As a business owner, workers' comp insurance protects you and your employees from the financial burdens of workplace injuries or illnesses. MoneyGeek explored the best workers' compensation insurance providers and ranked Pie as our top insurer, thanks to its unbeatable combination of affordability and lightning-fast quote process. We also found the best workers' compensation insurance providers for customer satisfaction, financial stability, micro businesses and mid-sized businesses to help you find the best insurer for your company's needs.

MoneyGeek Logo IconBest Workers'CompensationInsurance
2024

Best Workers’ Comp Insurance for Small Businesses

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.

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

677Quotes Analyzed
 
6Companies Compared
 
50Zip Codes

Best Overall Workers’ Compensation Insurance

Pie is the leading provider of workers' comp insurance, earning a MoneyGeek score of 92 out of 100. Below is a table showcasing the costs and MoneyGeek scores for all the companies we analyzed, allowing businesses to make informed decisions about the best and most affordable workers' comp insurance options available.

How was this MoneyGeek score calculated?

PieMoneyGeek Score92Monthly Cost$104Annual Cost$1,205
The HartfordMoneyGeek Score91Monthly Cost$165Annual Cost$1,975
biBERKMoneyGeek Score89Monthly Cost$181Annual Cost$1,951
ThimbleMoneyGeek Score89Monthly Cost$149Annual Cost$1,691
NationwideMoneyGeek Score88Monthly Cost$195Annual Cost$2,341
NextMoneyGeek Score88Monthly Cost$200Annual Cost$2,405
PieScore: 92
Pie
5/5Affordability
1/5Customer Satisfaction
2/5Financial Stability
5/5Online Quote Process
PROS

Highly affordable workers' comp insurance

Quick and efficient process for obtaining a quote

CONS

Low customer satisfaction rating

Potential risks associated with the company's overall financial strength

Company Highlights

Workers' compensation insurance from Pie stands out for its affordability and streamlined quote process. The company is recognized for providing cost-effective coverage options that cater to the needs of small and medium-sized businesses. However, it is important to consider potential drawbacks. Pie has a lower financial stability score, reflected in its A- AM Best rating, which may raise concerns about this provider's long-term ability to handle claims. Furthermore, its customer satisfaction rating is below average, indicating potential service quality and customer support issues. Prospective policyholders should carefully evaluate these factors to make an informed decision about choosing Pie's workers' compensation coverage.

Best Workers’ Compensation Insurance for Customer Satisfaction

The Hartford is MoneyGeek's leading choice for workers' comp insurance in terms of customer satisfaction, having earned the highest customer satisfaction score among companies on our list. With a notable MoneyGeek score of 91 out of 100, The Hartford demonstrates its commitment to delivering excellent service. However, at a monthly cost of $165, coverage from this provider is fairly costly.

The HartfordScore: 91
The Hartford
2/5Affordability
5/5Customer Satisfaction
4/5Financial Stability
4/5Online Quote Process
PROS

Excellent customer satisfaction rating

Quick quote process

Strong financial stability

CONS

Lower affordability compared to other providers

Company Highlights

The Hartford is known for its exceptional customer satisfaction, strong financial stability (reflected in its A+ AM Best rating), and quick quote process of just one minute and 43 seconds. While it may not rank as highly in affordability compared to some competitors, The Hartford's focus on customer service and reliability makes it a popular choice for businesses seeking reliable coverage and excellent support. With a track record of satisfied customers and a solid financial standing, The Hartford is a reputable provider in the workers' comp insurance market.

Best Workers’ Compensation Insurance for Financial Stability

biBERK secures its position as the top choice for workers' comp insurance in terms of financial stability, boasting the highest rating among insurers we analyzed of A++ from AM Best. biBERK earned an overall MoneyGeek score of 89 out of 100. It's worth noting that biBERK's monthly cost of $181 is relatively high compared to other insurers on our list. However, businesses looking for unparalleled financial stability can rely on biBERK for reliable workers' compensation coverage.

biBERKScore: 89
biBERK
1/5Affordability
4/5Customer Satisfaction
5/5Financial Stability
4/5Online Quote Process
PROS

Excellent financial stability

Efficient quote process

Strong customer satisfaction

CONS

Less affordable than other providers

Company Highlights

biBERK is known for its exceptional financial stability, earning an A++ AM Best rating. With an efficient quote process of just one minute and 44 seconds, biBERK provides businesses with a quick and hassle-free experience. The company prioritizes customer satisfaction, offering comprehensive coverage options to meet policyholders' needs. While biBERK's affordability score may be lower than other insurers on our list, it benefits from being part of the Berkshire Hathaway Insurance Group, leveraging the resources and support of a prominent insurance conglomerate. Businesses can trust biBERK for reliable workers' comp insurance backed by financial strength and a commitment to customer service.

Best Workers’ Compensation Insurance for Micro Businesses

The Hartford emerges as MoneyGeek's top choice for micro businesses seeking workers' comp insurance. This provider showcases its expertise in catering to the needs of micro businesses with a MoneyGeek score of 93 out of 100 for companies with five employees and annual payroll costs of $312,500. Both employee count and payroll costs significantly influence workers' comp insurance premiums, with payroll being the primary cost factor.

Offering a monthly cost of $65 for businesses with five employees, The Hartford provides an affordable option, ranking as the second-cheapest insurer on our list. Micro businesses, typically defined as small-scale enterprises with fewer than 10 employees, can rely on The Hartford for comprehensive coverage at an affordable price.

How was this MoneyGeek score calculated?

