The average cost of all work-related injury claims for 2020 was $41,353. Think how bad things can get if you’re masonry contractor, pavement contractor, or any other high-risk business and an accident happens. Can you handle such an unexpected bill?
Costly workplace injuries and illnesses can happen when you least expect them. It is imperative that you invest in good workers compensation insurance that functions well. However, which ones offer this policy best?
This article will briefly cover what you need to know about worker’s compensation insurance and the best picks, including:
What is workers' compensation insurance?
Traits of good workers comp companies
Consequences of working with a bad workers compensation insurance company
How to get the best workers' compensation policy?
Best workers' compensation insurance companies
States where you can’t get workers comp from private insurers
Workers’ compensation insurance is a type of insurance that covers costs associated with employee injury or illness. Workers compensation companies craft policies to cover the costs for employees that include things like:
Medical costs
Lost wages
Funeral costs
Ongoing expenses related to injury or illness
Workers’ compensation insurance is required by law in virtually every US state for any company with employees. Small business workers compensation insurance companies can help you craft the right policy for the size of your payroll.
With so many options for workers' compensation, it can be hard to know where to look. Even after doing your research, it can be hard to distinguish the qualities of a good company from one that is subpar. The common traits of the best workers comp companies are broken down below:
| Trait | Why It’s Important |
|---|---|
| Knowledgeable About your Industry | If your insurer has a wealth of experience, it is a sign that they are applying the right policies to cover your specific needs better |
| Open Communication | Good workers comp insurers have nothing to hide from their customers and will actively communicate with them about their policies to help them feel at ease |
| Good Customer Service Ratings | One sure-fire way to sniff out a good insurance company is to look at the service reviews to find out how helpful the companies representatives are |
| Safety Rewards | Many successful and trustworthy companies offer ways to get money back through reward programs. A good workers comp company will have incentives to promote workplace safety that will also save you money on your premiums |
It is the hope of every employer that they have made the right choice from the available workers compensation insurance carriers. However, this is not always the case.
Good workers comp providers always act in good faith; however, bad workers comp carriers will show tell-tale signs of being bad faith. These signs could include things like:
Denying listed policy benefits–Bad workers comp insurance companies may try to avoid covering all of the benefits listed in your policy. They list those benefits to get you to sign up but know they will be costly to cover, so try to avoid paying them out whenever possible
Finding ways to offer less compensation than promised–Some bad insurers try to use the complicated insurance process to try to reduce or obfuscate compensation amounts in the hopes that their customers won’t notice. You must be proactive with every step of your claims process to ensure you are getting the maximum benefit amount
Delaying expected payments without an adequate reason–Another trick that bad workers’ comp carriers can use is to delay the claims process. Underwriters may try to stretch out the claims management process by failing to communicate properly with the concerned parties. Luckily, workers comp insurance deadlines are usually regulated by law, and companies might incur even more costs by delaying judgments and claim requests
Hiding evidence or manipulating the facts to deny coverage–In extreme cases of workers comp mismanagement, the company may try to shade the truth of the claim or hide evidence to deny coverage. In this case, it is imperative that you keep the communication line open and be ready to file an appeal to have the decision reversed
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When making the decision to get workers compensation insurance, you will want to consider several aspects of your business, including:
Your number of employees
The risk of the work they do
Your payroll
The laws in your state
These factors will determine the level of coverage you can get, as well as how much your worker’s compensation insurance ultimately costs. To get the best workers comp insurance policy, you will want to compare quotes online. Start by clicking the “Get Quotes” button on this page. The largest workers compensation insurance companies with the best deals have these traits:
| Feature | Why It Is Good |
|---|---|
| Extensive Support Services | Support service teams keep in touch so you can get the best advice for in-field safety professionals who can visit your workplace to ensure it is well-equipped |
| Reward Programs | Some of the best worker’s compensation policies provide reward programs that give employers money back when they establish a solid safety track record. That means more savings for you |
| Dedicated Claims Management | When an unexpected injury happens, you will want to resolve it as quickly as possible to recover lost costs for you and your employee. Good workers comp policies have dedicated claim management teams that resolve claims quickly and get the best care possible. They can also help with things like returning to work coordination |
| Solid Digital Services | An easy-to-use digital portal is a sign of a good insurance policy. They allow you to pay your bill and report injuries quickly. You can also have detailed report information about your losses, and different audits can help you fine-tune your workplace safety |
When looking to find which are the top workers compensation insurance companies you may get lost in the number of options. Luckily, we have concisely broken down the best workers compensation insurance companies. Read some of the reviews below to know their pros, cons, and average cost.
Great options
Expedited Claims
Online quotes
Digital process can be hard to navigate for those who are unfamiliar with it
First on our list of the top 10 workers comp insurance companies is NEXT. NEXT was founded in 2016, but despite its shorter time on the market than some, Next insurance workers’ comp is one of the best options out there. They have extended policy options for medical expenses, survivor benefits, and lost wages.
