Best Workers' Compensation Insurance in Pennsylvania (2024)

MoneyGeek conducted a comprehensive analysis of workers' compensation insurance providers in Pennsylvania, evaluating key factors such as affordability, customer satisfaction, financial stability and the online quote process. Nationwide emerged as the top option in the state.

Pennsylvania law mandates that businesses must have workers' compensation insurance if they employ one or more individuals. This coverage protects your business from potential financial and legal liabilities that may arise from work-related illnesses or injuries sustained by your employees.

Nationwide offers the best workers’ compensation insurance in Pennsylvania. With an impressive MoneyGeek score of 96 out of 100 and a competitive average monthly cost of $91, it is the most affordable option. Note that actual costs may vary based on factors such as the number of employees.

In Pennsylvania, Nationwide stands out as the most affordable insurance provider, offering an average monthly premium of $91 for businesses with 20 employees and an annual payroll cost of $1,250,000. It is important to note that this rate may vary depending on the number of employees and the annual payroll of your specific business.

While we used average monthly costs as a basis for ranking the best workers’ compensation insurance in Pennsylvania, it is crucial to consider that the best option for your small business may depend on your specific priorities. Provided below is a table that ranks the companies we assessed in Pennsylvania, showcasing both annual and monthly costs for insuring a business with 20 employees.

biBERK emerges as the top choice for workers’ compensation insurance in Pennsylvania for businesses with five employees and an annual payroll of $312,500. With a monthly premium of $54, biBERK provides an outstanding insurance package.

Premiums may vary depending on the number of employees, but the payroll amount holds a more significant influence on determining the premiums. Note that businesses with one to nine employees are generally classified as micro businesses.

biBERK is the leading choice for midsize businesses in Pennsylvania that employ 100 individuals, providing a monthly premium of $429. This premium is calculated based on an annual payroll amount of $6,250,000. Although the number of employees plays a role in determining workers' compensation insurance costs, the payroll amount typically carries greater weight when determining premiums.

Businesses with 20 employees can expect to pay an average monthly cost of $125 for workers’ compensation insurance in Pennsylvania. This amount is notably lower than the national average, which stands at $168 per month.

We established these policy limits to calculate the associated costs:

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

The total policy limit of $1 million represents the maximum coverage provided for all claims collectively under the workers' compensation insurance policy. The per-accident limit denotes the highest amount the insurer would reimburse for a single incident, while the per-employee limit signifies the maximum coverage accessible for each individual employee.

Referencing the table below, you can see the average expenses of workers' compensation insurance for businesses with five, 20 and 100 employees. This highlights the impact of employee count and payroll on the associated costs.

The cost of workers' compensation insurance can vary for each business and is influenced by several factors, such as previous claims history, the number of employees and the payroll costs involved.

In Pennsylvania, businesses that employ one or more individuals, regardless of whether they are part-time or full-time employees, are required to have workers' compensation insurance. However, specific categories of workers, such as domestic employees and executive officers, are exempt from this coverage.

While there are exemptions in place, acquiring workers' compensation insurance in Pennsylvania is essential for safeguarding financial stability. It is advisable to verify the legal requirements with the state to ascertain the specific obligations for your unique circumstances.

Workers' compensation coverage can be obtained through various avenues in Pennsylvania, including private insurance carriers, agents, brokers or the state insurance fund. Another option is to self-insure.

Workers’ compensation insurance in Pennsylvania offers benefits to employees who experience job-related injuries or illnesses, with the employee serving as the policyholder. While the exact benefits can differ across states, they generally encompass:

• Medical care: Under workers' compensation insurance, the expenses related to work-related injuries or illnesses can be covered, including medical care costs such as doctor's visits, hospital stays and prescribed medications.
• Lost wages: Workers' compensation insurance can offer wage replacement benefits to employees who are unable to work due to work-related injuries or illnesses, ensuring they receive a paycheck during their period of incapacity.
• Death benefits: In the event of an employee's death due to a work-related injury or illness, workers' compensation insurance can offer both a lump sum payment and ongoing financial support to the dependents of the deceased employee.

The Department of Labor and Industry oversees workers' compensation in the state. To file a claim and receive workers' compensation benefits in Pennsylvania, employees can follow these steps:

• Report the injury or illness to your employer.
• Seek medical attention from an approved healthcare provider.
• Complete the required claim forms.
• Submit the claim forms to your employer or their insurance carrier.
• Follow up with your employer regarding the claim.
• Cooperate with the insurance carrier's inquiries.
• Await a decision on your claim.

To help you select the best workers’ compensation insurance provider in Pennsylvania, we answered commonly asked questions regarding finding suitable coverage. This information will aid you in making an informed decision.