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.
Best Workers’ Compensation Insurance in Oklahoma
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.
How was this MoneyGeek score calculated?
- Average monthly cost of $115
- Fast online quote process
Pie offers small business workers’ comp insurance directly or by partnering with local insurance companies. The company’s average monthly premium is $115, the cheapest in Oklahoma. An online quote only takes 32 seconds, the fastest of the companies we rated.
However, Pie has a high average rate of complaints and a lower financial stability rating than its competitors. These factors could influence its ability to settle claims on time.
- $132 average monthly cost
- A+ AM Best financial stability rating
Thimble offers small businesses flexible workers’ compensation insurance. For instance, it provides monthly and yearly coverage and payment plans. The company has one of the most affordable premiums and an AM Best A+ financial stability rating, indicating it can pay claims quickly.
However, Thimble has a high NAIC complaint index score and takes more than two minutes to provide an online quote.
- Policies cost an average of $194 per month
- Low average rate of complaints
- A+ AM Best rating
The Hartford has provided insurance for over two centuries. The company scored well for customer satisfaction, which means it has a low average rate of complaints. Its A+ financial stability rating indicates you can trust it to settle your claims on time.
However, The Hartford has one of the priciest workers’ comp insurance rates in Oklahoma.
- $182 average monthly cost
- Good customer satisfaction score
Next offers insurance solutions for small businesses. The company offers fast claims processing, often in less than 48 hours. Its low average rate of complaints indicates that it provides good customer service.
However, Next workers’ compensation insurance is relatively expensive, and the company takes almost two minutes to provide an online quote.
- Monthly average cost of $195
- A++ AM Best financial stability rating
- Fast online quotes process
Founded in 2015, biBerk offers small businesses a modernized insurance buying process. It has an A++ financial stability rating, so you won’t have to worry about the timely settlement of your claims. The company’s online quote process is fast, providing rate estimates in a little over a minute.
However, biBERK charges the highest workers’ compensation insurance rates compared to other Oklahoma companies.
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.
Pie is ideal for business owners concerned about workers’ comp insurance costs. It offers Oklahoma’s most affordable average rate of $115 per month. The company also provides the fastest online quotes process of the Oklahoma insurers we reviewed, averaging just 32 seconds.
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.
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.
biBERK is the best choice for micro businesses looking for workers’ compensation insurance in Oklahoma because it has an A++ AM Best financial stability rating and a low average rate of complaints. It also takes a little over a minute to get an online quote, which shows it has a fast process. However, the company has the highest rates of the insurers we reviewed.
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.
Pie has the most affordable workers’ comp rates for midsized businesses at an average cost of $521 per month. It provides an online quote in only 32 seconds, the fastest among other insurers. However, Pie does not have a high financial stability rating and might not offer the best customer service.
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.
How was this cost calculated?
Factors That Impact Workers’ Compensation Costs in Oklahoma
Premiums and other insurance costs differ for every business, depending on the following factors:
Insurers generally charge a policy rate for every $100 of payroll. Having a large payroll will significantly increase your insurance expenses. Oklahoma’s index rate is $1.41 per $100 of payroll, higher than most states.
Number of employees
The risk of employee injury increases with the number of employees. Consequently, insurance for companies with a high employee count costs more.
Employee class code
A class code refers to the type of work an employee performs. It determines how much money insurers will charge for every $100 of payroll. Workers' compensation insurance will generally be more expensive for an employee working in construction than an IT industry employee.
Insurance companies charge a higher rate if your business has a history of filing claims. The U.S. Bureau of Labor Statistics (BLS) reports Oklahoma had more than 30,000 nonfatal occupational injuries and illnesses in 2021.
There were more than two million nonfatal occupational injuries in the private industry at the national level, according to BLS data.
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.
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.
About Melissa Wylie
- biBERK. "About biBERK." Accessed May 30, 2023.
- Oklahoma Workers' Compensation Court of Existing Claims. "Frequently Asked Questions." Accessed May 30, 2023.
- Pie Insurance. "Timeline." Accessed May 30, 2023.
- The Hartford. "Our History." Accessed May 30, 2023.
- Thimble. "About Us." Accessed May 30, 2023.
- U.S. Bureau of Labor Statistics. "Injuries, Illnesses, Fatalities." Accessed May 30, 2023.
- U.S. Bureau of Labor Statistics. "State Occupational Injuries, Illnesses and Fatalities." Accessed May 30, 2023.