This entry on our list of best workers compensation insurance companies offer income replacement to survivors of an employee's death and offer retraining services for injured employees who need to train to skills to enter a new career field. Their employers’ liability policy, automatically added to workers comp insurance, will also protect you in the case of an employee lawsuit.
They have an A- (Excellent) AM Best rating and serve over 420,000 customers. Their claim average is between one and two weeks and has a gross written premium count that exceeds more than $200 million.
Best for: Best overall; Fastest workers compensation insurance
Average cost: $14 per month
Our rating: 10/10
File completely online
Tracking claims is flexible and easy
Online quotes
No coverage in Alaska or Hawaii
The Hartford workers comp offers some of the best prices combined with the best value options for your policy. They work with you to find the policy that works for your business size.
The Hartford offers advantages to your workers’ comp policy by providing a preferred medical provider network and a nurse you-back-to-health program that helps coordinate the healthcare and treatment your employees need.
This company has an A+ rating from AM Best. Their direct premiums exceeded $11 billion in 2022, servicing over one million small businesses. The workers’ comp process takes 30 days on average.
Best for: Renowned workers comp insurer in the US
Average cost: $70 per month
Our rating: 10/10
Wide variety of coverage
Compare options with different insurance companies
Slick dashboard for keeping track of everything
Not an insurance company but an insurance broker
CoverWallet is a digital marketplace for comparing insurance prices and changing your insurance policies. They offer a good selection of different policy comparisons and insurance company partners.
As a company, CoverWallet does not have an AM Best rating since it is not an insurance carrier. However, the company does have an A+ rating from the Better Business Bureau. They serve tens of thousands of customers every year, and their partners process claims in an average of two-four weeks.
Best for: Comparing workers compensation insurance quotes online
Average cost: $60 per month
Our rating: 10/10
Easy to generate multiple quotes from different providers
Good selection of top partners
Connects you with the right providers'
Not an insurance carrier
Tivly is another great insurance platform that helps you compare different quotes with their insurance partners. They have a marketplace that boasts flexible targeting to make it simple to get connected with the right policy and company.
Tivly doesn’t have an AM Best Rating. However, this company boasts an A rating from BBB. They have a network of over 200 providers that resolve workers' comp claims in an average of two weeks, depending on the partner you choose. They are a fast-growing insurance tech company that has 20 years of experience.
Call a Tivly representative now to get covered.
Best for: Comparing workers compensation insurance quotes over the phone
Average cost: $85 per month
Our rating: 10/10
Agile enough for small companies
Knowledgeable resources to take advantage of
You can’t reach customer service by calling
Thimble is an excellent insurance broker with an A (excellent) rating from AM best for financial strength. They earned high marks for being good long-term insurance issuers and having positive customer reviews.
The company covers over 300 professions and has sold over 200,000 policies. 75% of their business is first-time insurance buyers. They have ghost policies available for workers comp and also include employers’ liability coverage as part of their packages.
Best for: Easiest to buy
Average cost: $35 per month
Our rating: 10/10
Comprehensive workers comp coverage
Bundled discounts on multiple Hiscox policies
14-day refund policy
No Alaska coverage
Next up is Hiscox, who has managed to maintain a solid A+ (excellent) financial strength rating. They serve the needs of over 500,000 customers and have become a powerful and diversified international insurance group. The majority of their customers are small business customers, and they specialize in creating good policy solutions for small businesses.
With Hiscox, you can get your workers comp price estimate within minutes, and claim specialists can get back to you within one day of filing to guide you through the claim process. The claim process for workers comp typically lasts a few weeks, depending on the complexity of the claim.
Best for: Small businesses
Average cost: $23 per month
Our rating: 10/10
First Fill program makes filing prescriptions easy
Successful Return-to-Work motivates employees to stay injury-free
Purchasing not available online
Nationwide offers a competitive selection of coverage options that makes it easy to get your prescriptions filled quickly after filing a claim. They offer a First Fill Program with a good network of related policies. Their Return-to-Work program makes it easy for employees to communicate their conditions and reduces the risk of another injury.
Nationwide has a fantastic A+(Superior) financial strength rating from AM Best. Despite challenges in the industry, they posted record direct premium sales of $50 billion across all their policies.
Best for: Pharmaceutical care benefits included in workers comp insurance
Average cost: $78 per month
Our rating: 8/10
Adapts to your business needs through flexible solutions
Dedicated team of insurance adjusters to expedite claims
No online quotes
Travelers is one of the leaders in the industry and has an A++ (Superior) rating from AM Best. This rating is the highest available and speaks to the longevity and financial security of the company.
They have been providing coverage for over 165 years and write nearly $8 billion in direct premiums yearly. They serve more than 425,000 customers and cover companies in over 1,000 classes of business.
