6 Best Workers’ Compensation Providers in 2022
Nathan Weller is an Insurance Expert focusing on insurance for small business. He has 15 years experience in insurance operations, FNOL, and claims handling.
This article is part of a larger series on Workers' Compensation Insurance.
Workers’ compensation is essential and, in most states, required for any business with employees. We understand the importance for a small business owner of preventative services to reduce risk, smooth premium audits, and a strategy to help the injured employee return to work. Using our proprietary rubric focusing on customer service, convenience, offered policies, and the provider’s financial strength, we researched almost 20 providers to find the best for workers’ compensation insurance.
Here are the six providers for the best workers’ comp insurance for small business:
- Chubb: Best overall provider for workers’ compensation insurance
- The Hartford: Best for online quotes
- Nationwide: Best for claim kits
- Travelers: Best for medical management
- Zurich: Best for risk management
- EMPLOYERS: Best return-to-work program
Top Workers’ Compensation Providers Compared
Nurse Case Manager | Availability | Online Option for Premium Audits | AM Best Credit Rating | |
|---|---|---|---|---|
 | ✓ | 24/7 call center | ✕ | A++ Superior |
 | ✓ | 24/7 call center | ✕ | A+ Superior |
 | ✓ | 24/7 call center | ✓ | A+ Superior |
 | ✓ | 24/7 call center | ✓ | A++ Superior |
 | ✓ | 24/7 call center | ✕ | A+ Superior |
 | ✓ | 24/7 call center | ✓ | A- Excellent |
Chubb: Best Overall Provider for Workers’ Compensation
Chubb
Overall Score: 4.50
OUT OF 5
What We Like
- 24-hour claims response
- Provider network
- Broad risk appetite
What's Missing
- Unable to obtain online quote
- Premium audits in person
Deciding Factors
- Customer satisfaction: Ranked #2 by J.D. Power Customer Satisfaction survey
- Financial strength: Resources to pay claims
- 24/7 call center: Available any time, any day
- Independent agents: Can help you with your coverage decisions
Chubb Insurance, with a score of 4.5 out of 5, is the best overall provider for workers’ compensation. It’s one of the top sellers of workers’ comp and #2 in customer satisfaction in the new J.D. Power Customer Satisfaction survey. Chubb scored the highest because of its financial reputation, customer satisfaction, and support services.
Unfortunately, it doesn’t offer online quotes or online premium audits. While it has on-staff nurses to work on claims and provide direction, it doesn’t have a 24/7 nurse triage line.
Cost & Coverage
To obtain a quote, speak with an independent agent. Chubb offers workers’ comp to small and midsize businesses. It can provide coverage for your company, whether it has one employee or revenue up to $30 million.
Chubb has a preferred provider network to help reduce costs and will reprice bills according to state-specific fee schedules. It also offers a pharmacy benefit program to reduce out-of-pocket costs and safely manage prescriptions.
Customer Satisfaction & Convenience
There is an online portal for managing your policy, filing claims, and paying your premium. It is open and accessible 24/7.
Chubb is committed to handling claims promptly by responding within 24 hours if the employee is missing work.
Financial Stability
Chubb, a global company, has a Superior rating of A++ by AM Best.
The Hartford: Best for Online Quoting
The Hartford
Overall Score: 4.25
OUT OF 5
What We Like
- Online quoting
- Pay-as-you-go billing
- More than 1 million healthcare providers
What's Missing
- No app for commercial lines
- No online option for premium audits
Deciding Factors
- Multiple coverages: Able to bundle workers’ compensation with other coverages
- Prescription drug: Program with little to no out-of-pocket expense for workers
- State guide: Features state-specific workers’ compensation requirements
- 24/7 availability for claims services
The Hartford, scoring 4.25 out of 5, is the best provider for online quoting—it’s the only provider on this list that offers it. Additionally, The Hartford features an on-page calculator to determine the average cost for workers’ comp. This provider is also the second-largest insurer of workers’ comp by market share.
It doesn’t offer an app or online premium audits.
Cost & Coverage
We received a sample quote from The Hartford 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 a more accurate premium.
