8 Best Workers’ Compensation Insurance Companies

When it comes to workers’ compensation insurance, there are many companies that offer policies. However, it is important to find the best company for your particular needs. Here are 8 of the best workers’ comp insurance companies.

We looked at a number of top-rated workers’ compensation carriers and selected the top eight.

The following are the factors we utilized to rank the top workers’ compensation insurance companies:

• Insurance businesses’ financial strength is determined by credit ratings provided by third-party rating organizations. These ratings take into account an insurance company’s capacity to pay claims. The credit ratings of all of the workers’ compensation insurance firms on this list are above average.
• Audit simplicity: Some insurance companies provide pay-as-you-go workers’ compensation policies, which make the audit procedure easier and reduce the risk of surprise audit premium costs.
• Cross-state coverage: Because workers’ compensation insurance plans are regulated by each state, having an insurance carrier that provides coverage in several states may be advantageous.
• Rates and discounts: Companies that provide low premiums based on loss history and discounts for bundling policies may assist to reduce the cost of workers’ compensation insurance.
• Loss mitigation: An insurance company that sees itself as a risk mitigation partner provides additional advantages that assist small companies in implementing risk-reduction processes.
• Workers’ compensation claims are time-consuming, and carriers manage the amount of information that pushes the claim along in various ways.
• While there will always be negative feedback, a large number of positive customer reviews indicates that consumers like them enough to write a review.

We did not assess state insurance funds for this post since our readership is national, even though they compete with private insurers.

What Is Workers’ Compensation Insurance and How Does It Work?

Employees and their families are covered by workers’ compensation insurance coverage in the event of work-related injuries, illnesses, or even death. Workers’ compensation insurance provide temporary or permanent disability benefits to employees who become incapacitated as a consequence of workplace injuries. Workers who deliberately injure themselves, violate the law, or submit a false claim are not covered by these provisions.

The Hartford

With its pay-as-you-go option XactPAY®, The Hartford is an industry pioneer in workers’ compensation, integrating its services with payroll suppliers to generate correct premiums. As a result, you’ll be less likely to overspend during the year. Pricing is determined by your company’s industry, location, and size, and may be integrated into a pay-as-you-go plan. Furthermore, The Hartford offers a superior claims strategy that expedites the recovery of injured workers and the company.

Features

The Hartford automatically includes the following features that other carriers charge extra for:

• Employees’ coverage is extended when they travel to places where coverage must be bought via a state fund.
• Voluntary Compensation: Provides coverage to workers who are not obliged to be covered by their employers.
• Extended cancellation notice: Provides 15 days’ notice of policy cancellation, compared to the industry norm of 10 days.

It’s uncommon to find a firm that cares enough about its workers to incorporate what many business owners need. It’s an added benefit that it doesn’t immediately convert into higher total premium prices. When combined with a BOP, The Hartford provides a 10% savings on workers’ compensation insurance.

The Hartford’s workers’ compensation insurance also gives you access to:

• Characteristics of prescription drugs: Prescriptions may be filled at any of more than 65,000 pharmacies, with no out-of-pocket costs and the option of using a mail-order service.
• Reimbursement scheme for needle sticks: Pays for initial testing and, in certain circumstances, reimbursement for further testing.
• Nurse case managers assist in coordinating employee care and treatment in the Nursed Back to Health program.

Additional Features

For almost over a century, the Hartford has provided workers’ compensation to company owners. Small businesses have been able to obtain estimates from The Hartford online for some time, but the insurer just added an online buying option for workers’ compensation coverage, which is a rare occurrence in the industry. You may change your insurance limits and obtain general and professional liability estimates. You can only get workers’ compensation insurance online right now; other business plans need a phone call.

Travelers

If you have a mobile staff or out-of-state operations, Travelers is the ideal option for workers’ compensation insurance. The company’s nationwide footprint and vast network of healthcare providers offer it an advantage over other multistate companies when it comes to understanding workers’ compensation.

