Best Workers' Compensation Insurance in Wisconsin (2024)

MoneyGeek assessed the affordability, customer experience, financial strength and ease of obtaining quotes of five workers’ compensation insurers in Wisconsin. Based on this analysis, we determined that The Hartford is the top provider in the state, receiving high scores across multiple metrics.

Workers’ compensation insurance is crucial for small businesses, serving as a defense against possible monetary and legal obligations. This insurance may cover medical expenditures, lost income and potential litigation if an employee faces work-related sickness or accident, decreasing the burden on you and your workers.

According to MoneyGeek’s analysis, The Hartford is the best workers' compensation insurance provider in Wisconsin. The Hartford was able to secure a slightly higher ranking than Pie, owing to its robust track record of customer satisfaction. On average, The Hartford's workers' compensation insurance costs $237 per month, but this can vary depending on the number of employees in your company, your payroll costs and other factors.

Pie Insurance's average monthly premium for workers' compensation insurance in Wisconsin is $213, making it the most affordable option in the state. This company is the most affordable insurer for businesses with 20 employees and annual payroll expenses of $1,250,000. Your payroll and number of employees have a substantial effect on the cost of workers' compensation insurance.

MoneyGeek ranked workers’ compensation insurance providers in Wisconsin by their average monthly premium to find the cheapest insurer in the state. The table below displays annual and monthly sample costs for insuring a company with 20 employees. However, keep in mind that your actual rates may vary depending on other factors.

Pie provides the best workers' compensation insurance in Wisconsin for businesses with five employees, with a monthly premium that averages $42.

Although the number of employees does affect your workers' compensation insurance rate, payroll is typically a more influential factor in determining rates. To find the best workers' compensation insurance for micro businesses (i.e., companies with fewer than 10 employees) in Wisconsin, MoneyGeek gathered quotes for a company with five employees and annual payroll costs of $312,500.

With an average monthly premium of $488, Pie also offers the best workers' compensation for midsize businesses with 100 employees.

While employee count can influence premiums, payroll typically has a more significant impact on workers' compensation insurance costs. MoneyGeek gathered quotes for a company with 100 employees and an annual payroll of $6,250,000 in Wisconsin to determine the best workers' compensation insurance for midsize companies in the state.

The average cost of workers' compensation insurance in Wisconsin for businesses with 20 employees is $238 per month, significantly higher than the national average of $168 per month. MoneyGeek obtained quotes using the following sample policy limits:

• $1 million total policy limit
• $1 million per accident limit
• $1 million per employee limit

This means that the policy covers up to $1 million per accident and up to $1 million per employee, up to a total policy limit of $1 million. Beyond this amount, employers are responsible for covering any additional lost income or excessive medical costs incurred by an employee.

Workers' compensation insurance rates are significantly affected by factors such as annual payroll cost and number of employees. Wisconsin workers' compensation insurance premiums are broken down by employee headcount in the following table.

The cost of workers' compensation insurance varies widely among different companies. Factors that influence the price of coverage include payroll expenses, staff size, employee classification and claims history.

Worker's compensation insurance is required by law for the majority of Wisconsin companies, including:

• Employers with three or more full- or part-time employees.
• Employers who employ one or more full- or part-time employees working in Wisconsin and pay gross wages of $500 or more in any calendar quarter; they must have insurance by the 10th day of the first month of the next calendar quarter.
• If a farmer employs at least six employees on any 20 days in a calendar year, then the farmer is required to carry insurance by the thirtieth day of employment.

Obtaining workers' compensation insurance in Wisconsin is imperative to safeguard oneself financially, even if your business is exempt. Choosing not to have workers' compensation insurance means taking on full financial liability for any occupational injuries.

A contractor, subcontractor or owner/operator who has employees is exempt from this regulation and is instead required to obtain insurance in their own name and provide coverage for those who work for them.

In Wisconsin, having workers' compensation insurance carries a number of advantages for both companies and employees. For example, it can help pay the expense of required medical care — such as surgeries, hospital stays and rehabilitation — for workers who are injured at work.

Workers' compensation insurance may also compensate employees for lost wages if they are unable to work due to injury or illness. Furthermore, workers' compensation can provide coverage for income loss, vocational rehabilitation and fatality benefits in the event of an employee's death resulting from a work-related event.

This insurance provides financial security for business owners in the event that an employee is injured on the job. Medical expenses, lost wages and other expenses can rapidly add up without help. With workers' compensation insurance, your company will not be responsible for covering these costs.

In Wisconsin, employees who need workers' compensation benefits must notify their employer about their work-related injury or ailment and seek immediate medical care. Your employer is responsible for informing its insurance carrier or claims administrator of your injury or illness. The insurance company will then notify the Wisconsin Worker's Compensation Division at the Department of Workforce Development of your injury or illness.

Within 14 days of your injury/illness, you should receive a reimbursement check from your employer's insurance carrier (some large employers are self-insured). Typically, workers' compensation claims must be submitted as soon as possible following an injury or illness on the job.

Before settling on a provider for Wisconsin workers' compensation insurance, there are a number of factors to consider. You can find answers to frequently asked questions about workers' compensation insurance in Wisconsin below.