Best Workers’ Compensation Insurance Providers in 2024
Help protect your employees with the best Workers’ Compensation Insurance providers in 2024.
What is Workers’ Compensation Insurance?
Workers’ compensation insurance helps cover medical expenses, lost wages and costs associated with the rehabilitation of employees who are injured or ill while performing their job. Workers’ comp insurance typically is required for Small Businesses with employees, and in some cases may be issued by the state you are doing business in.
Examples of scenarios where workers’ compensation insurance could help cover a business include:
- An employee of yours hurts themselves lifting a heavy box at the workplace.
- An employee develops carpal tunnel syndrome while at work.
- An employee is hurt in a car accident as they were visiting a business client.
So what kind of businesses need Professional Liability Insurance?
Most states require businesses with employees to have workers’ compensation insurance. In the event it’s not a requirement, the business should still consider the coverage to help protect them in the event an employee is ill or injured on the job. Examples of business types that need workers’ compensation insurance include:
- Construction/Contractors
- Accountants
- Lawyers
- Consultants
- Advertising Agencies
- Real Estate
- Graphic Designers
- IT Consultants
- Engineers
- Architects
- Photographers/Videographers
How Much Does Workers’ Compensation Insurance Cost?
The cost of workers’ compensation insurance varies based on a number of factors. Generally, these factors include but are not limited to company payroll, the industry the business is in, the number of employees, and more. According to The Hartford, a leading provider of worker’s compensation insurance, their customers pay an average of $70 per month for coverage[1].
Best Overall Workers’ Compensation Insurance: The Hartford
The Hartford is our choice for the best workers’ compensation insurance provider. Hartford, aside from being one of the most tenured businesses on this list, with over 200 years of experience, is also a respected leader in Small Business Insurance. Whether you get your workers’ compensation policy from The Hartford from a registered agent, or direct from them, you are getting good comp coverage, with equally impressive benefits at a competitive price. The average price for the workers’ compensation policy with The Hartford is about $70 per month and is advertised to be as low as $13 per month.
The Hartford delivers their product to a fairly broad set of business types, and their product features are meant for industries providing services or advice for a living. When you get a quote with Hiscox, their process allows for a Small Business Owner to get a quote, a policy, and proof of insurance within a matter of minutes. Their ability to do all of those things sets them apart from the pack – and keeps Hiscox as a recognized leader for Small Business Insurance, let alone Professional Liability. One knock on Hiscox is their inability to do much more than print your Certificate of Insurance online. Their service and claims experience is fairly poor, however, based on investor call feedback, it is a huge priority to digitize around the corner.
Why We Like Them
- A recognized leader in the space, respected for their workers’ comp product
- The policy includes services like preferred medical network, pharmacy benefit management, and nurse case managers
- Top-rated digital service experience
Why We Don’t
- Buying online is not available
2nd Place: biBERK
biBERK comes in as our number two workers’ compensation insurance provider. biBERK is part of Warren Buffet’s Berkshire Hathaway Insurance Group, which holds more than 75 years of collective insurance experience. Their overarching business experience, combined with potential savings opportunities – up to 20% savings compared to other insurance providers – offer value to the small business owner. Getting insurance from biBERK is easy – as small business owners are able to both quote and buy insurance online today. If small business owners prefer to speak to a licensed insurance agent, their team of insurance specialists can help as well.
Today, biBERK is trusted by over 200,000 small business owners for their business insurance needs, and their workers’ compensation coverage is a big part of that.
Why We Like Them
- Good online quote experience with the ability to buy online
- Insurance experience and backing of Warren Buffet’s Berkshire Hathaway
Why We Don’t
- Service and claim capabilities behind others on this list
3rd Place: CoverWallet
CoverWallet comes in as our number three ranked workers’ compensation insurance provider. CoverWallet is not a Small Business Insurance carrier but offers a marketplace of insurance providers that offer workers’ comp insurance. CoverWallet inline quote submission process suggests a carrier for each Small Business Owner based on the information they provide. This makes shopping easy and efficient for a busy small business owner.
CoverWallet has an easy quote application process and staff insurance specialists over the phone to help business owners seeking live counsel.
