When evaluating the best workers’ compensation insurance providers in Vermont, we considered many different factors, including affordability, customer satisfaction, financial stability and the efficiency of their online quote applications. Our research found biBERK to be the overall best insurer in Vermont state.
Vermont requires workers’ compensation insurance for all employers. This coverage helps protect business owners from being held personally liable for employee injuries and helps support employees who may lose work after a workplace incident.
Best Workers’ Compensation Insurance in Vermont




Best Workers’ Compensation Insurance in Vermont
In the Green Mountain State, biBERK is our top pick for workers' compensation insurance, with a MoneyGeek score of 93 out of 100. It offers competitive rates at an average monthly cost of $185. However, your rate may vary based on factors unique to your business.
How was this MoneyGeek score calculated?

- Affordable average monthly rate of $185
- Strong financial footing
- Quick online quote system
- Promising customer service record
MoneyGeek’s analysis found that biBERK offers reliable workers’ compensation insurance at moderate rates. biBERK received an A++ (Superior) rating from industry leader AM Best for its financial stability, meaning this insurer can dependably pay its claims obligations. Its fast online quote system makes it easy for small business owners to access quotes, and the company receives relatively few complaints from policyholders.
biBERK’s premiums may not be the cheapest of the companies MoneyGeek surveyed, but it’s not the most expensive, either. On average, biBERK's monthly premiums cost around $185.

- Cheapest average monthly premium of $110
- Fast online quote application
- Poor customer service record
Pie offers the most affordable workers’ compensation premiums of any Vermont company we surveyed, at a monthly average rate of $110. The insurer stands out for its ultra-fast online quote system, which allows users to obtain quotes in less than a minute.
However, the company’s ratings demonstrate a shaky financial footing, making it less dependable in paying out claims than other providers we reviewed. It also ranks low in customer satisfaction due to frequent customer complaints.

- Customers can access quotes online in less than a minute
- Affordable average monthly premium of $153
- Has received frequent customer complaints
With a MoneyGeek score of 91 out of 100, Thimble is our pick for Vermont’s third-best workers’ compensation insurance provider. The company offers the second cheapest premium in the state of the companies we surveyed, at a monthly average of $153. Business owners shopping for insurance can get online quotes from this provider in less than a minute.
Data from NAIC (National Association of Insurance Commissioners) shows that Thimble receives a relatively high number of customer complaints, meaning policyholders may experience less than ideal customer service.

- Excellent customer satisfaction record
- A+ (Superior) AM Best rating for financial strength
- Efficient online quote application
- Average monthly premium of $222
The Hartford is a dependable workers’ compensation insurer in Vermont, charging relatively high premiums for excellent customer service and financial stability.
The company stands for its low number of customer complaints, and its online application allows customers to access quotes quickly. Its stability supports The Hartford’s ability to meet its financial obligations and payout policyholders’ claims. However, the insurer’s premium costs an average of $222 per month or $2,662 per year, making it moderately expensive compared to other providers in Vermont.

- Average monthly premium of $239
- Excellent customer satisfaction ratings
- Fast online quote process
Next earned a MoneyGeek score of 89 out of 100 in our review of Vermont’s best workers’ compensation insurance providers. The insurer quickly processes customers’ online quote applications for your convenience.
Our research found that Next receives few complaints from its policyholders, demonstrating an excellent customer service record. However, the company is less financially secure than most Vermont providers we reviewed, meaning it’s less reliable in meeting its claims obligations. Its premiums are also relatively expensive despite this instability.

- A+ (superior) AM Best rating, demonstrating financial strength
- Average monthly premiums of $264
- Slow online quote process
- Quality customer service record
Nationwide earned a MoneyGeek score of 87 out of 100 in our review of Vermont’s best workers’ compensation insurance companies. Our research found that Nationwide receives few customer complaints compared to other Vermont insurers, demonstrating a decent customer service record. It’s also a financially secure company, meaning you can rely on Nationwide to pay its policyholders’ claims.
However, Nationwide’s premiums cost a monthly average of $264, the most expensive in our comparison group. It also has a slow online quote process, making it less convenient to shop for rates.
Cheapest Workers’ Compensation Insurance in Vermont
The cheapest Vermont company offering workers’ compensation insurance is Pie, with an average monthly premium of around $110 for businesses with 20 employees and $1,250,000 in annual payroll expenses.
Note that employee count and payroll can significantly affect insurance costs. We recommend shopping around and comparing quotes with multiple insurers to ensure you’re getting the best rate for your business.

