Compare Rates and Save on Small-business Insurance

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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.

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.

Company
Monthly Cost
Annual Cost

Pie

$104

$1,205

Thimble

$149

$1,691

The Hartford

$165

$1,975

biBERK

$181

$1,951

Nationwide

$195

$2,341

Next

$200

$2,405

Pie

pros

Affordable coverage at $104 per month

Quote process is quick

cons

High rate of customer complaints based on NAIC

No weekend customer support

COMPANY HIGHLIGHTS

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.

Thimble

pros

Premiums average $1,691 per year

Financial stability rating from AM Best is strong

cons

Relatively high number of customer complaints

Customer support can only be reached via site

COMPANY HIGHLIGHTS

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.

State
Cheapest Company
Monthly Cost
Annual Cost

Alabama

Pie

$108

$1,285

Alaska

Thimble

$203

$2,433

Arizona

Pie

$85

$1,015

Arkansas

Thimble

$83

$992

California

The Hartford

$91

$1,087

Colorado

Pie

$73

$872

Connecticut

Thimble

$137

$1,524

Delaware

Nationwide

$125

$1,503

Florida

Nationwide

$86

$1,030

Georgia

Pie

$106

$1,266

Hawaii

Thimble

$319

$3,709

Idaho

The Hartford

$166

$1,995

Illinois

Pie

$100

$1,190

Indiana

Pie

$97

$1,154

Iowa

Pie

$87

$1,035

Kansas

The Hartford

$104

$1,245

Kentucky

Pie

$80

$952

Louisiana

Thimble

$161

$1,809

Maine

Thimble

$158

$1,775

Maryland

Pie

$122

$1,463

Massachusetts

The Hartford

$114

$1,368

Michigan

Pie

$64

$760

Minnesota

Thimble

$116

$1,268

Mississippi

Pie

$111

$1,330

Missouri

Pie

$113

$1,348

Montana

Thimble

$154

$1,724

Nebraska

Pie

$100

$1,193

Nevada

Pie

$166

$1,990

New Hampshire

Pie

$100

$1,198

New Jersey

Thimble

$209

$2,387

New Mexico

Pie

$110

$1,318

New York

Nationwide

$126

$1,511

North Carolina

Pie

$82

$973

Oklahoma

Pie

$115

$1,377

Oregon

Pie

$70

$835

Pennsylvania

Nationwide

$91

$1,090

Rhode Island

Pie

$102

$1,223

South Carolina

Pie

$109

$1,308

South Dakota

Thimble

$141

$1,567

Tennessee

Thimble

$96

$1,036

Texas

The Hartford

$65

$785

Utah

Pie

$74

$878

Vermont

Pie

$110

$1,318

Virginia

Pie

$90

$1,075

West Virginia

Pie

$83

$993

Wisconsin

Pie

$213

$1,345

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?

Company
Average Monthly Cost
Average Annual Cost

Pie

$38

$447

The Hartford

$65

$779

biBERK

$69

$743

Thimble

$70

$736

Nationwide

$72

$859

Next

$91

$1,086

Pie

$104

$1,205

Thimble

$149

$1,691

The Hartford

$165

$1,975

biBERK

$181

$1,951

Nationwide

$195

$2,341

Next

$200

$2,405

Pie

$427

$5,121

Thimble

$641

$7,591

The Hartford

$722

$8,661

biBERK

$753

$8,375

Nationwide

$753

$9,041

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.

1

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.

2

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.

3

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.

4

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.

Learn More About Small Business 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.


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