To find the best provider in the state, MoneyGeek compared workers' compensation insurance providers in North Carolina based on affordability, customer satisfaction, financial stability and online quote process. Pie came out on top as the best provider overall.
Workers' compensation insurance is a legal requirement for small businesses in North Carolina. It protects businesses from financial and legal liability in the event of an employee's work-related illness or injury. Insurance can cover medical expenses, lost wages and potential lawsuits.
Best Workers’ Compensation Insurance in North Carolina
Best Workers’ Compensation Insurance in North Carolina
Pie Insurance is the best overall company for workers’ compensation insurance in North Carolina. It received a MoneyGeek score of 92 out of 100, narrowly outranking The Hartford thanks to its affordable rates. Pie has an average monthly cost of only $82. However, costs can vary depending on the number of employees and other factors.
How was this MoneyGeek score calculated?

- Costs an average of $82 per month
- Offers fast online quotes
For those looking for the best workers' comp insurance in North Carolina, Pie stands out for its low average monthly cost of $82. It also provides the fastest online quotes among the providers we analyzed, taking just 43 seconds. Pie received an A- rating from AM Best, which suggests a strong financial standing but is lower than its competitors. The company has the highest rate of complaints according to the NAIC, indicating potential issues with customer satisfaction.

- Costs $119 per month on average
- A+ financial strength rating from AM Best
- Excellent customer satisfaction track record
- Efficient online quote process
Our runner-up choice for the best workers' comp insurance in North Carolina, The Hartford, stands out for its strong financial stability rating, high level of customer satisfaction and efficient online quote process. It holds an AM Best rating of A+, which assures customers that it is highly capable of paying claims promptly. This company also excels in customer satisfaction, boasting the fewest complaints among all insurance companies we evaluated in North Carolina. The Hartford offers fast quotes, taking less than two minutes to provide potential customers with an estimate. Its rates are the second cheapest overall at $119 per month.

- Rates average $132 per month
- Highest AM Best financial strength rating of A++
- Quick online quote process
For North Carolina businesses prioritizing reliable service and efficiency, biBERK boasts the highest financial strength rating of A++ from AM Best, ensuring that it can meet its financial obligations to clients. Although biBERK offers more expensive rates than most competitors at $132 per month, it delivers a quick online quote process, taking just 1 minute and 23 seconds. It also has a low average rate of complaints based on data from the NAIC, indicating a high level of customer satisfaction.

- Costs $145 per month on average
- Receives relatively few customer complaints
- High financial strength rating
Despite its relatively slow quote process for North Carolina businesses, Nationwide's strong customer satisfaction and financial stability make it a solid option for those seeking workers' comp insurance. Its rates average $145 per month, making it the most expensive among its competitors. However, Nationwide receives relatively few customer complaints overall. The company also boasts a high AM Best rating of A+, highlighting its solid financial stability.

- Monthly cost is $122
- Offers quotes in 34 seconds
- A+ financial strength rating from AM Best
For companies in North Carolina looking for workers' comp insurance, Thimble stands out for its quick quoting process, delivering quotes in just 34 seconds on average. The company holds a financial strength rating of A (Excellent) from AM Best, which is lower than most competitors but still a high rating overall. One of Thimble's biggest drawbacks is its relatively high number of customer complaints, suggesting that it could improve its customer satisfaction. It provides coverage at an average monthly cost of $122, which is the third-cheapest rate in the state.
Cheapest Workers’ Compensation Insurance in North Carolina
In North Carolina, Pie Insurance is the cheapest insurer for workers' comp insurance, offering an average monthly premium of $82 for businesses with 20 employees and $1,250,000 in annual payroll costs. This rate may change based on the number of employees and the annual payroll costs of your business.

Pie
Pie Insurance distinguishes itself from competitors with its highly affordable average monthly cost of $82 and average annual cost of $973 per year. In contrast, the most expensive option costs an additional $761 per year. Additionally, Pie provides online quotes in just 43 seconds, which is useful for small businesses who are comparing rates from several insurers. On the other hand, Pie may have issues with customer satisfaction, as indicated by a high rate of complaints reported by the NAIC.
We ranked insurance companies based on average monthly costs to determine the cheapest insurer, but the most affordable option for your small business may vary based on other factors. Below is a table ranking the companies we evaluated in North Carolina, which includes the annual and monthly costs for insuring a business with 20 employees.
Best Workers’ Compensation Insurance for Micro Businesses in North Carolina
Pie Insurance offers the best workers' compensation insurance in North Carolina for businesses with five employees and an annual payroll amount of $312,500, with an average monthly premium of $36. Businesses with one to nine employees are typically considered micro businesses.
The number of employees you have will affect the cost of workers' comp insurance, but payroll usually has a greater impact on premiums.

Pie
With an average monthly cost of $36 and the second-fastest online quote process out of the companies we rated, Pie Insurance provides accessible and efficient options for North Carolina micro businesses on a budget seeking cheap workers' comp insurance. While Pie maintains a strong financial standing, its A- rating from AM Best falls below the ratings of its competitors.
Best Workers’ Compensation Insurance for Midsize Businesses in North Carolina
Pie is the top-ranked company for midsize businesses in North Carolina with 100 employees, offering an average monthly premium of $352. This premium is also based on an annual payroll amount of $6,250,000.
While employee count influences workers' compensation insurance costs, payroll is usually a bigger factor in determining premiums.

