MoneyGeek gathered information about insurers’ costs, financial stability, time to get online quotes and customer satisfaction to determine which offers the best workers’ compensation insurance in Oklahoma. Pie Insurance came out on top.

Required by law in most states, workers’ compensation coverage protects your business against financial liability if a worker is injured or becomes ill on the job.

Loading...
Loading...

Best Workers’ Compensation Insurance in Oklahoma

Pie offers the best workers' compensation insurance in Oklahoma, with a MoneyGeek score of 92 out of 100 and policies costing an average of $115 per month.

Loading...
Loading...

Cheapest Workers’ Compensation Insurance in Oklahoma

Pie provides the cheapest workers’ compensation insurance in Oklahoma, charging an average of $115 monthly.

The number of employees in your business and annual payroll costs significantly affect how much you pay for workers’ comp insurance. MoneyGeek found Pie is the most affordable for businesses with 20 employees and $1,250,000 in payroll costs.

Loading...

MoneyGeek analyzed workers’ comp insurers’ average monthly costs to find the most affordable options. However, the most suitable insurer for you might differ depending on other factors.

The table below lists the monthly and annual workers’ compensation insurance costs for businesses with 20 employees. We ranked the insurers by monthly cost.

Loading...

Best Workers’ Compensation Insurance for Micro Businesses in Oklahoma

Based on MoneyGeek’s analysis, biBERK offers businesses with five employees the best workers’ compensation policies. The company charges an average monthly cost of $75 to businesses with an annual payroll of $312,000.

A micro business generally has one to nine employees. Although employee count affects insurance costs, payroll generally has a more significant impact.

Loading...

Best Workers’ Compensation Insurance for Midsize Businesses in Oklahoma

Pie offers the best workers’ comp insurance for businesses with 100 employees at an average monthly cost of $521. We calculated this premium based on an annual payroll amount of $6,250,000.

A company’s payroll affects its insurance premiums even more than its employee count.

Loading...

How Much Is Workers’ Compensation Insurance in Oklahoma?

The average monthly cost of workers’ compensation insurance for a business with 20 employees in Oklahoma is $164. This cost is slightly lower than the national average of $168.

We set the following policy limits:

  • $1 million total policy limit
  • $1 million per accident limit
  • $1 million per employee limit

These limits show that the insurer will pay a maximum of $1 million for an injured employee and $1 million per accident (regardless of the number of employees injured). The policy limit is $1 million.

Payroll and employee count are the primary factors that affect workers’ comp insurance costs. The table below lists the average cost for companies with five, 20 and 100 employees.

Loading...
Loading...

Factors That Impact Workers’ Compensation Costs in Oklahoma

Premiums and other insurance costs differ for every business, depending on the following factors:

Loading...

Do You Need Workers’ Compensation Insurance in Oklahoma?

Oklahoma businesses must purchase workers’ compensation insurance if they have one or more employees. But many companies might be exempt, like independent contractors, agricultural and horticultural companies and family-owned businesses with five or fewer employees who are related.

Workers' compensation insurance protects businesses in case of a workplace incident and is beneficial even for exempt companies.

scale icon
WORKERS’ COMP PENALTIES IN OKLAHOMA

If your Oklahoma business is required to carry workers’ compensation insurance, but you don’t comply, you face the following penalties:

  • A $1,000 daily fine
  • Liability in case of an employee injury
  • Shutdown of the business based on a court order

What Does Workers’ Compensation Insurance Cover in Oklahoma?

Workers' compensation insurance in Oklahoma benefits employees and employers in many ways.

For instance, the medical expenses of an employee injured at your company can cause significant financial loss to your company. When you purchase a policy, the insurer pays for your employee's medical bills and lost wages, which helps them get back to work.

A workers' compensation policy greatly benefits employees who undergo a permanent disability due to an injury at work. It pays for medical expenses, lost wages and even funeral costs if the injury is fatal.

Workers’ Compensation Insurance Resources for Employees in Oklahoma

The Workers' Compensation Court oversees workers' compensation in Oklahoma. Form 3 is for an injury claim, Form 3B for an occupational disease and Form 3A is for fatalities. Employees injured at work must report their injury to their supervisor within 30 days.

Frequently Asked Questions About Workers’ Compensation Insurance in Oklahoma

We answered frequently asked questions to help you understand how workers’ compensation works in Oklahoma.

Pie offers the best workers’ compensation insurance in Oklahoma, with a MoneyGeek score of 92 out of 100. It’s affordable and provides fast online quotes. The ideal company for you will depend on your employee count and payroll.

Pie has the cheapest workers’ compensation insurance in Oklahoma, charging an average of $115 monthly.

According to Oklahoma law, businesses must purchase workers’ compensation insurance if they have more than one employee. However, certain types of companies are exempt.

The average monthly cost of workers’ compensation insurance for a business with 20 employees in Oklahoma is $164.

About Melissa Wylie


Melissa Wylie headshot

Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.

Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.

Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.

Melissa's other work can be read on LendingTree and Bizwomen.


sources