Best for: Claims resolution
Average cost: $60 per month
Our rating: 8/10
Has agents in all 50 states
Agents are knowledgeable about the needs of small businesses
Audit awareness premium price
Need to talk to an agent to get a quote
State Farm offers a nice selection of features for workers comp customers. They have an audit awareness program that will adjust your premium based on your payroll estimations. The company also excels at helping you prevent workers’ comp losses through its numerous resources.
State Farm has an A++ (Superior) rating from AM Best, making it an example of a good long-term issuer. In 2022 they had a reported earned premium of $67 billion and lead the JD Power study in 2022 for overall customer satisfaction. They boast over 91 million policies and accounts served and handle worker comp claims in an average of a few weeks.
Best for: Workers comp with adjustable premiums
Average cost: $38 per month
Our rating: 8/10
Holistic team solutions to reduce workplace injury risks
Control over your claims
Expertise helps you save cost
Issues with contacting claims adjusters
Another great works comp insurance expert to look at is Liberty Mutual. They offer knowledgeable underwriters that can help you reduce risk in the workplace and deliver customizable policies that can address complex work environments.
The company has an A (Excellent) rating from AM Best and was the sixth-largest insurer based on gross written premiums in 2020,. Claims are reviewed quickly, within 1-2 days, but final determinations make take up to a few weeks. Liberty Mutual has a good record of resolving its claims efficiently and fairly, scoring fairly high in customer satisfaction compared to its peers.
Best for: Expertise
Average cost: $50 per month
Our rating: 8/10
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Because workers’ compensation is such an essential part of protecting your business, virtually all states require that businesses with employees have it. However, some states take it further and completely monopolize worker’s comp insurance.
In these states, instead of choosing a private insurer, you will purchase your insurance through a state department. Below is an explanation of each monopolistic state’s workers’ compensation insurance:
North Dakota’s workers' comp insurance goes through a state fund managed by North Dakota Workforce Safety & Insurance (WSI). WSI has cared for injured employees in the state of North Dakota for over 100 years. The policy covers medical treatment and lost wages for employees that suffer illness or injury.
As with other states, North Dakota requires that every employer with employees purchases workers’ comp insurance from WSI. Employees have a two-year statute of limitations to file a claim from the date of the injury or the discovery of the illness. These policies cover full-time, seasonal, and part-time workers.
The policy is great because it guarantees that even high-risk employees get coverage for better rates than you might find in the private insurance sector. The downside is that these higher-risk workers in the industry might increase your insurance premiums. Because of this, it is crucial that you correctly classify your employees and take advantage of safety initiatives to keep premiums low.
Ohio’s workers’ comp insurance claims and applications are managed by the Bureau of Worker’s Compensation (BWC). Claim disputes are investigated by a separate entity known as the Industrial Commission of Ohio.
To apply for worker’s compensation in Ohio, you must complete an application for Ohio workers’ compensation coverage and pay a $120 minimum non-refundable application fee. The BWC will then make a determination based on the type of jobs your employees do and your payroll costs about your monthly premium rate.
Ohio requires that all employers have this form of workers’ compensation coverage by law. They also offer several additional program options, which include:
Deductible Program–Credits employees who can afford to pay a deductible
Go-Green Rebate Program–Earn rebates for reducing workplace waste and helping the environment
Drug-Free Safety Program–Earn a bonus for putting forth a strategy to reduce workplace drug abuse
Medical Only Program–If an employer pays medical bills in medical-only claims you gain the ability to reduce your premium cost.
Group Rating Program–Provides rewards for employers who increase their performance by reducing their amount of compensation claims and losses.
Lapse-Free Rebate Program–Paying the premiums in a timely manner can get the employer some rebate options.
Workers’ compensation in Wyoming is handled by the Wyoming Department of Workforce Services (DWS). Most business owners are required by Wyoming law to purchase workers’ compensation insurance if they have employees who would be eligible for coverage. Some workers have the option to opt out of coverage. These workers are typically contractors or certain industries where workers can waive their benefits.
Regardless of status, every business must register with the Division of Worker’s Compensation and Unemployment Insurance so that the state can determine whether coverage is needed or not. Wyoming has a state statute that requires all employers to report any workplace injury within ten days, and a worker’s comp claim has a one-year statute of limitations.
Washington’s employees are protected by the coverage provided by the Washington State Department of Labor and Industries (L&I). This state body is also responsible for ensuring workplace safety standards are being upheld in businesses across the state.
The public state fund covers ⅔ of Washington’s workers’ and self-insured employers cover the other ⅓. Businesses in Washington that wish to be self-insured must have run a business for at least three years, have an active accident prevention program, and show assets totaling at least $25 million. Self-insured employers still use the L&I service to file claims, but they must use a separate form and claims process. The claims manager may be a third-party administrator.
1 / 5
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
1 / 5
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
1 / 5
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
5 / 5
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
5 / 5
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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