6 Best Workers’ Compensation Companies 2023

The Hartford shares a simple formula to help you determine the average cost for workers’ compensation.

We received a sample quote for a lawn care company with five full-time employees for $10,137. One factor in this quote was our estimated payroll. The Hartford offers a pay-as-you-go format. Instead of an estimated annual payroll, this option uses real-time payroll data to calculate the premium resulting in more accurate payments.

If you are injured, The Hartford offers My Workers’ Comp Connection, a one-stop shop to help injured workers manage their claims. They can check the status of the claim, review payments, sign up for direct deposits, obtain a medical services card, and more. Users can also manage their accounts or file a claim online or over the phone, 24/7.

The Hartford has a network of 65,000 pharmacies across the country, a prescription benefit program to help reduce costs, and nurse case managers to help injured workers return to work. It also has an online provider database to help make it easier for your employees to find a doctor. Medical bills can be submitted via fax or mail.

Workers’ comp quotes are available online. Unfortunately, we were unable to obtain one due to some potential risks involved with the roofing side of our general contractor business. However, it does save all of the information entered, and an agent will call you within one business day. It will also let you know a specific reason why it could not provide a quote online so that you are ready when an agent calls.

The insurance industry has, for the most part, not covered COVID-19 claims. Among the providers we reviewed, only Next had a notice during the quote process regarding employee illness and COVID-19, and the likelihood that the type of loss is not claimable.

The target business size for its workers’ comp is one to 20 employees, with a payroll limit of $1 million. Its available limits range from $100,000 per accident for bodily injury to $1 million.

While Next is unavailable 24/7, its app functions like a 24/7 call center. To file a workers’ comp claim, you can call or file a claim on the app.

The premium audit process is entirely online. When the policy term is up, you will receive an email to complete the audit. If documents are needed, they can be emailed directly to Next. If no documents are required, then the entire premium audit takes minutes.

Once the audit is completed, Next will respond with a summary. If a premium increase is necessary, the card on file will be charged within 30 days, and if it is a premium refund, then the card will be refunded within 30 days.

Next recently partnered with Gusto to offer pay-as-you-go workers’ compensation plans. This streamlined process gives you control over your cash flow—it helps you save money by limiting the risk of overpaying for your workers’ comp and then having to wait on the audit to get a refund. For more information on the partner, read our review of Gusto.

To obtain a quote, you can begin the process online, but after gathering some information, it will ask you to call to finish the quote. You can also reach out to an independent agent in your area.

The workers’ comp provides coverage for medical expenses and lost wages to employees. There is no information on whether it includes liability protection for the employer.

Chubb also offers other standard policies most small businesses need—including general liability, BOP, and inland marine insurance.

It is one of the top sellers of workers’ compensation and is #2 in customer satisfaction in the J.D. Power Customer Satisfaction survey.

It maintains multiple ways to file a claim: online, over the phone or via fax. Chubb is committed to promptly handling claims by responding within 24 hours if the employee is missing work, and its workers’ comp claim line is available 24/7.

Its online portal can be used for managing your policy, filing claims, and paying your premium. It can also be used to upload documents, including bills, for a quick turnaround on reimbursements.

All medical bills received are reviewed, and if applicable, usual and customary reductions are applied. These have resulted in an average savings of 69 cents for each billed dollar. Keeping the cost of the claim lower helps reduce the overall cost of your premium.

You can begin a quote on Nationwide’s website—but to finish it, you will need to contact it directly, or you can reach out to a local agent.

It offers endorsements for its workers’ comp policy but does not provide specifics online. Workers’ comp requirements are medical reimbursement and lost wage payments.

In line with its lower-than-average complaints, Nationwide is #3 in customer satisfaction in J.D. Power’s 2022 survey¹. It has zero complaints per the National Association of Insurance Commissioners (NAIC).

It has partnered with Coventry to provide a 24/7 nurse hotline. You can call the number if the worker’s injury is non-life threatening. It will help by providing treatment direction and filing the claim with Nationwide on your behalf.

We received a quote for a two-person operation in Texas. The cost was $75.58 monthly and included a $10 processing fee. Annually, it costs $787.

The policy carried limits of $1 million per injury, $1 million per injury, and per employee. Employer’s liability insurance was included automatically in its workers’ comp quote. You can then purchase the policy online.

Thimble is available in all nonmonopolistic states. While Next and Thimble both have apps, the latter lets you get a quote and purchase a policy. This feature works well for smaller businesses with the intent to grow. You can add workers’ comp to an existing policy right through the app whenever you reach your state’s requirement for carrying the coverage.

In terms of workers’ comp services, some of the specifics are difficult to find. However, it does offer a 24/7 multilingual claims line for workers’ comp claims reporting, or you also can file the claim in the app. It has also partnered with nonprofits to offer off-site transitional work for injured employees.

We received a quote for $414 annually or $82.80 down and then $36.80 for nine months. The policy is from biBERK, and it carries $100,000 for each accident injury, $100,000 per disease, and $500,000 per employee. Once you purchase a policy, you will receive an email from the provider with all of the policy documents and your COI.

While it normally will generate multiple quotes, for this article we only received one. However, there was an option to call and speak with one of its licensed agents to find more coverage for the business elsewhere. It can work with you to find insurance both online and over the phone.

Even though the provider manages the workers’ comp side of the policy when there is a claim, you have control over the policy through your Simply Business account. You can make changes, pay your bills, and file a claim.

As an online broker, it offers insurance for other types of coverage, such as general and professional liability and inland marine. If your business needs additional coverage, you can shop for it through Simply Business—and even if you end up purchasing it from a different provider from the workers’ comp, you still have one account to manage everything.

Workers’ compensation insurance is coverage that pays medical bills, rehabilitation costs, and lost wages for employees injured on the job or who experience a work-related illness. It can also provide protection if the injury leads to litigation. Workers’ compensation can be from a private insurer, a state fund, or an assigned risk pool.

Yes, you do, because every state—except for South Dakota and Texas—requires workers’ comp. However, even in those states, a requirement may be specific to the industry. Remember, every state is different and classifies workers differently. It is important to know your specific state requirements.

Some workers are exempt from workers’ comp, meaning they are ineligible for the coverage. Generally, these are immediate family members of the business owner, independent contractors since they are, technically, self-employed, and limited liability company (LLC) members and corporate officers, although this changes depending on the state law.

The answer depends on the outcome of the formula providers use to calculate the cost:

Your class code and payroll must be correct to get an accurate price. Because the premium is directly related to the payroll, many businesses use a pay-as-you-go option tied into your payroll.

It determines if the estimated payroll ended up being correct or if an adjustment to the premium is required. At the end of your workers’ compensation policy period, your provider will usually perform a premium or payroll audit. Many state regulations require this.

Workers’ comp is only for employees or persons who could be categorized as insureds, so it doesn’t cover injuries to customers or another third party on business property. For employees, the policies exclude coverage for injuries from incidents that were intentional or the result of illegal activities or happened while intoxicated.