The HartfordScore: 93
The Hartford
2/5Affordability
5/5Customer Satisfaction
4/5Financial Stability
4/5Online Quote Process
PROS

Strong financial stability

High customer satisfaction

Quick and efficient quote process

CONS

Relatively lower affordability for micro businesses

Company Highlights

The Hartford stands out as the best choice for micro businesses with five employees seeking workers' compensation insurance. With its exceptional customer satisfaction, micro businesses can rely on The Hartford's commitment to providing a positive experience. Its quick quote process, taking just one minute and 43 seconds, ensures efficiency and convenience for busy small-scale enterprises. While The Hartford's affordability score may be relatively low compared to other providers on our list, its strong financial stability, reflected in the A+ AM Best rating, guarantees the reliability of coverage. Micro businesses can trust The Hartford to deliver comprehensive workers' comp insurance tailored to their specific needs.

Best Workers’ Compensation Insurance for Midsize Businesses

Pie is MoneyGeek's top choice for midsize businesses seeking workers' comp insurance. With a MoneyGeek score of 92 out of 100 for businesses with 100 employees and $6.25 million in annual payroll costs, Pie proves its expertise in catering to the needs of midsize companies.

Both employee count and payroll costs significantly impact workers' comp insurance premiums, with payroll being the major cost factor. With a monthly premium of $427 for businesses with 100 employees, Pie Insurance offers the most affordable option, allowing midsize businesses to secure comprehensive coverage while managing their costs effectively.

How was this MoneyGeek score calculated?

PieScore: 92
Pie
5/5Affordability
1/5Customer Satisfaction
2/5Financial Stability
5/5Online Quote Process
PROS

Excellent affordability for midsize companies

Quick and efficient quote process

CONS

Potential concerns about financial stability

Relatively low customer satisfaction rating

Company Highlights

Pie is MoneyGeek's top provider for midsize businesses with 100 employees seeking workers' compensation insurance. With its exceptional affordability, midsize companies can secure comprehensive coverage at a competitive cost. The insurer's quick quote process, taking just 38 seconds, ensures efficiency and convenience for busy midsize enterprises. Although Pie's customer satisfaction score may be lower, its relatively strong financial stability offers confidence and reliability.

What’s the Cost of Workers’ Comp Insurance?

The average monthly cost of workers' compensation insurance is $168 for a business with 20 employees and $1,250,000 in annual payroll costs. However, this cost can vary significantly based on several factors that impact the calculation, including each company's:

  • Location: Workers' compensation insurance costs can differ based on the state where a business operates. Each state has its own regulations, rates and market conditions, which can affect the cost of coverage. Some states have higher insurance rates due to more stringent regulations or higher historical claim costs.
  • Payroll expenses: The amount a business spends on employee wages directly influences workers' comp insurance costs. Generally, higher payroll expenses lead to higher premiums, as insurance providers consider larger wage amounts an increased risk for potential claims.
  • Number of employees: The size of a workforce plays a crucial role in determining workers' comp costs. Businesses with more employees typically face higher premiums as there is a greater likelihood of injuries or illnesses occurring when more people are involved in daily operations.
  • Industry and class code: The industry in which a business operates and its corresponding class code significantly impact workers' comp premiums. Different industries have varying levels of risk associated with them. For example, construction or manufacturing businesses often have higher premiums compared to office-based companies due to the nature of the work involved.
  • Claims history: A business' past claims history influences the premiums it pays for workers' comp insurance. If a company has a history of frequent and costly claims, insurance providers may view that company as posing a higher risk and charge higher premiums accordingly. Conversely, a clean claims history can result in lower insurance costs.

It's important for businesses to consider these factors and work to minimize risks, promote safety measures and maintain a favorable claims history. By doing so, they can potentially reduce the cost of workers' compensation insurance and ensure the well-being of their employees.

How to Choose the Best Workers’ Comp Insurance

When selecting the best workers' compensation insurance for your business, it's crucial to consider several factors. Following these steps can help you make an informed decision.

1
Assess your business needs and risks
  • Evaluate your industry: Consider the nature of your business and the associated risks. Different industries have varying levels of risk, which can impact the type and amount of coverage needed.
  • Analyze your workforce: Determine the number of employees, their job roles, and potential risks associated with their work. This analysis helps identify the coverage requirements specific to your workforce.
2
Research and compare insurance providers
  • Seek recommendations: Consult with other business owners or professionals in your industry for recommendations on reputable insurance providers.
  • Research insurance companies: Look for insurers specializing in workers' compensation insurance and compare their offerings, financial stability, reputation and customer reviews. Ensure they are licensed to operate in your state.
3
Review policy coverage and terms
  • Evaluate coverage options: Understand the coverage provided by each policy and ensure it aligns with your business needs. Consider factors such as medical benefits, disability payments, rehabilitation services and employer liability coverage.
  • Examine policy limits and exclusions: Review the policy limits for different types of claims and exclusions to identify any potential gaps in coverage.
4
Obtain multiple quotes and negotiate
  • Request quotes: Obtain quotes from multiple insurance providers based on your specific business needs and requirements.
  • Compare and negotiate: Compare these quotes, taking into account coverage, premiums, deductibles and additional services. Consider negotiating with insurers to secure the best terms and rates for your business.

By following these steps, you can make an informed decision when getting workers' compensation insurance for your business, ensuring adequate coverage and protection for your employees and mitigating potential financial risks.

Best Workers' Comp Insurance FAQs

Understanding your workers' compensation insurance options, costs and requirements is crucial for small business owners to protect their employees and mitigate potential risks. Below, we provide insights on finding the best workers' compensation insurance, ensuring adequate coverage and compliance for your small business.

What is the best workers’ compensation insurance for small businesses?
How much does workers’ comp insurance cost?
Do you need workers’ comp insurance for your small business?
How can you get the best workers’ comp insurance?

About Melissa Wylie


Melissa Wylie headshot

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.