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.

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Best Workers’ Compensation Insurance in Vermont

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 Vermont.

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

677Quotes Analyzed
6Companies Compared
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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?

biBERKBest Overall in Vermont




Customer Satisfaction


Financial Stability


Online Quote Process

Geek Quick Take
Geek Quick Take
  • Affordable average monthly rate of $185
  • Strong financial footing
  • Quick online quote system
  • Promising customer service record
More About biBERK

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.





Customer Satisfaction


Financial Stability


Online Quote Process

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Geek Quick Take
  • Cheapest average monthly premium of $110
  • Fast online quote application
  • Poor customer service record
More About Pie

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.

The Hartford

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.

MoneyGeek Top Pick

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.

PieMonthly Cost$110Annual Cost$1,318
ThimbleMonthly Cost$153Annual Cost$1,716
biBERKMonthly Cost$185Annual Cost$2,080
The HartfordMonthly Cost$222Annual Cost$2,662
NextMonthly Cost$239Annual Cost$2,866
NationwideMonthly Cost$264Annual Cost$3,164

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.

MoneyGeek Top Pick

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.

MoneyGeek Top Pick

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?

5Monthly Cost$78Annual Cost$904
20Monthly Cost$195Annual Cost$2,301
100Monthly Cost$808Annual Cost$9,554

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.

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    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.

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    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.

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    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.

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    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.

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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.

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

About Melissa Wylie

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Melissa Wylie is the Content and SEO Manager at MoneyGeek, with nearly a decade of editorial experience and six years of work in financial content focused on small businesses. She previously held SEO positions at Bankrate and LendingTree, with bylines on ValuePenguin and MagnifyMoney.

Wylie has a journalism degree from the University of North Texas. Her strong foundation in journalism helps her craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.