6 Best Workers Compensation Insurance in Georgia for 2023

Thang Truong
Thang Truong
Updated on:

If you run a small business with employees in Georgia, you are going to need workers’ compensation insurance. This essential protection ensures your staff will receive regular paychecks even if they can’t work. It also pays for their medical bills if they get injured at work. The only problem is finding a quality insurance provider for your workers’ compensation policy.

We researched six of the top providers of workers’ compensation insurance in Georgia. In the process, we also attempted to pull quotes from several of these insurers for a landscaping company with four employees and an annual revenue of about $400,000.

Top 6 Providers of Workers Compensation Insurance in Georgia

We research more than 15 companies offering workers compensation insurance in Georgia and here are our recommendation of the 6 best providers for your consideration:

CoverWallet: Best for Comparing Quotes

If you want to compare multiple quotes for many kinds of business insurance, check out CoverWallet. This online broker compiles and presents quotes from several insurers that they work with. The quoting process is very quick and easy. Within minutes, you will be able to compare several quotes from the leading providers.

Using our imaginary landscaping business with 4 full-time employees and $400,000 annual revenue, we were able to obtain multiple quotes from CoverWallet for Workers’ Comp. These were initial quotes pending verification, but ranged between $1,512 and $2,180 per month.

The three workers compensation quotes we received from CoverWallet come from:

  • Guard, a Berkshire Hathaway company: $1,512 a month
  • AmTrust: $1,880 a month
  • Chubb: $2,180 a month

Guard appears to offer the cheapest workers compensation insurance for this hypothetical company. However, it does not guarantee that Guard will also offer the cheapest quote for your own company, so make sure to shop around with a few companies or get several quotes from CoverWallet to compare and select the cheapest one for your company.

Pie Insurance: Best for Discounts

This company is dedicated solely to providing workers’ compensation insurance for small businesses. Thanks to their narrow focus, they are able to give greater discounts on this type of insurance for customers. Pie claims to be able to offer insurance premiums that are 30% lower than the rest of the insurance industry. 

The process to apply for a quote from Pie was also considerably shorter and easier than other insurance websites. We were able to get a quote for $1,070 per month for our small landscaping business.

Again, Pie provides a cheaper quote for our hypothetical landscaping company. It doesn’t mean their quote for your company will also be the cheapest. Make sure you shop around to get the cheapest quote for your company.

Cerity: Best for Business Support

Cerity also focuses solely on workers’ compensation for small businesses. They claim to offer insurance without additional fees for maintenance or cancellation. Their team also includes a 24/7 helpline staffed by nurses who can help you determine the best medical care options for injured employees. 

We found that Cerity also offers affordable rates. We were able to get an instant quote for workers’ compensation of about $968 per month

Huckleberry: Best for Restaurants

Another insurance company that is primarily online, Huckleberry offers a selection of options for small businesses. Besides workers’ compensation, they have general liability, property insurance, and a few coverages that are ideal for restaurants. These include, spoilage coverage, liquor liability insurance, and restaurant endorsements.

We chose to use the same landscaping business for consistency when getting a quote. However, Huckleberry wasn’t able to provide an online quote. The website stated that they would email us quotes.

The Hartford: Best Established Company

Business owners who want an insurance company that has years of history and a great reputation behind it can turn to The Hartford. Established in 1810, they have a lot of experience within the insurance industry. The Hartford also offers a much wider range of insurance for companies. You’ll be able to find everything from cyber insurance to product liability insurance, professional liability insurance, or workers’ compensation coverage.

biBerk: Best Financial Foundation

Founded by Berkshire Hathaway in 2012, biBerk is a relatively young insurance company that boasts a lot of financial backing. If you are concerned about finding a company that won’t fold anytime soon, biBerk is a good choice. They also claim to offer up to 20% savings on insurance by cutting out the middleman. 

We filled out an online quote for our landscaping company and received a policy premium of $9,364.00 with an initial down payment of $1,404.60. Although, we’re not sure what the remaining premium payments would be or for how long the policy runs at that rate.

Again, different companies will provide you with different quotes. Be sure to compare several quotes with a digital broker like CoverWallet to select the cheapest one for your company.

>>MORE: 10 Best Workers Compensation Insurance Companies for Small Businesses

Is Workers Compensation Insurance Required in Georgia?

Georgia does require employers to carry workers’ compensation. It doesn’t matter if you have part-time or full-time staff, you’ll be required to carry this kind of insurance if you have three or more employees. 

