quote processes, making them a strong choice for businesses in need of workers' compensation insurance in Nebraska.
- Nationwide scored well in financial stability.
- It offers workers' compensation insurance at an average monthly rate of $444.
Nationwide is a well-established insurance company with a strong financial stability rating, ensuring it can meet its financial obligations. Nationwide offers workers' compensation coverage at an average monthly cost of $444, making it an affordable option for businesses. While Nationwide excels in financial stability, its online quote process may take longer than average, with quotes typically provided in more than two minutes.
Overall, Nationwide is a reliable choice for workers' compensation insurance, with a focus on financial strength and competitive pricing.
Cheapest Workers’ Compensation Insurance in Nebraska
Pie is the cheapest company in Nebraska for workers' compensation insurance, averaging $100 per month. This affordability is particularly advantageous for businesses with 20 employees and $1,250,000 in annual payroll costs. The number of employees and the payroll amount play a significant role in determining insurance costs.
Businesses should [consider these factors]. (#factors-that-impact-workers-comp) when selecting an insurance provider and ensuring adequate coverage.
Pie, the cheapest workers' compensation insurance provider in Nebraska, stands out in terms of affordability and cost. It scored high in offering competitive pricing, reflected in its average monthly premium of $437. However, it scored lower in areas like financial stability, which may indicate a trade-off for the lower cost.
Despite these considerations, Pie's emphasis on providing cost-effective coverage makes it a viable choice for businesses seeking affordable workers' compensation insurance in Nebraska.
Best Workers’ Compensation Insurance for Micro Businesses in Nebraska
The Hartford is the best company for micro businesses—in this case, meaning businesses with five employees. It offers a monthly premium of $60 based on an annual payroll amount of $312,500. Businesses with one to nine employees are typically considered micro businesses, and five is right in the middle of that count.
While employee count plays a role in workers' compensation insurance costs, payroll has a greater impact. Its competitive rates make it an attractive option for Nebraska micro businesses seeking comprehensive workers' compensation coverage.
The Hartford scored highest in affordability, making it an appealing choice for businesses looking to manage expenses effectively.
However, The Hartford scored lower for financial stability. Balancing cost and stability can help ensure reliable protection and support for workers' compensation needs. So you should consider both factors before choosing a workers' compensation insurer for your company.
Best Workers’ Compensation Insurance for Midsize Businesses in Nebraska
Pie Insurance is the top choice for businesses with 100 employees and an annual payroll of $6,250,000, with a monthly premium of $437.
The higher number of employees increases the cost, but not as much as the upped payroll dollars do. Consider both factors when evaluating insurance needs.
Pie Insurance offers competitive pricing for midsize businesses' payroll and employee count, making it a solid option in this category.
Pie Insurance excels in providing cost-effective workers' compensation insurance for businesses with 100 employees and an annual payroll of $6,250,000. Its monthly premium of $437 shows its comparative affordability for larger businesses.
However, Pie Insurance scored relatively low in financial stability. While cost is a significant factor for businesses, it's essential to consider the overall financial strength of the insurance provider.
How Much Is Workers’ Compensation Insurance in Nebraska?
For a Nebraska business with 20 employees, the average monthly workers' compensation insurance cost is $193. This is slightly higher than the national average of $168 per month. Workers' compensation insurance costs depend on factors like industry, claims history and location.
When considering workers' compensation insurance, you must understand the policy limits. In this case, the policy limits are:
- $1 million for the total policy
- $1 million per accident
- $1 million per employee
"Total policy limit" refers to the maximum amount the insurer covers for all claims within the policy period. The "per-accident limit" is the most the insurer would cover for a single incident, and the "per-employee limit" is the max the insurer would pay for an individual employee's claim. You can see it's important to keep a safe workplace, even with excellent workers' comp insurance, so one big issue doesn't clean you out!
Employee count and payroll impact the cost of workers' compensation insurance. As shown in the table below, the average cost of workers' compensation insurance increases with a larger number of employees because more employees generally translate to a higher risk of work-related injuries or illnesses. Additionally, payroll is used as a basis for calculating the premiums; the larger the payroll, the higher the premiums are likely to be.
How was this cost calculated?
