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.
Best Workers’ Compensation Insurance in West Virginia
Best Workers’ Compensation Insurance in West Virginia
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.
How was this MoneyGeek score calculated?
- Outstanding customer satisfaction reputation
- Fast online quote process
- A+ rating from AM Best
- Costs around $130 per month
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.
- Offers the lowest rates at $83 per month
- Provides the fastest quotes online
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.
- Top-notch customer service
- A++ financial stability rating from AM Best
- Fast online quote process
- Average cost of $146 per month
Established in 2015, biBERK is a small business insurance provider. With a monthly cost of $146, it's pricier than other insurers in the state.
Despite its high price, biBERK has an excellent customer service reputation, evidenced by its low complaints rating from NAIC. As a subsidiary of the Berkshire Hathaway Company, it holds an impressive A++ rating from AM Best, signifying strong financial stability and a high capacity to meet obligations.
Obtaining a quote from biBERK takes around 1 minute and 20 seconds, providing a reasonably efficient process.
- Second cheapest at $115 per month
- Rated A+ by AM Best for financial stability
- Quick online quote process
Founded in 2016, Thimble is an insurance provider focusing on small businesses. It provides the second lowest premiums in West Virginia at $115 per month.
Despite a below-average customer service record (with higher-than-usual complaints reported to the NAIC), Thimble boasts an A+ rating for financial stability from AM Best, indicating its strong financial standing and ability to fulfill obligations.
In addition to affordability, Thimble provides a swift quoting process, allowing for convenient rate comparisons with other companies.
- Exceptional customer satisfaction
- Approximately $148 per month
Next is a Palo Alto-based insurance company with various products tailored for small businesses. It has an excellent reputation for customer service, receiving fewer-than-usual complaints per NAIC’s ratings.
In addition, Next is rated A- for financial stability by AM Best. This indicates a solid financial track record but is a lower rating than other providers.
On average, Next’s workers’ compensation policies cost $148 per month, the second highest among the companies we surveyed. At 1 minute and 52 seconds, its quote process is also comparatively lengthy.
- Good customer service
- AM Best rating of A+ for financial stability
- Average cost of $187 per month
Nationwide is a financial services company offering insurance and other products for individual and business accounts. It has a good customer service reputation, with fewer complaints reported to the NAIC compared to other insurers.
Furthermore, as one of the largest insurance companies in the country, Nationwide exhibits financial strength and stability, as indicated by its A+ rating from AM Best.
But its quality service and financial stability come with a higher price tag. The average cost of its workers' compensation insurance is $187 per month, making it the most expensive option in West Virginia.
Cheapest Workers’ Compensation Insurance in West Virginia
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.
If affordability is your priority, Pie is MoneyGeek's top choice for affordable workers' compensation insurance in West Virginia.
With policies priced around $83 per month for businesses with 20 employees and $1.25 million in annual payroll costs, it's ideal for cost-conscious business owners. In addition, Pie's quick quoting system enables easy rate comparisons.
However, Pie has a mediocre financial stability rating of A- from AM Best and a higher complaints ratio from the NAIC, indicating potential customer service issues. Prioritizing affordability may come with some trade-offs in terms of customer experience.
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.
Best Workers’ Compensation Insurance for Micro Businesses in West Virginia
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 is MoneyGeek’s top choice for workers’ compensation for micro businesses in West Virginia. On average, its policies cost $61 per month for businesses with five employees and annual payroll costs of $312,500.
Although it’s pricier, you can expect a top-notch customer experience from The Hartford. This is crucial for small business owners who may not have the time to go through a tedious claims process.
Moreover, The Hartford has a speedy quote process that lets you compare its rates with other providers.
Best Workers’ Compensation Insurance for Midsize Businesses in West Virginia
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.
According to MoneyGeek's research, The Hartford is the top choice for workers' compensation insurance for midsize businesses in West Virginia.
The Hartford has a stellar track record of customer service compared to other insurers in the state, ensuring a seamless experience when filing claims.
