Best Workers' Compensation Insurance in Oregon (2024)

MoneyGeek identified the best workers’ compensation insurance companies in Oregon based on average premiums, customer satisfaction ratings, financial stability and the efficiency of the online quote process. Pie emerged as our overall winner, ranking first in affordability and online quote accessibility.

Oregon state law mandates workers’ compensation insurance for all small businesses. This coverage protects business owners from legal and financial liabilities arising from work incidents. It covers legal expenses, lost wages and medical bills if an employee suffers from a work-related injury or illness.

Pie ranks as Oregon’s overall best workers’ compensation insurance provider, earning a MoneyGeek score of 92 out of 100. Pie’s workers’ comp policies cost a monthly average of $70 for companies with 20 employees. However, your actual rate may vary depending on several factors, such as the nature of your business and the number of employees you have.

Pie offers Oregon’s cheapest workers’ comp insurance, costing a monthly average of $70. We based our study on rates for businesses with 20 employees and $1,250,000 in annual payroll expenses. Employee count and total payroll will significantly impact your company’s workers’ compensation insurance costs.

In the table below, we’ve ranked companies based on average monthly and annual rates for a business with 20 employees to help you find Oregon’s cheapest workers’ compensation provider. Note that the most affordable provider for your small business may vary depending on several factors.

biBERK is the best workers’ comp provider for micro businesses in Oregon, offering policies at an average monthly cost of $58. We based our ranking on quotes for a business with five employees and an annual payroll expense of $312,500.

Companies that have less than 10 employees are known as micro businesses. While having more employees can increase your workers’ compensation premium, it’s important to note that payroll costs have a significantly greater impact on your rates.

Thimble is the best workers’ compensation provider for midsize businesses in Oregon. It is also the cheapest option at an average monthly premium of $466.

Your number of employees is a key factor in the cost of your workers’ comp insurance, but payroll costs have a bigger impact on premiums. MoneyGeek considered both factors in our study of the best workers’ comp providers for midsize businesses. Sample companies in our studies have 100 employees and an annual payroll of $6,250,000.

In Oregon, workers’ compensation insurance costs approximately $129 monthly for businesses with 20 employees. That’s $39 more than the monthly national average cost of $168. MoneyGeek collected quotes based on a sample policy with the following limits:

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

A policy with these limits will cover up to $1 million in total liability costs (including medical bills, lost wages or legal fees) for all accidents a business reports within a policy period. These limits also cap payouts at $1 million per accident and $1 million per employee, which means you’ll have to pay out of pocket for any costs beyond these limits. We recommend purchasing commercial umbrella insurance with increased coverage limits to boost your company’s financial protection.

Your annual payroll and employee headcount are the key determinants of your workers’ comp insurance costs. Refer to the table below to see how Oregon’s average workers’ compensation insurance cost varies based on your number of employees.

The cost of Oregon workers’ compensation insurance varies for each business depending on several factors. State regulations, payroll costs, employee headcount, employee class codes and previous claims history will all likely affect your premiums.

All Oregon businesses are required to obtain workers’ compensation insurance. However, certain types of workers may qualify for an exemption.

Workers’ comp insurance protects companies from the financial impact of liability claims. Business owners should consider this coverage a safety net against unexpected expenses due to medical bills and legal damages if employees get injured or sick on the job.

Workers’ comp insurance benefits employers and employees alike. Employers are protected from lawsuits and medical treatment expenses if an employee suffers a work-related injury or illness. This coverage provides employees with vocational rehabilitation, compensation for lost wages and death benefits.

This type of financial protection is necessary for all small business owners since liability for even one workplace injury can quickly run into tens of thousands of dollars or more.

The Oregon Workers’ Compensation Division provides a resource hub where employees can report an injury, file a claim, browse health care providers, look up an employer’s coverage and find helpful information about getting paid for time off.

Employees who wish to file for workers’ comp benefits must complete Form 801 (“Report of Job Injury or Illness”) and submit it to the employer, who should then send it to its insurance provider within five days of notice. If you’re seeking medical treatment, inform your physician that your injury is work-related. Ask for your doctor’s assistance in completing Form 827 (“Worker’s and Health Care Provider’s Report for Workers’ Compensation Claims”). Your employer’s insurer will notify you in writing whether your claim is accepted or denied within 60 days of your employer’s knowledge of the claim.

The best workers’ compensation insurance provider for your small business provides quality coverage at the most affordable premiums. MoneyGeek helps you cut through the noise by giving you the essential information for selecting your Oregon insurer.