Features

Travelers is able to provide the following services because to its size and industry experience:

• Global Companion package: Extends coverage to encompass foreign hazards for traveling and mobility workforces.
• Largest network of nurses and medical professionals: Allows injured employees to access Travelers’ network of healthcare providers promptly, minimizing the effect of injuries and keeping expenses low.
• ConciergeCLAIM: Connects injured workers with a Travelers ConciergeCLAIM nurse who can help them through the claims process; has cut the average number of lost workdays by 35%.
• For injured employees, MyTravelers® provides access to a site with information regarding their workers’ compensation claim.

Travelers also provides TravPay, a pay-as-you-go workers’ compensation insurance plan that keeps insurance expenses under control and accurate.

Additional Features

Through the MyTravelers for Business client interface, all Travelers policyholders have access to their policies. This is a simple method for small company owners to handle all of their policies in one place. Bill payment, claim reporting and administration, certificate of insurance requests, and risk management tools are all easily accessible.

While Travelers provides almost every kind of commercial insurance available, don’t anticipate a fast quotation online. Travelers prefers to underwrite risk via its network of independent agents and brokers, and its website is intended to assist you in finding a quality agent, not to provide you with a quotation. In certain states, coverage choices may not be accessible.

biBERK

BiBERK, sponsored by Berkshire Hathaway, provides fast and outstanding workers’ compensation insurance coverage in most parts of the United States. One of biBERK’s main goals is to condense the power of an insurance behemoth into a simple online procedure for purchasing and managing insurance. BiBERK provides quick workers’ compensation coverage to company owners who need to satisfy regulatory requirements for new employees.

Features

With the following features, biBERK aims to make purchasing workers’ compensation insurance simple for company owners:

• Three-step coverage: The biBERK online system allows you to acquire most business insurance, including workers’ compensation, in three easy steps.
• BiBERK provides estimates for workers’ compensation in all jurisdictions where private competition is permitted.
• Small company owners may save 20% on insurance by purchasing it online via biBERK.
• Training Network NOW, an online safety training library with 350+ training modules, videos, and instructional materials, is available to policyholders.

BiBERK provides quick estimates and easily accessible coverage for a variety of sectors, however, it is presently unable to provide all types of commercial insurance owing to its streamlined methodology. It outsources business car insurance plans to Geico, for example, which means you won’t be able to manage all of your policies in one location. BiBERK, on the other hand, is open about its collaborations.

BiBERK’s online application is one of the simplest and most straightforward to complete, needing just a few basic information about your company. It’s one of the few carriers that can immediately bind a policy via the internet. Automatic payments, claims management, and paperless communications are among biBERK’s other online services.

Chubb

Chubb is a major national insurance company that offers both personal and business insurance. Small business owners may use the company’s outstanding return-to-work program support to handle medical and disability benefits for injured workers. Chubb can issue policies for almost any size company, but when it comes to customer care and claims, it’s renowned for treating all accounts the same.

Features

Chubb provides small company owners with a variety of worker’s compensation benefits, including:

• Medical and disability management: Chubb provides nurse consultants to help with medical management and a prompt return to work for your employees.
• Preferred provider networks: In many areas, policyholders may assist injured workers in receiving high-quality treatment at a reasonable cost through connected preferred providers.
• Fraud prevention: To detect and investigate false or overstated claims, Chubb employs fraud and recovery experts.

Previously, you had to locate a local agent or office to get a quotation from Chubb since they didn’t provide them online. However, the company just established a website for small business insurance that does provide online quotations. Workers’ compensation has a user-friendly application, although it needs more information than other carriers. While long, a comprehensive application will result in a more accurate quotation, allowing you to choose the coverage you need.

