Pie offers the overall cheapest workers’ comp insurance provider. On average, policies at Pie cost $104 monthly for a business with 20 employees. Note that this can change if you have more or fewer employees.

Affordable workers' compensation insurance can help you safeguard your business while minimizing expenses. Prioritizing cost-effective coverage allows you to strike a balance between protection and financial sustainability.

Why Trust MoneyGeek? We collected 677 workers’ compensation insurance quotes and analyzed cost information alongside customer satisfaction and financial stability reports to determine the cheapest 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

Cheapest Workers’ Compensation Insurance for Small Businesses

Pie offers the most affordable workers’ comp insurance for businesses with a 20-employee workforce. Pie's workers' compensation insurance policies cost an average of $1,205 yearly or $104 monthly. Thimble is the runner up, with premiums averaging $1,691 per year.

PieMonthly Cost$104Annual Cost$1,205
ThimbleMonthly Cost$149Annual Cost$1,691
The HartfordMonthly Cost$165Annual Cost$1,975
biBERKMonthly Cost$181Annual Cost$1,951
NationwideMonthly Cost$195Annual Cost$2,341
NextMonthly Cost$200Annual Cost$2,405



Affordable coverage at $104 per month


Quote process is quick



High rate of customer complaints based on NAIC


No weekend customer support


Pie Insurance, launched in 2017, stands out as an affordable choice for workers' compensation insurance. With monthly costs averaging $104 or an annual cost of $1,205, its rates are hard to beat. Obtaining a quote is quick and hassle-free, taking less than a minute.

However, it's worth noting that Pie Insurance has a less-than-ideal customer satisfaction record based on NAIC complaint scores. If customer service is a priority, you may want to explore other options.




Premiums average $1,691 per year


Financial stability rating from AM Best is strong



Relatively high number of customer complaints


Customer support can only be reached via site


Thimble is a small business insurance provider established in 2016. With workers’ comp insurance policies averaging $1,691 a year or $149 a month, it’s the second cheapest provider in the U.S. It’s also the second fastest quote provider, offering a quote in less than a minute.

In addition to its competitive pricing, Thimble boasts a strong track record of customer satisfaction. However, if you have a concern or inquiry, Thimble representatives are only available via the customer support chat on its site.

Cheapest Workers’ Compensation Insurance by State

Pie and Thimble consistently rank as the most affordable workers’ comp insurance providers. However, note that where your business is located and operates can affect your rates, as each state sets specific rates that insurers charge per $100 of payroll.

AlabamaCheapest CompanyPieMonthly Cost$108Annual Cost$1,285
AlaskaCheapest CompanyThimbleMonthly Cost$203Annual Cost$2,433
ArizonaCheapest CompanyPieMonthly Cost$85Annual Cost$1,015
ArkansasCheapest CompanyThimbleMonthly Cost$83Annual Cost$992
CaliforniaCheapest CompanyThe HartfordMonthly Cost$91Annual Cost$1,087

Cheapest Workers’ Compensation Insurance by Employee Count

Based on our analysis, Pie is the most cost-effective option for businesses with five, 20 and 100 employees.

Workers' compensation insurance premiums are generally affected by the number of employees and payroll costs. The more employees you have, the higher the risk of exposure to illnesses and accidents — and the higher the financial risk for the insurer. This is why insurers offset costs with higher insurance rates.

Filter the table below to find the cheapest workers’ comp insurance provider based on the size of your workforce.

How did MoneyGeek determine these costs?

Data filtered by:Results filtered by:
Number Of Employees:
Number Of Employees:5
PieAverage Monthly Cost$38Average Annual Cost$447
The HartfordAverage Monthly Cost$65Average Annual Cost$779
biBERKAverage Monthly Cost$69Average Annual Cost$743
ThimbleAverage Monthly Cost$70Average Annual Cost$736
NationwideAverage Monthly Cost$72Average Annual Cost$859
NextAverage Monthly Cost$91Average Annual Cost$1,086

How to Get Cheap Workers’ Compensation Insurance

While the state typically sets workers’ compensation insurance rates, there are still a few ways you can save on coverage. From comparing quotes to looking for discounts, learn how to find cost-effective workers’ compensation insurance to protect your employees and your business.

Comparison shop for coverage

When you compare quotes from several insurers, you can evaluate different coverage options and find the most affordable one. By taking into account different insurers' rates, terms and coverage limits you can decide which provider is best for your budget and needs.

Consider a pay-as-you-go plan

Instead of paying a large upfront premium, you can make smaller, regular payments for workers' compensation insurance based on your actual payroll. This is especially helpful if your business has busy seasons or fluctuating workforces, as it can allow you to pay based on how your business is structured.

Look for discounts for making annual payments

Some insurers may offer discounts if you pay annually rather than monthly. Not only is it convenient, but it’s a good option that can help you save if your business’s workforce does not fluctuate wildly over the year.

Check for workers’ comp exemptions

Understanding workers' comp exemptions is crucial for business owners. In some cases, workers' compensation requirements may not apply to independent contractors or domestic workers. By knowing which employees qualify for exemptions, you can reduce coverage costs.

Frequently Asked Questions About Workers’ Compensation Insurance

Keep your business safe and your expenses in check by finding affordable workers' compensation insurance. Get quick answers about the cheapest workers’ comp insurance providers through answers to frequently asked questions.

What is the cheapest workers’ compensation insurance?
How can I get cheap workers’ comp insurance?
Who is exempt from workers’ comp insurance?

Learn More About Small Business Insurance

About Melissa Wylie

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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.

  • Pie Insurance. "Timeline." Accessed May 31, 2023.