Customer Satisfaction & Convenience
Manage your account or file a claim online or over the phone, 24/7.
It 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.
Financial Stability
The Hartford is the oldest insurance company in America and is rated A+ Superior by AM Best.
Nationwide: Best for Claim Kits
Nationwide
Overall Score: 4.25
OUT OF 5
What We Like
- 24/7 triage line
- Nationwide availability
- Online premium audits
What's Missing
- No app for commercial lines
Deciding Factors
- First fill: Program to help provide prescriptions with no out-of-pocket expense
- Loss control services: To assess risk and mitigate loss
- Return to work: Program focused on transitional jobs
- Claims options: Four ways to file a workers’ compensation claim
Nationwide Insurance scored 4.25 out of 5 because of its state-by-state claims tool kit that helps small businesses know how to respond to a claim. It has excellent customer service and convenient 24/7 availability to a nurse triage line if a worker gets injured.
To get a quote, you have to contact an agent, and Nationwide doesn’t offer an app for claims.
Cost & Coverage
On Nationwide’s website, you can enter your questions, and an agent will call you. You can also call Nationwide directly for a quote.
It offers endorsements for its workers’ comp policy but doesn’t provide specifics online.
Customer Satisfaction & Convenience
In line with their lower-than-average complaints, Nationwide is #3 in customer satisfaction in J.D. Power’s 2022 survey.
It has partnered with Coventry to provide a 24/7 nurse hotline. You can call this number if the worker’s injury is nonlife threatening. It’ll help by providing treatment direction and filing the claim with Nationwide on your behalf.
Nationwide offers a comprehensive claims kit for every state when an employee gets injured. After choosing your state, you will find contact information, provider lists, state-specific forms, and instructions.
Financial Stability
AM Best has rated Nationwide’s credit A+ Superior.
Travelers: Best for Medical Management
Travelers
Overall Score: 3.75
OUT OF 5
What We Like
- Nurse case managers
- In-house claims
- Customer Advocate Hotline
What's Missing
- Complaints above national average
- No online quotes available
Deciding Factors
- Premium audits: Can be done online
- Independent agents: To help you with your coverage decisions
- Bilingual services: Available for employers and employees
- In-house medical bill audit team
Travelers, scoring 3.75 out of 5, is the best provider for medical management, which ensures the treatment an injured party is receiving is effective and affordable. This provider has several services, including a Specialized Medical Audit and Review Team (SMART). Analyzing medical bills has saved, on average, 65 cents on every dollar.
While it occupies the top spot for workers’ comp per market share, Travelers does have a number of complaints that are slightly above the national average. It doesn’t provide any online quotes.
Cost & Coverage
You have to contact an agent to receive a quote.
It has developed many services for medical management. Travelers ConciergeCLAIM®, for one, is a program where a nurse will meet face to face with an injured employee. During the claim process, the nurse will discuss the injury, treatment plan, and the patient’s responsibility.
Customer Satisfaction & Convenience
Online, you can manage your policy, file claims, and find updates.
For workers’ compensation, Travelers offers MyTravelers® for Injured Employees. It is an online portal where you can share documents, communicate with the claims team, and sign up for electronic payments.
Financial Stability
Travelers is a global company with more than 100 years of experience. It is rated A++ Superior by AM Best.
Zurich: Best for Risk Management
Zurich
Overall Score: 3.75
OUT OF 5
What We Like
- 24/7 availability
- Experienced adjusters
- Financial strength
What's Missing
- No online quotes
- Higher than average complaints
Deciding Factors
- App: Specialized app for risk management
- Experience: Nearly 150 years of insurance operations
- Quick quotes: Agents have access to Zurich’s database for quick quoting
- Established agents: Travelers only works with established and successful agencies
Scoring 3.75 out of 5, Zurich is the best provider for risk management. Mitigating risk lowers the chance of a claim, and Zurich has developed multiple resources, including a risk management app, to help its customers.
Zurich doesn’t offer online quotes, and its complaints are also slightly higher than average. However, it’s the fourth-largest provider of workers’ comp per market share.