Factors That Impact Workers’ Compensation Costs in Nebraska
Factors like payroll costs, number of employees, employee class codes and previous claims affect workers comp insurance costs in Nebraska.
Businesses are typically charged a rate for every $100 of payroll. In Nebraska, the average premium index rate in 2022 was 1.25. This rate indicates the average charge per $100 of payroll and provides a benchmark for comparing costs.
Number of employees
Companies with a larger workforce face a higher risk of employee injury, which can lead to higher premiums.
Employee class code
These codes represent the type of work employees perform, like consulting, engineering or construction. The class code determines the rate charged for every $100 of payroll. Industries with a higher risk of injury, like construction, typically have higher rates.
Businesses with a history of workers' compensation claims may experience higher insurance costs.
According to the U.S. Bureau of Labor Statistics, Nebraska recorded 29,800 recordable non-fatal occupational injuries and illnesses in the private industry sector. The national total was 2,607,900.
Do You Need Workers’ Compensation Insurance in Nebraska?
In Nebraska, workers' compensation insurance requirements apply to most employers.
Most businesses regularly employing one or more full- or part-time individuals must provide workers' compensation. Some exemptions exist for specific categories of workers, like certain farm laborers, domestic servants, independent contractors, and some very small businesses.
To determine if a specific worker or industry is exempt from workers' compensation coverage, refer to the Nebraska Workers' Compensation Court or consult legal resources for further information.
Additional details on exemptions and requirements can be found on the Nebraska Workers' Compensation Court's website. Employers need to understand their obligations and ensure compliance with workers' compensation laws.
Failure to provide legally required workers' compensation insurance or comply with workers' comp laws in Nebraska can result in the following penalties:
- Civil penalties: Employers may be subject to fines ranging from $250 to $10,000 per violation.
- Stop work orders: The Nebraska Workers' Compensation Court can issue stop work orders, requiring employers to cease operations until compliance is achieved.
- Criminal charges: In cases of intentional non-compliance or fraud, employers may face criminal charges, which can result in fines and potential imprisonment.
Employers need to adhere to workers' compensation laws to avoid these penalties and ensure the well-being of their employees.
What Does Workers’ Compensation Insurance Cover in Nebraska?
Workers' compensation insurance provides significant benefits for employees who experience work-related injuries or illnesses. These include:
- Medical care coverage: It covers the costs of necessary medical treatment, including hospital stays, surgeries, medications and rehabilitation services.
- Disability benefits: Injured or ill employees may be eligible for disability benefits, which can replace some lost wages during recovery.
- Lost wages coverage: Workers' comp insurance may provide income replacement for employees who can’t work because of a work-related illness or injury.
- Vocational rehabilitation: In some cases, workers' comp insurance covers vocational rehabilitation services to help injured employees return to suitable employment if unable to continue their previous job.
- Death benefits: If an employee dies due to an injury or illness gotten at work, workers' comp insurance can provide death benefits to the employee's dependents.
The employer is the policyholder for workers' compensation insurance, and this coverage plays a crucial role in protecting and supporting employees in the event of work-related injuries or illnesses.
Workers’ Compensation Insurance Resources for Employees in Nebraska
The oversight of workers' compensation in Nebraska is carried out by the Nebraska Workers' Compensation Court, which ensures employees receive benefits under the state's workers' compensation laws.
To claim compensation benefits, employees in Nebraska should take the following steps:
- Promptly report the work-related injury or illness to their employer.
- Seek medical treatment from an authorized healthcare provider.
- Complete the required claim forms from their employer or the Nebraska Workers' Compensation Court.
- Submit the completed forms and necessary documentation to the employer or insurance company.
- Fully cooperate with any investigations or examinations related to the claim.
Frequently Asked Questions About Workers’ Compensation Insurance in Nebraska
Here are the answers to frequently asked questions about workers' compensation insurance in Nebraska.
About Melissa Wylie
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- biBERK. "A Guide to Workers' Compensation Insurance." Accessed May 25, 2023.
- Nationwide. "Workers' Compensation Insurance." Accessed May 25, 2023.
- U.S. News. "Best Workers' Compensation Insurance." Accessed May 25, 2023.