Best Workers'CompensationSouth CarolinaBest Workers' Compensation Insurance in South Carolina (2023)
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Our experts have selected The Hartford as the best workers’ compensation insurance provider in South Carolina after considering costs, customer satisfaction, online quote processing speed and financial stability.
Some small business owners in South Carolina are required by law to get workers’ compensation coverage. This type of insurance ensures that employees who suffer from work-related injuries or illnesses get the compensation they deserve. It also safeguards employers from lawsuits brought by injured employees.
Best Workers'CompensationSouth CarolinaBest Workers’ Compensation Insurance in South Carolina
Best Overall in South Carolina - The Hartford
Best for Micro Businesses - The Hartford
Best Workers’ Compensation Insurance in South Carolina
The Hartford provides the best workers’ compensation insurance in South Carolina. If you choose this insurer, expect to pay an average monthly premium of $158. Pie Insurance takes the second spot.
How was this MoneyGeek score calculated?
1
The HartfordBest Overall in South Carolina
Score:95
- Charges an average of $158 per month
- Provides a higher level of customer satisfaction than others
- Is quick to process online quotes
More About The Hartford
Data from the National Association of Insurance Commissioners (NAIC) shows that The Hartford has the lowest rate of customer complaints among insurers. This is great news if you’re looking for high levels of customer satisfaction. At $158 per month, the company’s average premium is the second cheapest.
This insurer is the third fastest in providing online quotes, taking an average of 1 minute and 24 seconds to process each request. Its AM Best rating of A+ indicates it is a financially sound company that can easily meet its ongoing financial obligations.
2
Pie
Score:92
- Provides the cheapest workers’ compensation insurance in South Carolina
- Premiums cost an average of $109 per month
- Is the quickest to provide online quotes
More About Pie
Pie provides the second-best workers’ comp insurance in South Carolina. It offers the state’s most affordable coverage, charging an average of $109 per month. It is also the fastest at processing online quotes, averaging 31 seconds per request.
Although the company’s AM Best Rating of A- indicates reasonable financial stability, this is the lowest rating of the companies we surveyed. Pie has the highest rate of complaints in NAIC’s national complaint index — a potential cause for concern regarding the level of service you can expect.
3
biBERK
Score:91
- Average monthly cost stands at $205
- Is the most financially stable company
- Typically provides online quotes in less than a minute and a half
More About biBERK
biBERK has the highest AM Best rating of A++ in this segment, indicating it is the most financially stable insurer. The company takes 1 minute and 24 seconds to provide an online quote, the third fastest.
biBERK charges an average of $205 per month, making it the third most expensive insurer in the state. It also has the third highest rate of complaints according to the NAIC complaint index, which could be a problem if you’re looking for high levels of customer satisfaction.
4
Next
Score:89
- Charges an average of $239 per month
- Provides high levels of customer satisfaction
More About Next
Next has the second lowest rate of complaints according to the NAIC complaint index, which indicates that its customers are largely satisfied with the service they receive. Its average monthly premium of $239 is the second highest in this segment.
This company takes an average of 1 minute and 35 seconds to process each online quote, which is slower than most. Its A- rating from AM Best indicates a reasonable level of financial stability, although lower than its competitors.
5
Thimble
Score:88
- Average monthly cost is $189
- Typically processes online quote requests in less than a minute
- Is a financially sound company
More About Thimble
Thimble charges an average of $189 per month, making it the third most affordable insurer in South Carolina. It processes online quotes fairly quickly, averaging 52 seconds per request, the second fastest in this segment.
It has an AM Best rating of A+, which means it’s in a good position to meet its existing financial obligations. However, the company has the second highest rate of complaints among its competitors, indicating you may face problems with customer service.
6
Nationwide
Score:87
- Need to pay an average of $259 per month
- Is a financially stable company
More About Nationwide
Nationwide has an AM Best rating of A+, indicating it can easily meet its ongoing fiscal obligations. It has a relatively low rate of complaints, which is good for customers who desire a high level of customer service.
The company offers the most expensive workers comp insurance in South Carolina, charging an average of $258 per month. It processes requests for online quotes in an average of 3 minutes and 10 seconds, the longest time of all.
Cheapest Workers’ Compensation Insurance in South Carolina
Pie provides the cheapest workers’ compensation insurance in South Carolina at an average cost of $109 per month. This cost is for a business with 20 employees and an annual payroll of $1,250,000. The amount you’ll need to pay depends largely on payroll costs and employee count.
Pie
Pie’s average monthly premium of $109 is the most affordable in South Carolina. This company is also the quickest to process online quotes. However, it has the lowest customer satisfaction and financial stability ratings.
We identified the cheapest workers' comp insurance provider in South Carolina by ranking companies based on their average monthly costs. The most affordable option for you may vary depending on various factors. The table below shows monthly and annual costs for businesses with 20 employees. We ranked the companies based on their monthly costs.
Best Workers’ Compensation Insurance for Micro Businesses in South Carolina
The Hartford offers the best workers’ compensation insurance for businesses with five employees. Based on an annual payroll amount of $312,500, its average monthly premium is $70. Typically, a micro-business has one to nine employees. While employee count affects the amount you pay for workers’ compensation insurance, payroll expenses tend to have a more significant impact.