Chubb provides a pharmacy benefit management scheme focused on patient safety for workers’ compensation policyholders, enabling only those medicines suitable for the injury to be administered to the injured worker. Chubb also makes it simple to submit and handle claims online. Not sure what kind of insurance you require? Try Chubb’s handy “coverage buddy,” Chloe, an easy tool that takes you through basic questions about your company and suggests the kind of coverage you need and why.

Liberty Mutual

Liberty Mutual is well-known for personal insurance, but it’s also a top 10 supplier of commercial insurance, making it a one-stop-shop for all your insurance requirements. This carrier focuses on providing a good client experience by making everything as simple as possible, from obtaining estimates to submitting claims.

Features

The following are some of the benefits provided by Liberty Mutual:

• Risk management services: The business provides a variety of safety tools and risk management programs, such as Liberty Mutual SafetyNetTM and Liberty Mutual Industrial Hygiene Lab, to assist keep workers safe.
• Integrated business and personal policy management: Manage payments, claims, and coverage choices by having all of your insurance information at your fingertips.
• Agents on the ground: Your insurance requirements vary as your company develops. Local account managers from Liberty Mutual work with you to handle your personal and business insurance.
• Options for sole proprietors: Even if you don’t have any employees, you may want to consider self-employed workers’ compensation insurance to protect yourself if you operate in a high-risk accident industry.

The company’s hunger for commercial business is increasing, and coverage choices are being expanded. For quick servicing and insurance claims, customers may utilize a dynamic online account manager or contact their local agent.

Employees of Liberty Mutual workers’ compensation policyholders have access to the Liberty Mutual Injured Worker Toolkit, a self-service site that allows injured workers to see claim data, enroll in electronic deposits, and find in-network medical providers.

For business insurance, Liberty Mutual does not sell directly to consumers. Liberty Mutual, like many other insurers, does not provide price information on its website. Liberty Mutual, on the other hand, is a consumer-friendly insurance business, and having a local agent to meet with and ask questions is a convenient alternative.

CyberPolicy

CyberPolicy makes it simpler to purchase workers’ compensation insurance and other business policies by using technology. CyberPolicy operates as a broker with a number of top-rated carriers, enabling business owners to compare rates using a single web application. Businesses may also use CyberPolicy’s training materials to help minimize risks and save expenses.

Features

Don’t let the name fool you: CyberPolicy specializes in cyber liability insurance, but it also provides a wide range of other business products, including workers’ compensation insurance. It also provides a few unique insurances, like lessor’s risk, liquor liability, and surety bonds, that you won’t find anywhere else.

BCS, biBERK, Chubb, and Nationwide are among the top-rated business insurance providers represented by CyberPolicy. You may compare workers’ compensation quotes by filling out CyberPolicy’s easy online application. Depending on your location, sector, and risks, some insurance is even accessible for quick online purchase.

When opposed to other business insurance brokers, CyberPolicy does not charge a broker’s fee, which may help keep prices low. The workers’ compensation resources available will be determined by the insurer from whom you purchase your policy. CyberPolicy’s instructional tools and cybersecurity resources provide additional advantages, such as:

• CyberCheckup: A free tool that provides professional recommendations based on the cyber threats that your company faces.
• Articles about cybersecurity best practices may be found in the education center.
• Cyberglossary: A resource for understanding cybersecurity jargon.
• Another free tool to assist you to evaluate your other business insurance requirements is InsuranceGuru.

Bundling several plans, whether with the same carrier or across carriers, may save you money with CyberPolicy.

Pie Insurance

Pie Insurance is a relative newcomer to the world of business insurance, but it’s already making waves with its appealing workers’ compensation cost-savings calculator. The website lets business owners examine their existing workers’ compensation rates to determine whether they’re paying too much for coverage. According to Pie Insurance, 80 percent of small companies are overcharged by 30 percent for workers’ compensation insurance.

Features

With these characteristics, Pie Insurance strikes a perfect mix between price and service:

• Pie Insurance was created with workers’ compensation insurance in mind initially, so if that’s what you’re searching for, it can help.
• Most carriers do not provide price information on workers’ compensation coverage. You may use Pie to see whether you’re overpaying for insurance.
• Online application form: In comparison to rivals, the carrier’s web software may be downloaded in as little as three minutes.