If you incorporate or form an LLC, company officers will be counted as employees of your company too. But, you may be able to get around this requirement if you remain a sole proprietor.

How to buy workers comp insurance in Georgia?

You can choose to buy workers comp insurance in Georgia from digital brokers, traditional insurance companies, or insuretech startups. Although many traditional insurance companies still require you to buy workers comp insurance through their agents, you have many options to buy online from each purchase option.

Buying online makes it easy to compare several quotes so that you can choose the cheapest one. Learn more at Georgia Workers Comp Insurance: How to Compare Quotes and Buy Online.

Factors Affecting How Much You’ll Pay for Workers’ Compensation Insurance

There are some additional factors that can affect how much your company will pay for workers’ compensation insurance. These factors can increase your premiums and even affect your ability to get coverage. 

  • Previous workers’ compensation claims
  • Amount of risk involved in the work
  • Cost of living in your area

By far, the industry you work in has the biggest impact on workers’ compensation rates. Nursing homes pay a lot for this insurance because staff are at a high risk of pulling a muscle, hurting their back, or even being attacked by a resident. However, accounting and financing companies pay lower rates due to the low risk of injury on the job.

How Much does Workers’ Compensation Insurance Cost in Georgia?

Workers’ compensation costs in Georgia run about $1.08 per $100 in payroll. This is an average for all small businesses in Georgia, and can vary depending on the industry, claims, and your own company’s payroll costs. The premium may also vary more from the average if your company has staff in a wide range of roles, some more risky and some less risky.

If you need to get workers’ comp insurance, you’ll need to pull multiple quotes from different providers to see what the average is for your particular business. One of the convenient ways to compare several quotes is to shop with a digital broker like CoverWallet.

>>MORE: How Much does Workers Compensation Insurance Cost?

How to Save Money on Workers’ Compensation Insurance

It’s hard to save money on workers’ compensation because the premiums for this type of coverage tend to be based on a percentage of annual payroll. However, there are ways you can save when shopping for workers’ comp through different companies. Here are a few suggestions:

  • Compare quotes through multiple companies, so you can see what the standard rates are and also identify who offers the most for the best price.
  • Consider going with an insurer that only offers workers’ comp coverage, as these companies can provide savings of 25 – 30% by cutting out a lot of extras.
  • Set up a documented safety program with training for staff on how to avoid hazards and injuries. Many insurers will view this favorably.

How to Find Cheap Workers’ Compensation Insurance in Georgia?

Finding cheap workers’ compensation insurance in Georgia really depends on your claims history and your payroll. It’s always possible to find different rates, especially if you choose an insurer that focuses solely on covering workers’ compensation, like Pie Insurance. You can also find affordable insurance through internet based insurers compared to the more traditional brick and mortar institutions.

As you see above, the cost of workers compensation insurance for the same company in Georgia varies significantly across providers. So make sure you shop around with a few companies or a digital broker like CoverWallet to compare several quotes to select the cheapest one for your company.

It can also pay to ask about any discounts on the insurance policy with an agent. Some insurance companies will provide discounts for having safety policies and return-to-work policies in place. You may also get a discount if you choose to bundle multiple insurance policies with the same insurer.

Lastly, the cost of worker compensation insurance depends on the classification codes of your employees. Construction workers have much more expensive workers compensation insurance than clerical workers, so make sure you classify your employees into the correct codes and remember to update the codes when your employees change the nature of their work.

What does Workers’ Compensation Insurance Cover?

Workers’ compensation is a form of government-mandated insurance that provides payments to injured workers and their families. When an employee is hurt while on the job, usually in an accident, they can’t earn a paycheck while they recover. So, workers’ compensation provides payments to workers to help cover their bills while on sick leave. Workers’ compensation payments equal about two-thirds the employee’s weekly salary in Georgia.

Workers’ compensation also covers many other related needs, such as:

  • Medical care costs, like emergency treatment, hospital stays, prescriptions, and rehabilitation
  • Ongoing payments for a permanent partial disability or permanent total disability
  • A death benefit payment if the worker dies as a result of the accident

How is Workers’ Compensation Insurance Different from General Liability Insurance?

While general liability insurance also covers medical payments and settlement costs for injuries, it is very different from workers’ compensation insurance. A general liability policy is meant to cover costs associated with third-party injuries that are received on company property or at a worksite. The third-parties being any person who isn’t the business owner or an employee. 