Why We Like Them
- Easily find insurance options based on the information you provide
- Easy quote and insurer match process
Why We Don’t
Missing some top insurers as partners
4th Place: Tivly
Tivly comes in as our fourth-place workers’ compensation insurance option for Small Business Owners. Like CoverWallet, Tivly makes it easy for the Small Business Owner looking for workers’ comp insurance but unsure where to go for it. Tivly quickly connects a small business owner looking for workers’ comp with an insurance provider that can help. While Tivly does not offer small business owners the ability to buy online today, their insurance specialists help business owners quickly find affordable coverage for their businesses. Tivly has over 200 partnerships with insurance carriers, brokers, and agents that allow them to provide better outcomes for more small businesses.
You fill out a short lead form, then almost immediately talk to a sales support representative, and based on your inputs help direct you to the right Small Business Insurer capable of providing the Professional Liability coverage needed for your business. The only knock on CommercialInsurance.net is their seeming lack of online Small Business Insurance quote optionality, which is a stark difference from a company like CoverWallet. What they lack online, they make up for with fast and efficient offline capabilities.
Why We Like Them
- Fast, easy way to find the right insurance, from the right company
- Specialize in finding SBOs cheap and affordable insurance options
Why We Don’t
- Limited online quote capabilities
5th Place: Pie Insurance
Pie Insurance rounds out our best worker’s compensation insurance companies, serving as another formidable provider of workers comp coverage for small business owners. Pie insurance started in 2017, so it’s relatively young when compared to some of the tenured competitors in the small business insurance space. Despite that, the workers’ compensation offering from Pie Insurance has been gaining popularity by making getting workers’ compensation easy. Getting an online quote from Pie Insurance can take less than three minutes, which is faster and more efficient than most others on this list. Pie also promotes up to 30% savings on their workers’ comp coverage compared to competitors.
Why We Like Them
- Growing provider in the workers’ compensation insurance space
- The fast and easy online application process
Why We Don’t
- Some notable gaps in other policy offerings
How We Ranked Insurance Providers & Marketplaces
We spent hours canvassing the marketplace for the best workers’ compensation insurance companies, and reviewed them based on the coverages they offer, their respective positions in space, ease of doing business and overall customer experience to help best align our Small Business Owner followers with the right insurance solution for their business.
Disclaimer
At BuyLiability.com, we spend hours researching Small Business Insurance companies and marketplaces to help create useful, unbiased product reviews for Small Business Owners like you. In doing so, we make every effort to keep the most updated and accurate information on our website, but we make no warranties as to the accuracy, timeliness, and completeness of the information referenced within. Accordingly, we are not liable in any manner for any direct, indirect, or consequential damages arising out of the access, use, or inability to use our website or any third-party site linked to our site. We have no control over third-party websites that we link to on our site and as a result, are not liable for third-party websites that we link to on our site and are not responsible for the content, its accuracy, function, or legality of the actual websites.
From time to time, we receive advertising revenue from companies seeking to advertise on our website; those payments, however, do not influence our reviews but rather help us keep the lights on. Links that go to third-party websites and quote applications are referred to as affiliate links. When you click one of those links and fill out an application to get a quote, we receive a small commission, so we can keep this site running without requiring a paid subscription fee from our readers.
Disclaimer
At BuyLiability.com, we spend hours researching Small Business Insurance companies and marketplaces to help create useful, unbiased product reviews for Small Business Owners like you. In doing so, we make every effort to keep the most updated and accurate information on our website, but we make no warranties as to the accuracy, timeliness, and completeness of the information referenced within. Accordingly, we are not liable in any manner for any direct, indirect, or consequential damages arising out of the access, use, or inability to use our website or any third-party site linked to our site. We have no control over third-party websites that we link to on our site and as a result, are not liable for third-party websites that we link to on our site and are not responsible for the content, its accuracy, function, or legality of the actual websites.
From time to time, we receive advertising revenue from companies seeking to advertise on our website; those payments, however, do not influence our reviews but rather help us keep the lights on. Links that go to third-party websites and quote applications are referred to as affiliate links. When you click one of those links and fill out an application to get a quote, we receive a small commission, so we can keep this site running without requiring a paid subscription fee from our readers.