With an emphasis on workers’ compensation, Pie also offers free materials such as a workers’ compensation 101 handbook and workplace safety recommendations.

Pie Insurance is now only accessible in 34 states and Washington, D.C., but the company is trying to extend its reach nationally. While Pie Insurance may provide workers’ compensation insurance directly for your company, it also sells a policy created by Sirius America Insurance Company. Pie Insurance is essentially a middleman.

Thankfully, Sirius has an A- rating from A.M. Best, indicating that it is a financially sound insurer. Pie’s customer service employees may not be able to immediately address your claims inquiries since claims are handled through CorVel, a workers’ compensation administration agency.

Customers say Pie Insurance has competent customer service and representatives that respond quickly. Although Pie’s online application is one among the most user-friendly, a few customer reviews have complained about problems with the quotation process, claiming that they were preapproved via the application but were denied coverage after additional examination.

EMPLOYERS

EMPLOYERS is a small business insurance specialist dedicated to making workers’ compensation coverage cheap and accessible to small business owners. Workers’ compensation insurance is available from EMPLOYERS in 46 states and Washington, D.C., which are all places where private insurers may provide workers’ comp. It also offers pay-as-you-go alternatives to assist company owners with variable payroll better managing their workers’ compensation costs.

Features

EMPLOYERS’ primary emphasis is workers’ compensation, and they have developed proprietary systems that include:

• EMPLOYERS’ pay-as-you-go workers’ compensation system, PrecisePay, is intended to assist small company owners to improve cash flow.
• Effortless claim processing: Businesses may be required to submit claims at any time of day. The claims center at EMPLOYERS, which is open 24 hours a day, seven days a week, begins the procedure as soon as it occurs.
• Fraud prevention in-house: EMPLOYERS’ fraud experts are trained to identify and minimize false claims in order to keep insurance costs low.
• Employees may receive workers’ compensation benefit payments through EMPLOYERS’ debit card using InsurCard®.

A business that decides to specialize in one kind of insurance is deciding to be the best in its field. EMPLOYERS could easily grow its product lines by using its book of business but instead chooses to enhance its web portal and assist companies in reducing claims and fraud.

EMPLOYERS, as previously stated, only offers one product: workers’ compensation insurance. This implies that small company owners will have to find their own general liability, commercial property, and other insurance coverage. In addition, the carrier offers a thorough return-to-work program as well as specialized services for wounded employees. EMPLOYERS also provides loss control and premium audit services to employers.

EMPLOYERS performs a disservice to busy company owners who need workers’ compensation insurance by not offering an online application. However, since it focuses only on workers’ compensation, any concerns you have regarding coverage will almost certainly be addressed by a knowledgeable agent.

Alternatives to Workers’ Compensation Insurance Firms

Depending on their state, business owners who are unable to get workers’ compensation insurance from a private insurer have a few options. The first is a state-administered fund, which is usually managed by the state’s commerce or labor departments and offers workers’ compensation to companies in high-risk sectors or with significant losses.

An assigned risk plan is a good option for business owners who can’t obtain coverage in the open market or via the state fund. A market of last resort is a term used to describe this situation. Employers are obliged to utilize the state insurance fund in monopolistic states like Ohio, North Dakota, Wyoming, and Washington to guarantee that all coverage satisfies state labor standards.

Conclusion

If you don’t have the appropriate workers’ compensation insurance carrier, your claims will continue longer and cost you more money than they should. At work, you can reduce risk but not eliminate it. The greatest protection against business risk is to get coverage from a financially stable firm like The Hartford, which combines worker’s compensation insurance with other commercial products.

Frequently Asked Questions

How do I choose workers’ compensation insurance?

You can choose workers compensation insurance by going to your states website.