Cost & Coverage
Quotes are available only from an independent agent. Zurich offers its workers’ comp in non-monopolistic jurisdictions (where employers don’t have to use a compulsory state fund). It also has global coverage, so if your employee is injured on a business trip abroad, they’ll still be covered.
Customer Satisfaction & Convenience
Zurich shines in risk engineering, with more than 700 risk engineers who will inspect on-site and provide solutions to potential exposures. It has developed an app that lets you report and take pictures of any unsafe or questionable conditions, and in almost real time, an expert can review and give guidance. The app is for building projects so it is especially useful if your small business, for example, is in construction.
The app also utilizes quick response (QR) codes to let employees pull up and sign any state- or loss-specific forms.
For claims and policy management, visit its website, use the app on your smartphone, or call 24/7.
Financial Stability
Zurich is a global company with operations in 210 countries and an A+ Superior rating by AM Best.
EMPLOYERS: Best for Return-to-Work Program
EMPLOYERS
Overall Score: 3.50
OUT OF 5
What We Like
- In-house claims
- Nurse case managers
- Online premium audits
What's Missing
- Only sells Workers’ Comp
- No online quote available
Deciding Factors
- Nationwide: Licensed in 46 states and Washington, D.C.
- Financial strength: Resources to pay claims
- 24/7 call center: Available any time and any day in English and Spanish
- Premium options: Offers PrecisePay®, which allows you to pay premiums with each payroll
EMPLOYERS, with a score of 3.5 out of 5, is the best provider for return-to-work programs. It has developed a return-to-work program that partners with local nonprofits to provide transitional duties for the employee.
As a specialty insurer, EMPLOYERS doesn’t offer policies for anything else. Unfortunately, if you need liability, business owner’s policy (BOP), or auto, you must purchase from a different company.
Cost & Coverage
To obtain a quote, you’ll need to contact an agent. EMPLOYERS specializes in workers’ compensation for small businesses, offering insurance for more than 30 low-to-moderate hazardous industries.
Customer Satisfaction & Convenience
EMPLOYERS has nurses, physicians, and providers who work with it to help employees get the treatment they need. It has partnered with Coventry Workers’ Comp Services, Inc., to give off-site transitional work options to injured employees that have medical restrictions for working.
Often, it’ll partner with a local nonprofit organization where the injured employee can provide light duty services and be paid.
This provider also offers online premium audits and a 24/7 multilingual claims center. It has PrecisePay®, which allows you to pay your premium with each payroll period, helping your premium stay accurate.
Financial Stability
In operation since 1913, EMPLOYERS also has a rating of A- Excellent from AM Best.
Best Workers’ Compensation Companies Frequently Asked Questions (FAQs)
What is workers’ compensation insurance?
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.
Do I need workers’ compensation for one employee?
It depends on the state. Some, such as Arizona and Alaska, require it for one employee. Georgia requires it for three or more employees.
Only South Dakota and Texas don’t require workers’ compensation.
However, even in those states, a requirement may be specific to the industry. Remember, every state is different and classifies workers differently. It’s important to know your specific state requirements.
Who is exempt from workers’ compensation insurance?
Some workers are exempt from workers’ compensation, meaning they aren’t eligible for the coverage. Generally, these are:
- Family members: Immediate family members of the business owner
- Independent montractors: Technically, an independent contractor is self-employed
- Limited liability company (LLC) members and corporate officers: This changes depending on the state law
How much is workers’ compensation insurance?
The answer depends on the outcome of the formula providers use to calculate the cost: Class code multiplied by payroll/$100 and multiplied by the experience modifier (claims history). 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.
What is a premium audit?
Methodology
We determined which insurance companies would be the best workers’ comp insurance for small business using our in-house proprietary evaluation system. We reviewed almost 20 providers and presented the six with the highest scores. In evaluating, we focused on the customer’s needs. We paid particular interest to convenience, financial ratings (AM Best), customer service, types of policies offered, and the overall experience as a policyholder for a specific provider.
Bottom Line
Workers’ compensation is essential because it takes care of injured employees and protects your business. We’ve researched providers to find the six best and determined that Chubb is the best workers’ comp insurance for small business. Contact Chubb today for a quote.