Pie
MoneyGeek’s analysis found that Pie offers the most affordable premiums in Vermont for businesses with 20 employees and $1,250,000 in annual payroll costs. Its premium costs approximately $110 per month, but this rate may vary depending on your business’s profile.
Budget-conscious businesses may find Pie ideal. However, the company received relatively low ratings in financial stability, meaning it may not reliably payout its policyholders’ claims. The company also receives frequent customer complaints.
To determine the cheapest workers’ compensation insurance providers for small businesses in the Green Mountain State, we ranked each company based on their average monthly premium. The most affordable policy for you may vary depending on factors** unique to your business.
Below, we analyzed the average cheapest insurers for Vermont companies with 20 employees, featuring their average monthly and annual premiums.
Best Workers’ Compensation Insurance for Micro Businesses in Vermont
biBERK is the top-rated workers' compensation insurance for Vermont micro businesses with five employees and an annual payroll expense of $312,500. biBERK offers an average monthly premium of $71.
Insurers often refer to companies with less than 10 workers as micro businesses. Employee count and payroll affect the cost of workers’ compensation insurance, but payroll typically has the most significant impact on premiums.

biBERK
biBERK ranks highly for its affordable premiums and excellent customer satisfaction record. biBERK also offers prompt online quote applications, making it easy for micro businesses to access insurance quotes.
biBERK offers moderate rates for micro businesses, meaning that you might select another company if your biggest priority is lowering costs. However, its prices come with quality service and financially sound backing, translating to an insurer who will reliably pay its policyholders’ claims.
Best Workers’ Compensation Insurance for Midsize Businesses in Vermont
For Vermont midsize businesses, biBERK is the best option for workers’ compensation insurance. It offers an average monthly premium of $798 for a company with an annual payroll of $6,250,000 and 100 employees. While employee count is an important factor for insurance rates, payroll usually has a more significant impact on premiums.

