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.

MoneyGeek Logo IconBest Workers'CompensationSouth Carolina
2024

Best Workers’ Compensation Insurance in South Carolina

Why Trust MoneyGeek? We collected 677 workers’ compensation insurance quotes and analyzed cost information alongside customer satisfaction and financial stability reports to determine the best workers’ compensation insurance companies for small businesses in South Carolina.

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Coverage costs and company information for workers' compensation insurance providers in South Carolina were last updated in 2023.

677Quotes Analyzed
 
6Companies Compared
 
50ZIP Codes

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

3.4/5

Affordability

5/5

Customer Satisfaction

4/5

Financial Stability

4/5

Online Quote Process

Geek Quick Take
Geek Quick Take
  • 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

5/5

Affordability

1/5

Customer Satisfaction

2/5

Financial Stability

5/5

Online Quote Process

Geek Quick Take
Geek Quick Take
  • 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
4
Next
Score:89
5
Thimble
Score:88
6
Nationwide
Score:87

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.

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MoneyGeek Top Pick
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.

PieMonthly Cost$109Annual Cost$1,308
The HartfordMonthly Cost$158Annual Cost$1,900
ThimbleMonthly Cost$189Annual Cost$2,142
biBERKMonthly Cost$205Annual Cost$2,305
NextMonthly Cost$239Annual Cost$2,871
NationwideMonthly Cost$259Annual Cost$3,103

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.

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MoneyGeek Top Pick
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.

mglogo
MoneyGeek Top Pick
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?

5Monthly Cost$69Annual Cost$801
20Monthly Cost$193Annual Cost$2,272
100Monthly Cost$651Annual Cost$7,670

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.

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    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.

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    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.

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    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.

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    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.

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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.

Which company has the best workers’ compensation insurance in South Carolina?
Which company has the cheapest workers’ compensation insurance in South Carolina?
Does South Carolina require businesses to have workers’ compensation insurance?
How much does workers’ compensation insurance cost in South Carolina?

About Melissa Wylie


Melissa Wylie headshot

Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.

Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.

Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.

Melissa's other work can be read on LendingTree and Bizwomen.


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