2.7/5
Affordability
5/5
Customer Satisfaction
4/5
Financial Stability
4/5
Online Quote Process
MoneyGeek analyzed workers’ compensation providers in West Virginia based on affordability, customer satisfaction, financial stability and online quote process to determine the state’s best insurer. The Hartford stands out as the top company, scoring high across these metrics.
In West Virginia, small business owners are legally obligated to have workers' compensation insurance. It protects against financial and legal liabilities and covers medical expenses, lost wages and potential lawsuits resulting from work-related illnesses or injuries. This coverage reduces liability for employers and employees.
The Hartford is our pick as the best workers' compensation insurer in West Virginia. Amongst five other providers, it has the best customer service and the highest MoneyGeek score of 93 out of 100. The Hartford's workers' compensation insurance averages $130 per month, but costs may vary.
The Hartford, a Connecticut-based financial services company, is our top pick for workers' compensation in West Virginia.
NAIC reports a low rate of complaints, indicating customers are generally happy with its services. Moreover, AM Best awarded The Hartford an A+ for financial stability. This means the company’s finances are in order, and it should be able to fulfill its obligations.
On average, a policy from The Hartford costs $130 per month, which is moderately priced compared to others. Plus, it has a quick quoting process at approximately 1 minute and 27 seconds.
Pie is an insurance company specializing in workers' compensation. With rates as low as $83 per month, it provides the most affordable options in West Virginia, appealing to cost-conscious business owners.
However, Pie has a subpar customer service record, with a higher-than-average number of complaints reported to the NAIC. Additionally, it has an A- rating for financial stability from AM Best, which is lower than its competitors.
Nonetheless, Pie's policies are praised for their affordability, and the company offers the quickest online quote process in the state at 27 seconds.
Pie is the most affordable option for workers' compensation insurance in West Virginia for businesses with 20 employees and an annual payroll cost of $1.25 million. On average, its premiums cost $83 per month.
Employee count and payroll impact insurance costs since larger organizations are usually riskier to insure.
We ranked West Virginia workers’ compensation insurance companies based on average monthly costs to identify the cheapest provider. However, the most affordable option for your small business may vary depending on other factors.
The table below breaks down the annual and monthly costs for insuring a business with 20 employees. It ranks providers based on their monthly prices.
MoneyGeek finds The Hartford is the best choice for workers' compensation insurance in West Virginia for businesses with five employees. If your annual payroll amounts to $312,500, its policies cost about $61 per month.
A business with one to nine employees is commonly categorized as a micro business. Although employee count affects the cost of workers' compensation insurance, payroll usually has a greater impact on determining premiums.
The Hartford provides the best workers' compensation insurance for midsize businesses in West Virginia, offering a monthly premium of around $506 for companies with an annual payroll of $6.25 million.
The company's employee count affects the cost of workers' compensation insurance, and its payroll amount often impacts its premiums.
The average cost of workers' compensation insurance in West Virginia for businesses with 20 employees is $135 per month, which is lower than the national average of $168 per month.
Our sample policy limits are as follows:
The total policy limit represents the maximum coverage for all claims combined. So if multiple accidents or claims occur, the total payout from the insurer won't exceed $1 million.
The per-accident limit ensures insurance coverage can extend up to $1 million for a specific workplace incident.
Meanwhile, the per-employee limit indicates the maximum coverage available for each individual employee, providing up to $1 million for any injuries or medical expenses related to their work.
If expenses exceed these limits, the business owner would be responsible for paying those costs out of pocket. The table below breaks down the average cost of workers’ compensation insurance in West Virginia for various company sizes.
Workers' compensation insurance costs vary due to your number of employees, payroll costs, employee class code, past claims history and more.
In West Virginia, businesses with three or more employees must have workers' compensation insurance. However, agricultural businesses (with less than five employees), domestic workers and churches are exempted from getting coverage.
Obtaining workers' compensation insurance is crucial for a business, regardless of exemptions from legal requirements. This insurance ensures financial protection and coverage for workplace injuries, reducing the risk of substantial expenses and potential legal repercussions in the event of employee injuries on the job.
Workers’ compensation insurance provides essential benefits for employees who experience work-related injuries or illnesses:
By having workers' compensation insurance, business owners fulfill their responsibility to protect their employees. It also provides financial protection in case of litigation.
Employees can use the West Virginia Office of the Insurance Commission to file workers' compensation insurance claims.
To receive workers' comp benefits, employees must submit a form to the state board and provide copies to their employer and the employer's insurance provider.
In certain instances, the employer may assist employees in navigating the claims process and handling the form submission. Promptly fulfilling workers' comp claims following a work-related injury or illness is crucial.
MoneyGeek answered some frequently asked questions about workers’ compensation insurance in West Virginia to help you find the best provider for your needs.
About Melissa Wylie
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.