Thimble is New Jersey's best workers' compensation insurance provider, scoring 95 out of 100. It offers excellent customer service, low rates and broad coverage choices. Nationwide and biBerk are also good alternatives.
Cheapest Workers' Comp Insurance in New Jersey
Updated: June 20, 2025
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Key Takeaways
Thimble, Nationwide, biBerk and The Hartford are the best cheap workers' comp insurance providers in New Jersey.
For most small businesses in New Jersey, workers' compensation coverage costs around $1,050 per year or $93 per month.
Workers' comp insurance is required in New Jersey for all companies with employees to cover expenses from employees sustaining injuries or illnesses during business activities.
Best Cheap Workers’ Comp Insurance Companies in New Jersey
| Thimble | 95 | $424 |
| Nationwide | 87 | $471 |
| biBERK | 86 | $494 |
| The Hartford | 87 | $480 |
*Rates and scores are for software development businesses with small (five employees), medium (20 employees) and large (100 employees) operations, aggregated for an overall best recommendation.
Thimble: Best Overall
pros
Most affordable overall
Highly rated customer service
Flexible coverage choices
cons
Slower quotes process
Not the cheapest for businesses with fewer than five employees
COMPANY HIGHLIGHTS
Thimble's unique hourly, daily, weekly, monthly and yearly coverage options set them apart in New Jersey's workers' comp market, providing unmatched flexibility for businesses with varying needs. Combined with competitive rates of $424 monthly for small businesses and a solid 4.4 out of 5.0 customer service rating, it delivers the state's most balanced workers' compensation coverage.
Best Cheap New Jersey Workers' Comp Insurance by Business Size
Thimble is the cheapest workers' compensation insurance for both medium and large small businesses, while The Hartford is the most affordable for companies with fewer than five employees. Below are the company's rates for small, medium and larger small businesses.
| The Hartford | Businesses with five or less employees | $85 |
| Thimble | Medium-size small businesses | $219 |
| Thimble | Larger small businesses | $1,019 |
How Much Is Workers' Comp Insurance in New Jersey?
Workers' comp rates for New Jersey businesses range from $1,050 to $13,438 per year. This range applies only to software development companies. Your actual rates will vary based on:
- Number of employees
- Industry risk level
- Specific work performed by employees
- Claims history
| Businesses with five or less employees | $93 | $1,050 |
| Medium-size small businesses | $256 | $2,940 |
| Larger small businesses | $1,122 | $13,438 |
Factors That Impact Workers’ Compensation Costs in New Jersey
The cost of workers' compensation insurance varies for each business based on several factors:
Payroll costs
Workers' compensation premiums are calculated per $100 of payroll, creating a direct relationship between workforce costs and insurance expenses. Companies with larger wage bills automatically face higher premiums than businesses with smaller payroll expenditures.
Number of employees
Insurance premiums typically rise for businesses as their employee count grows, since larger workforces create greater potential for workplace injuries. Companies with numerous employees face elevated rates due to the increased likelihood of claims.
Employee class code
Construction, mining, and manufacturing companies typically pay higher workers' compensation premiums than consulting, accounting and software development firms due to their class code classifications. Each class code identifies specific work types and establishes the rate structure applied to every $100 of company payroll.
Previous claims
Your claims history directly influences your workers' compensation premium, as insurers analyze past workplace injuries, settlement costs and claim frequency when calculating renewal rates. Companies with multiple claims or expensive incidents typically face premium increases, while businesses maintaining clean safety records often qualify for discounts and preferred pricing.
New Jersey Workers' Comp Insurance: Buyer's Guide
Finding the right business insurance can be challenging. We've broken down how to get the best workers' comp coverage, who needs it and what this type of policy covers to guide you.
How to Get the Best Workers' Comp Insurance in New Jersey
Here are the steps to help your organization get the best workers' compensation policy possible:
- 1
Learn about required coverages and options
Research your state's regulations first, as requirements and options vary widely. The coverage you need depends on your industry, organization size and claims history. Talk to a business insurance agent about what's right for your company before buying to avoid getting too much or too little workers' comp insurance.