biBERK
biBERK scored the highest possible rating (A++) from AM Best for its financial strength, meaning it can reliably pay out claims. Additionally, biBERK ensures customer satisfaction with its record of minimal policyholder complaints.
biBERK isn’t the most expensive Vermont workers’ compensation insurance provider for midsize businesses, but it’s not the cheapest. We found that biBERK offers one of the best values due to its dependability and few customer complaints.
How Much Is Workers’ Compensation Insurance in Vermont?
The average monthly cost of workers’ compensation insurance in Vermont for a business with 20 employees is $195. This cost is slightly higher than the national monthly average cost of $168.
Our policy limits for this review include the following:
- $1 million total policy limit
- $1 million per accident limit
- $1 million per employee limit
The $1 million total policy limit is the amount the insurance provider will pay for any claim over the policy period. Should a work-related injury occur, this policy will provide up to one million dollars in total coverage for medical expenses and lost wages for the employee, with one million dollars provided per accident for multiple claimants and up to one million dollars per employee.
This policy limit helps the business owner maintain a financial buffer in the event of expensive claims related to injury or illness while providing proper coverage to employees.
The table below provides the average workers’ compensation insurance rates for Vermont companies with five, 20 and 100 employees. Two main factors influence workers’ compensation insurance costs: the company’s number of employees and total payroll expenses.
How was this cost calculated?
Factors That Impact Workers’ Compensation Costs in Vermont
Workers' compensation insurance costs vary from business to business depending on several factors, including payroll costs, number of employees, employee class code and the company's claims history.
Payroll costs
Insurance companies usually charge a predetermined rate per $100 of payroll, which the state determines and differs between businesses' industries. Companies with high payrolls typically pay a higher price than those with lower payroll amounts. In 2022, Vermont averaged $1.98 for every $100 of payroll, slightly above other states' averages.
Number of employees
The number of employees a business has can also impact the cost of workers’ compensation insurance premiums in Vermont. Large businesses with more employees typically pay a higher rate because the risk of an insurance claim is greater.
Employee class code
The employee class code relates to the type of job the employee performs and also affects workers’ compensation costs in Vermont. Insurers use the class code to determine the rate for every $100 of payroll. Jobs with higher risk, such as construction or industrial work, typically have higher premiums than less risky jobs, such as clerical or administrative work.
Previous claims
Insurers look at a business's claims history to determine the cost of workers’ compensation in Vermont. Businesses with a history of frequent or costly claims pay higher premiums than those with minimal claims.
According to the data gathered by the U.S. Bureau of Labor Statistics for 2021, private-industry businesses in Vermont reported 7,200 nonfatal workplace illnesses and injuries. The BLS reported an astounding 2,607,900 nonfatal private-industry nationwide workplace injuries and illnesses in 2021.
Do You Need Workers’ Compensation Insurance in Vermont?
All Vermont businesses must carry workers’ compensation insurance to cover employee wages and medical expenses due to a job-related injury or illness. Vermont requires employers to obtain workers’ compensation coverage for full-time, part-time or independent contractors hired to do one or more jobs.
Some exemptions exist for specific categories of workers, such as agricultural employees and casual workers who make up $10,000 or less in payroll.
Vermont employers who fail to provide legally required workers’ compensation insurance or fail to comply with workers’ comp laws face the following penalties:
- Pay a daily penalty of $50, capping at $5,000.
- If an employer does not comply within five days of being notified by the commissioner or their representative, the state will charge a penalty of $150 per day.
- An employer or workers' compensation insurance carrier that disobeys the state will face a penalty of $500. If they don't comply by the specified date, they will be charged an additional $100 for every day past that date, up to a maximum of $5,000.
- If an employer fails to submit the First Report of Injury within 72 hours of being made aware of an alleged injury, they will face a penalty of $100 per violation.
- An employer or workers' comp insurance carrier that does not make sure their agents or subcontractors comply with the law is subject to a $500 penalty for the first instance of non-compliance on one claim. Subsequent infractions carry a further $500 fine, up to a cap of $5,000.
These penalties demonstrate the financial necessity of obtaining workers’ compensation insurance.
What Does Workers’ Compensation Insurance Cover in Vermont?
Vermont workers’ compensation insurance provides benefits to employees who experience a work-related injury or illness. The policy, which the employer holds, covers medical expenses related to the employee’s injury or illness, including prescriptions, doctor’s visits, conditions related to a disability and necessary medical equipment. Additionally, the policy offers lost wage benefits for the employee’s period of disability up to a state-regulated maximum.
Depending on the circumstances, policies may include death benefits for the employee’s dependents. By obtaining valid workers’ compensation insurance in Vermont, employers can minimize their legal liabilities and ensure their employees can access the necessary care and support.
Workers’ Compensation Insurance Resources for Employees in Vermont
The Department of Labor Workers' Compensation Division is the government agency that oversees workers’ compensation in Vermont. The Department is responsible for resolving workers' compensation disputes, providing oversight and protecting workers’ rights.
To file a claim for workers’ compensation benefits, employees should get a copy of Form 5 from the Vermont Department of Labor Workers' Compensation Division website. Employees should then complete the form and submit it to the Division, along with the necessary information and documentation to support the claim. The Division will investigate the claim and then determine the benefits available to the employee.
Frequently Asked Questions About Workers’ Compensation Insurance in Vermont
MoneyGeek answered the most commonly asked questions about Vermont workers’ compensation insurance.
About Melissa Wylie

sources
- Department of Labor. "Department of Labor. "State Workers' Compensation Officials." Accessed May 24, 2023.
- State of Vermont Department of Labor. "Rule 45 Rules for Administrative Citations and Penalties." Accessed May 24, 2023.
- State of Vermont Department of Labor. "State Workers' Compensation Officials." Accessed May 24, 2023.
- U.S. Bureau of Labor Statistics. "Injuries, Illnesses and Fatalities: Latest Numbers." Accessed May 24, 2023.
- U.S. Bureau of Labor Statistics. "State Occupational Injuries, Illnesses and Fatalities." Accessed May 24, 2023.