Best Workers’ Comp Insurance for Small Business

The Hartford shares a simple online calculator that gives you an idea of the premium cost for workers’ comp insurance.

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

With the online account, you can change class codes, payroll amounts, or employer liability limits.

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 make it easier for your employees to find a doctor. Medical bills can be submitted via fax or mail.

We received a quote for $414 annually or $82.80 down and then $36.80 monthly for nine months. The policy was from biBERK and carried $100,000 for each accident injury, $100,000 per disease, and $500,000 per employee.

While Simply Business normally generates multiple quotes, for this article, we only received one. However, we were also given an option to call and speak with a licensed agent to find more coverage for the business elsewhere. The brokerage can work with you to find insurance, both online or over the phone.

Once you purchase a policy, you will receive an email from the provider with all of the policy documents and your certificate of insurance (COI).

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

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

While ERGO – Next Insurance is unavailable 24/7, its app functions like a 24/7 call center. 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 is very quick, and results are available within minutes.

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.

ERGO – Next Insurance 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.

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

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

In line with its lower-than-average complaints, Nationwide is No. 1 in customer satisfaction in J.D. Power’s 2023 survey. It has zero complaints, per the National Association of Insurance Commissioners (NAIC).

Nationwide 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 to receive treatment direction and assistance in 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. Or if you prefer an annual payment, then the policy cost would be $787.

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

Thimble is available in all nonmonopolistic states and 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 can also file the claim in the app. It has partnered with nonprofits to offer off-site transitional work for injured employees.

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. You can obtain workers’ compensation insurance from a state fund, an assigned risk pool, or workers’ comp insurance carriers.

Yes, you do, because every state—except for South Dakota and Texas—requires workers’ comp. However, even in those states, industry-specific requirements for workers’ comp may exist. 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 LLC members and corporate officers, though this varies 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 to your payroll.

A premium audit determines whether 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 intoxication.