- 2
Research costs and providers
Research average costs and providers for your specific business to determine which companies to get quotes from. Also, consider state-provided options and whether self-insurance is possible in your state.
- 3
Consult similar businesses
Talk to other businesses in your community, especially those similar to yours. Ask about their experiences, needs and coverage choices to help inform your decision more personally.
- 4
Compare multiple providers through different means
Get multiple quotes and compare providers on equal terms to find the best deal. Prices vary depending on how you get quotes — online comparison sites versus speaking with an agent. Use different methods and contact various companies to gain the most balanced view of what's best for your business.
Do You Need Workers’ Compensation Insurance in New Jersey?
All New Jersey businesses must carry workers' compensation insurance. Sole proprietors, partners and corporate officers who fully own a corporation may choose to be excluded.
WORKERS’ COMP PENALTIES IN NEW JERSEY
In New Jersey, employers who don't provide required workers' compensation insurance or follow workers' comp laws may face:
- Daily fines: Fines up to $5,000 for the first 10 days; an additional $5,000 for each subsequent 10-day period.
- Criminal charges: Disorderly persons offense, with willful failure classified as a fourth-degree crime.
- Personal liability for officers: Corporate officers can be individually liable for penalties and claims.
- Direct liability for all injury costs: Employers become directly responsible for medical expenses, disability benefits, and death benefits.
- Property liens and seizure: Awards and penalties become liens against employer assets, enforceable through property seizure.
- Non-dischargeable penalties: Fines and penalties cannot be eliminated through bankruptcy proceedings.
- Cross-match enforcement: State conducts regular database cross-matching to identify uninsured employers
What Does Workers’ Compensation Insurance Cover in New Jersey?
Workers' compensation insurance benefits employees who suffer work-related injuries or illnesses. This coverage includes medical care, disability benefits, and lost wages for injured workers, paying out 70% of weekly wages according to New Jersey law. The insurance protects employees while also shielding businesses from potential lawsuits related to workplace injuries.
Best Workers' Compensation Insurance New Jersey: Bottom Line
Thimble, Nationwide and biBerk are the best workers' insurance providers in New Jersey. Thimble leads with the best MoneyGeek score and lowest premiums, while Nationwide and biBerk offer competitive rates. While we recommend these companies, compare rates and consult peers in your industry to find the best deal for your business.
Workers' Comp Insurance in New Jersey: FAQ
Below are answers to frequently asked questions about New Jersey workers' comp insurance from our MoneyGeek experts.
Which company has the best workers’ compensation insurance in New Jersey?
Thimble offers New Jersey's best workers' compensation insurance, with competitive pricing at $219 per month for most small businesses. However, your best insurance option depends on your industry, workforce size and state requirements.
Which company has the cheapest workers’ compensation insurance in New Jersey?
The Hartford is the most cost-effective workers' comp insurance provider in New Jersey for businesses with five or fewer employees. Thimble offers the cheapest rates for medium-sized and larger small businesses.
Does New Jersey require businesses to have workers’ compensation insurance?
In New Jersey, workers' comp insurance is mandatory for all businesses, though sole proprietors, partners and corporate officers with full ownership may opt out.
How much does workers’ compensation insurance cost in New Jersey?
On average, medium-sized small businesses with about 20 employees in New Jersey spend around $256 each month on workers’ compensation insurance.
How We Rated Workers' Comp Insurance Companies in New Jersey
MoneyGeek calculated workers' compensation insurance rates using a software development business with five, 20 and 100 employees to represent various organization sizes.
Our scoring methodology included:
- Affordability (60%): Overall cost compared to other providers and different business profiles
- Customer experience (30%): Ratings from actual customers, J.D. Power studies, AM Best financial stability ratings and our team's experience with quote processes
- Coverage (10%): Additional options beyond standard offerings and breadth of industries served
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- Thimble. "Voted Best Insurance for Small Businesses." Accessed June 3, 2025.