The Hartford
Compared to the other insurers in this segment, The Hartford provides the highest levels of customer satisfaction. It processes online quotes fairly quickly, typically taking less than a minute and a half per request. As indicated by its AM Best ranking, it is a financially stable company, and offers the third cheapest workers' compensation insurance in South Carolina.
Best Workers’ Compensation Insurance for Midsize Businesses in South Carolina
Pie offers the best workers’ compensation insurance for businesses with 100 employees. For an annual payroll cost of $6,250,000, you’ll pay an average of $446 per month. Payroll costs have a more significant impact on monthly premiums than employee counts.
Pie
Pie’s monthly average cost of $446 is the most affordable in this segment. Its average online quote processing speed is better than all the other insurers. However, it has a low customer satisfaction rating. Its AM Best rating also leaves room for improvement.
How Much Is Workers’ Compensation Insurance in South Carolina?
The average cost of getting workers’ compensation insurance in South Carolina for businesses with 20 employees is $193.09, higher than the national average of $167.96 per month. We used the following policy limits:
- Total policy limit of $1 million
- Per accident limit of $1 million
- Per employee limit of $1 million
The above policy provides coverage of a maximum of $1 million per accident — regardless of how many employees are injured — and $1 million per employee, with an overall policy limit of $1 million.
The table below shows average workers’ compensation insurance costs for businesses with five, 20 and 100 employees. Key factors that affect rates include payroll costs and number of employees.
How was this cost calculated?
Factors That Impact Workers’ Compensation Costs in South Carolina
Workers’ compensation insurance costs vary based on payroll expenses, employee count, claims history, employee class codes and state regulations.
Payroll costs
Insurance companies tend to charge premiums based on every $100 of payroll expenses, so businesses with higher payroll costs pay more. Companies in South Carolina paid an average of $1.35 per $100 of payroll expenses in 2022. This rate is lower than in most states.
Number of employees
Businesses with many employees face an increased risk of work-related injuries or illnesses, which typically leads to higher-than-average premiums.
Employee class code
Class codes denote the nature of the work employees perform. Insurance companies use these codes to determine premiums per $100 of payroll expenses. High-risk industries like manufacturing and construction typically pay more for insurance than low-risk businesses such as consulting and teaching.
Previous claims
Businesses that have filed workers’ compensation insurance claims in the last few years tend to pay higher premiums. Data from the U.S. Bureau of Labor Statistics shows that South Carolina’s private industry recorded 30,300 workplace injuries and illnesses in 2021. Countrywide, the private sector recorded 2,607,900 nonfatal cases in 2021.
Do You Need Workers’ Compensation Insurance in South Carolina?
If your South Carolina business has four or more employees, you must have workers’ comp insurance. Exemptions include casual employees, businesses with annual payroll expenses below $3,000, state/county fair associations, federal employees, agricultural employees and railroads/railway express companies. Real estate agents working on commissions and owner-operator drivers meeting specific threshold requirements are exempt.
WORKERS’ COMP PENALTIES IN SOUTH CAROLINA
South Carolina does not classify the failure to have workers’ compensation insurance as a criminal offense. If an employer does not have workers’ compensation insurance, the state’s Uninsured Employers Fund pays for the injured employee’s expenses and collects these costs from the employer.
- The fund may file a lien against any and all of the employer’s assets
- If a payment agreement is not reached, the owner’s assets can be levied on and sold to satisfy the entire lien
What Does Workers’ Compensation Insurance Cover in South Carolina?
Employees in South Carolina benefit from workers’ compensation insurance in several scenarios. While it covers treatment for work-related injuries and illnesses, it also covers injuries that might occur at work due to natural disasters, terrorist attacks and workplace violence. Workers’ compensation insurance pays for hospitalization, medication and rehabilitation costs. In some instances, it also provides income replacement and death benefits.
Workers’ comp insurance protects employers, who are the policyholders, from financial losses and potential lawsuits due to work-related injuries or illnesses. If an employee dies because of a work-related injury or illness, their dependents receive death benefits.
Workers’ Compensation Insurance Resources for Employees in South Carolina
South Carolina’s Workers' Compensation Commission oversees workers’ compensation insurance-related matters in the state. Employers, not the injured or ill employees, are responsible for filing claims. However, if your employer fails or refuses to file a claim, you may do so by submitting Form 50. Filing a death claim requires submitting Form 52. You can find both on the Workers' Compensation Commission website, which provides additional information.
Frequently Asked Questions About Workers’ Compensation Insurance in South Carolina
We’ve answered some commonly asked questions about workers’ comp insurance in South Carolina to help you determine which company may work best for you.
About Melissa Wylie
sources
- Insurance Information Institute. "Workers’ Comp Insurance." Accessed May 29, 2023.
- Oregon.gov. "2022 Workers’ Compensation Premium Index Rates." Accessed May 29, 2023.
- South Carolina Workers' Compensation Commission. "South Carolina Workers’ Compensation Commission." Accessed May 30, 2023.
- U.S. Bureau of Labor Statistics. "State Occupational Injuries, Illnesses, and Fatalities." Accessed May 29, 2023.
- U.S. Department of Labor. "State Workers’ Compensation Officials." Accessed May 29, 2023.