Pie
For midsize North Carolina businesses seeking cost-effective workers' compensation insurance, Pie is a top contender. Pie provides attractive pricing options for businesses with 100 employees and an annual payroll amount of $6,250,000, charging an average monthly premium of $352 or an average yearly premium of $4,218 — the cheapest among the five providers we analyzed. It also offers fast online quotes to help you compare costs.
How Much Is Workers’ Compensation Insurance in North Carolina?
In North Carolina, the average monthly cost of workers' compensation insurance for a business with 20 employees is $120. This is $48 lower than the national average, which is $168 per month.
We set the following policy limits to estimate costs in North Carolina:
- $1 million total policy limit
- $1 million per accident limit
- $1 million per employee limit
The total policy limit is the maximum amount of coverage available for a given policy period. The per-accident limit is the maximum amount the insurer will cover for a single incident, while the per employee limit indicates the maximum coverage available for each employee.
The table below highlights the average costs of workers' compensation insurance for businesses with five, 20 and 100 employees so you can see how employee count and payroll affect costs.
How was this cost calculated?
Factors That Impact Workers’ Compensation Costs in North Carolina
The cost of workers' compensation insurance can change for each business based on various factors, including previous claims, number of employees and payroll costs:
Payroll costs
Businesses are typically charged a rate for every $100 of payroll, so higher payroll costs result in higher premiums. In North Carolina, the average premium index rate in 2022 was $1.16 per $100 of payroll, which is slightly lower than the national median rate.
Number of employees
Companies employing a larger workforce face higher risks and potential injuries, leading to higher insurance premiums, on average.
Employee class code
Class codes represent the type of work performed by employees and determine the rate charged for every $100 of payroll. Businesses in the construction industry, for example, generally have higher rates compared to lower-risk industries like consulting.
Previous claims
Previous claims history can also impact premiums — a history of workers' compensation claims may result in higher costs.
Based on data from the U.S. Bureau of Labor Statistics, North Carolina recorded 67,700 nonfatal private-industry workplace illnesses and injuries in 2021. Nationally, there were over 2.6 million nonfatal workplace injuries and illnesses reported in the private industry.
Do You Need Workers’ Compensation Insurance in North Carolina?
In North Carolina, businesses with three or more employees are generally required to have workers' compensation insurance. However, certain types of workers are exempt from this coverage:
- Sole proprietors, corporate officers or partners who do not wish to be covered under their own policy
- Employers in the agriculture industry with fewer than 10 workers.
- General contractors are not required to carry workers' compensation insurance for the subcontractors they hire, except when the subcontractor employs less than three people. In such cases, the general contractor must provide coverage for the subcontractor's employees.
- Subcontractors without employees are typically not required to have workers' compensation insurance unless it is specified as a condition of their employment.
Failure to provide legally required workers' compensation insurance in North Carolina or comply with workers’ comp laws can result in various consequences, including:
- Severe financial penalties
- Misdemeanor charges
- Felony charges
- Possibility of imprisonment
What Does Workers’ Compensation Insurance Cover in North Carolina?
Workers' compensation insurance provides benefits to employees who are injured or become ill as a result of their job. The employer is the policyholder. In North Carolina, workers' comp insurance covers medical care that an employee may need if they are injured on the job, which may include doctor's visits, hospital stays and prescription drugs.
It also covers lost wages if an employee is unable to work due to a work-related injury or illness to ensure that they continue to receive a paycheck. The insurance may also provide disability benefits if workers experience permanent issues from their injury or illness.
Workers’ Compensation Insurance Resources for Employees in North Carolina
The North Carolina Industrial Commission oversees workers' compensation in the state. The commission is responsible for administering the Workers' Compensation Act, which provides benefits to employees who are injured or become ill as a result of their work.
To file a claim for workers' compensation benefits, employees must first report their injury to their employer. The employer is then required to file a report with the commission. Employees can also file a claim directly with the commission. Once a claim is filed, the commission will investigate the claim and determine whether the employee is entitled to benefits.
Frequently Asked Questions About Workers’ Compensation Insurance in North Carolina
Choosing the best workers' compensation insurance provider requires careful consideration of several factors. To help you make an informed decision, we've compiled answers to frequently asked questions about finding the right workers' compensation insurance in North Carolina.
About Melissa Wylie

sources
- North Carolina Industrial Commission. "About the North Carolina Industrial Commission." Accessed May 28, 2023.
- North Carolina Industrial Commission. "Workers' Compensation Insurance Rates." Accessed May 28, 2023.
- Oregon Department of Consumer and Business Services. "Premium Index Rates." Accessed May 28, 2023.
- U.S. Bureau of Labor Statistics. "Injuries, Illnesses and Fatalities: Latest Numbers." Accessed May 28, 2023.
- U.S. Bureau of Labor Statistics. "State Occupational Injuries, Illnesses and Fatalities." Accessed May 28, 2023.
- United States Department of Labor. "Office of Workers' Compensation Programs." Accessed May 28, 2023.