Furthermore, The Hartford holds an A+ rating for financial stability from AM Best, signifying solid finances and a robust ability to meet obligations.
While The Hartford may have a higher price point than other insurers, its quick online quote system allows for easy rate comparisons with other providers.
How Much Is Workers’ Compensation Insurance in West Virginia?
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:
- $1 million total policy limit
- $1 million per-accident limit
- $1 million per-employee limit
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.
How was this cost calculated?
Factors That Impact Workers’ Compensation Costs in West Virginia
Workers' compensation insurance costs vary due to your number of employees, payroll costs, employee class code, past claims history and more.
Insurance providers determine premiums based on a fixed rate per $100 of payroll, which is set by the state and varies by industry. Thus, businesses with higher payroll costs typically pay higher premiums compared to those with lower expenses. In 2022, West Virginia had an average rate of $0.63 per $100 of payroll, making it the second most affordable nationwide.
Number of employees
Your number of employees can impact your insurance costs. Companies with a larger workforce face an elevated risk of employee injuries or illnesses on the job, leading to higher workers' compensation insurance premiums.
Employee class code
The employee's class code identifies the nature and risk of their work and determines the rate applied per $100 of payroll. Industries with higher risks of injuries, like construction, often have higher rates than industries with lower risks.
Insurance providers take into account a company's past claims history when determining rates, considering businesses with a significant history of claims to be of higher risk.
In 2021, the U.S. Bureau of Labor Statistics (BLS) recorded 12,600 nonfatal workplace illnesses and injuries at private-industry businesses in West Virginia. Nationally, the BLS reported over 2 million nonfatal workplace injuries and illnesses in the private industry during the same period.
Do You Need Workers’ Compensation Insurance in West Virginia?
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.
Failure to provide legally required workers' compensation insurance or comply with workers' compensation laws in West Virginia can result in the following penalties:
- First offense: Typically a $500 fine
- Subsequent offenses: Fines of up to $25,000
- Repeat offenders: Potential stop-work orders and imprisonment
- Failure to pay premiums: Late fees of 10% plus interest
What Does Workers’ Compensation Insurance Cover in West Virginia?
Workers’ compensation insurance provides essential benefits for employees who experience work-related injuries or illnesses:
- Medical Care Coverage: Workers' comp insurance covers necessary medical treatments, including hospital stays, surgeries, medications, rehabilitation and therapy.
- Disability Benefits: In case of temporary or permanent disability resulting from a work-related incident, workers' compensation provides disability benefits, replacing a portion of the employee's lost income during the disability period.
- Lost Wages Compensation: Workers' comp insurance compensates employees for lost wages when they can't work due to work-related injuries or illnesses.
- Rehabilitation Services: Workers' compensation may cover vocational rehabilitation programs to help injured employees regain skills and transition back to the workforce.
- Death Benefits: In unfortunate cases where employees pass away due to work-related incidents, workers' compensation provides death benefits to dependents or beneficiaries.
By having workers' compensation insurance, business owners fulfill their responsibility to protect their employees. It also provides financial protection in case of litigation.
Workers’ Compensation Insurance Resources for Employees in West Virginia
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.
Frequently Asked Questions About Workers’ Compensation Insurance in West Virginia
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
- biBERK. "About biBERK." Accessed May 25, 2023.
- The Hartford. "About Us." Accessed May 25, 2023.
- Nationwide. "About Us." Accessed May 25, 2023.
- Next. "About Us." Accessed May 25, 2023.
- Pie Insurance. "Meet Pie Insurance." Accessed May 24, 2023.
- Thimble. "About Us." Accessed May 25, 2023.
- U.S. Bureau of Labor Statistics. "Injuries, Illnesses and Fatalities: Latest Numbers." Accessed May 25, 2023.
- U.S. Bureau of Labor Statistics. "State Occupational Injuries, Illnesses and Fatalities." Accessed May 25, 2023.
- West Virginia Offices of the Insurance Commissioner. "Workers’ Compensation." Accessed May 25, 2023.