NEXT is South Carolina's best workers' compensation insurance provider, scoring 98 out of 100. The company offers reliable customer service, very low workers' comp rates and an extensive coverage selection. Pie and The Hartford are good runners-up to consider.
Cheapest Workers' Comp Insurance in South Carolina
Updated: June 20, 2025
Advertising & Editorial Disclosure
Key Takeaways
NEXT, Pie, The Hartford, Nationwide and Thimble are the best cheap workers' comp insurance providers in South Carolina.
For most small businesses in South Carolina, workers' compensation coverage costs around $841 per year or $73 per month.
Workers' comp insurance is required in South Carolina for all companies with employees. It covers expenses when employees sustain injuries or illnesses during business activities.
Best Cheap Workers’ Comp Insurance Companies in South Carolina
| Next | 98 | $170 |
| Pie | 91 | $198 |
| The Hartford | 89 | $299 |
| Nationwide | 86 | $310 |
| Thimble | 85 | $335 |
| biBERK | 86 | $355 |
*Rates and scores are for software development businesses with small (five employees), medium (20 employees) and large (100 employees) operations, aggregated for an overall best recommendation.
NEXT: Best Overall
pros
Cheapest rates in South Carolina
Highly recognized superior customer service
cons
May not be ideal for larger firms
COMPANY HIGHLIGHTS
South Carolina businesses benefit from NEXT's affordability and excellent customer experience, reflected in its 4.7 out of 5 rating and CNBC recognition as a top global digital insurer. NEXT works best for companies with under 50 employees, while larger businesses may need to explore alternative coverage options.
How Much Is Workers' Comp Insurance in South Carolina?
Workers' comp rates for South Carolina businesses range from $841 to $8,053 per year. This range applies only to software development companies. Your actual rates will vary based on:
- Number of employees
- Industry risk level
- Specific work performed by employees
- Claims history
| Larger small businesses | $684 | $8,053 |
| Businesses with five or less employees | $73 | $841 |
| Medium-size small businesses | $203 | $2,385 |
Factors That Impact Workers’ Compensation Costs in South Carolina
The cost of workers' compensation insurance varies for each business based on several factors:
Payroll costs
Businesses typically pay workers' compensation rates based on each $100 of payroll. A business with higher payroll costs pays a higher premium than one with lower payroll costs.
Number of employees
Companies with a large number of employees face a higher risk of employee injury, which can increase insurance premiums.
Employee class code
A class code identifies the type of work employees do. This code sets the rate charged for every $100 of payroll. High-risk industries like construction, mining and manufacturing usually have higher rates than lower-risk fields such as consulting, accounting and software development.
Previous claims
A history of workers' compensation claims can increase your premium.
South Carolina Workers' Comp Insurance: Buyer's Guide
Finding the right business insurance can be challenging. We've broken down how to get the best workers' comp coverage, who needs it and what this type of policy covers to guide you.
How to Get the Best Workers' Comp Insurance in South Carolina
Here are the steps to help your organization get the best workers' compensation policy possible:
- 1
Learn about required coverages and options
Research your state's regulations first, as requirements and options vary widely. The coverage you need depends on your industry, organization size and claims history. Talk to a business insurance agent about what's right for your company before buying to avoid getting too much or too little workers' comp insurance.
- 2
Research costs and providers
Research average costs and providers for your specific business to determine which companies to get quotes from. Also, consider state-provided options and whether self-insurance is possible in your state.
- 3
Consult similar businesses
Talk to other businesses in your community, especially those similar to yours. Ask about their experiences, needs and coverage choices to help inform your decision more personally.
- 4
Compare multiple providers through different means
Get multiple quotes and compare providers on equal terms to find the best deal. Prices vary depending on how you get quotes — online comparison sites versus speaking with an agent. Use different methods and contact various companies to gain the most balanced view of what's best for your business.
Do You Need Workers’ Compensation Insurance in South Carolina?
All South Carolina businesses must carry workers' compensation insurance. Sole proprietors, partners and corporate officers who fully own a corporation may choose to be excluded.
WORKERS’ COMP PENALTIES IN SOUTH CAROLINA
In South Carolina, employers who don't provide required workers' compensation insurance or follow workers' comp laws may face:
- No direct fines or criminal penalties: South Carolina does not fine employers for being uninsured, and there are no criminal penalties.
- Asset liens from Uninsured Employers Fund: State grants the fund a lien against all employer assets, including real property and equipment to recover claim costs.
- Liens survive bankruptcy: The lien will survive bankruptcy, but can be removed by paying the amount owed.
- Collection actions and asset seizure: State can levy and sell any employer asset to satisfy the lien, potentially making it impossible for an employer to stay in business.
- Liability for all benefit payments: Employer becomes liable for all fees, expenses, and costs related to the injured worker's benefits paid by the Uninsured Employers Fund.
- Business asset seizure: State can take business assets to pay for costs associated with workers' comp claims.
- Fraud penalties for documentation falsification: Knowing and willfully falsifying insurance documentation subjects a person to fraud penalties as provided by law.
- Coverage lapse notification violations: Failure to notify of coverage lapse within five days by certified mail is considered fraud.
What Does Workers’ Compensation Insurance Cover in South Carolina?
Workers' compensation insurance provides essential benefits to employees with work-related injuries or illnesses. This coverage typically includes medical care, disability benefits and lost wages for affected workers, paying 66% of weekly wages under South Carolina law. It protects employees while shielding businesses from potential legal claims related to workplace injuries or illnesses.
Best Workers' Compensation Insurance South Carolina: Bottom Line
NEXT, Pie and The Hartford are the best and most affordable workers' comp insurance providers in South Carolina. While we recommend these companies, compare rates yourself and consult similar businesses in your industry to find the best deal.
Workers' Comp Insurance in South Carolina: FAQ
Below are answers to frequently asked questions about South Carolina workers' comp insurance from MoneyGeek experts:
Which company has the best workers’ compensation insurance in South Carolina?
NEXT offers South Carolina's best workers' compensation insurance with competitive pricing (averaging about $166 per month) and a low complaint index. However, your best insurance option depends on your industry, workforce size and state requirements.
Does South Carolina require businesses to have workers’ compensation insurance?
In South Carolina, workers' comp insurance is mandatory for all businesses, though sole proprietors, partners and corporate officers with full ownership may opt out.
How much does workers’ compensation insurance cost in South Carolina?
In South Carolina, a medium-sized small business spends around $203 monthly for workers' compensation insurance.
How We Rated Workers' Comp Insurance Companies in South Carolina
MoneyGeek calculated workers' compensation insurance rates using a software development business with five, 20 and 100 employees to represent various organization sizes.
Our scoring methodology included:
- Affordability (60%): Overall cost compared to other providers and different business profiles
- Customer experience (30%): Ratings from actual customers, J.D. Power studies, AM Best financial stability ratings and our team's experience with quote processes
- Coverage (10%): Additional options beyond standard offerings and breadth of industries served
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- NEXT. "Customer Reviews." Accessed June 10, 2025.
- NEXT. "NEXT Insurance recognized as a top global digital insurer by CNBC." Accessed June 10, 2025.
- SAF. "South Carolina State Accident Fund." Accessed June 10, 2025.