Workers’ compensation covers injuries to your employees that are received on-the-job, whether at a worksite, in travel, or on the business property.

Final Thoughts

  • Workers’ compensation insurance provides payments to employees who are injured on the job. 
  • Most states, including Georgia, require you to carry workers’ compensation insurance.
  • Many insurance companies offer workers’ comp coverage, including Pie, Cerity, and The Hartford.
  • Workers’ Compensation premiums are affected by payroll costs, industry hazards, and prior claims.
Thang Truong
Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at realtor.com, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

More Stories

Milepost Joins Truckstop: A New Dawn for Commercial Truck Insurance

The trucking industry is about to witness a significant shift in how insurance policies are procured, managed, and serviced. Milepost Insurance Agency LLC, a renowned Berkshire Hathaway enterprise, has recently collaborated with Truckstop, thereby pioneering a new era in trucking insurance for independent owner-operators. Revolutionizing the Insurance Experience The primary aim behind this dynamic partnership […]

Thang Truong
Thang Truong

Navigating Commercial Truck Insurance Premiums in 2023

Commercial truck insurance has become a focal point for many in the transportation sector as we delve deeper into 2023. With premiums seeing significant spikes in recent years, stakeholders are asking: Are we approaching a stabilization or even a decrease in these rates? Insights from industry experts provide clarity on this critical concern. Trends in […]

Thang Truong
Thang Truong

Regulatory Changes and Rising Commercial Truck Insurance Costs in California

In the wake of the passing of California’s AB5 bill, the trucking industry, including drivers and insurers, face unforeseen challenges. The legislation threatens to severely disrupt contractual trucking gigs, leading to rising insurance costs and potential operational changes. AB5 – A Potential Setback for Owner-Operators AB5, signed into law by Governor Gavin Newsom in 2019, […]

Thang Truong
Thang Truong

Finding Balance in Commercial Truck Insurance: Costs, Value, Services, and Long-Term Benefits

Navigating the maze of truck insurance offerings is not just a matter of finding the lowest price. It’s about understanding the nuances of what you’re buying, considering long-term benefits, and ensuring a harmonious relationship with your provider. This article offers a detailed examination of the process, unfolding the aspects of costs, value, services, honesty, and […]

Thang Truong
Thang Truong

New SEC Regulations on Cybersecurity and AI: A Comprehensive Overview

In an era where technology is at the forefront of business operations, the U.S. Securities and Exchange Commission (SEC) is taking decisive steps to ensure transparency and ethical practices. On Wednesday, the SEC was set to introduce new regulations that will impact publicly traded companies in two significant areas: cybersecurity and artificial intelligence (AI). These […]

Thang Truong
Thang Truong

6 Best Malpractice Insurance for Nurse Practitioners for 2023

Nurse practitioners have a great deal of responsibility when it comes to patient care. Many nurse practitioners assume that because they work under a doctor and their employer provides some level of malpractice insurance, they’re covered. It may be worth it to purchase your own policy, however. Employer malpractice insurance is to protect the employer, […]

Thang Truong
Thang Truong

6 Best Warehouse Insurance and Costs for 2023 

In the fast-paced world of logistics and supply chain management, warehouses play a pivotal role. They serve as the backbone of industries, storing a wide variety of goods that are integral to our daily lives. However, with such responsibility comes a multitude of risks. From natural disasters and fires to theft and accidental damage, warehouses […]

Thang Truong
Thang Truong

5 Best Retail Insurance Companies & Costs for 2023 

The retail industry can be an exciting and profitable venture. However, it’s also fraught with risks that could potentially disrupt operations and result in significant losses. This is where retail insurance comes in. 5 best retail insurance companies Simply Business: Best for comparing several quotes from top-tier carriers  Simply Business is a leading online insurance […]

Thang Truong
Thang Truong

How Much Does Daycare Insurance Cost in 2023? 

In the ever-evolving landscape of childcare, ensuring the safety and well-being of the children under your care is paramount. One crucial aspect of this responsibility is securing comprehensive daycare insurance. This coverage not only protects your daycare business from potential liabilities but also provides parents with the assurance that their children are in a safe […]

Thang Truong
Thang Truong

7 Best Film Production Insurance, Cost, & Coverage

The world of film production is thrilling, dynamic, and filled with creativity. However, it also comes with considerable risks ranging from personal injuries and equipment damage to legal issues. To mitigate these risks and protect the investment, having a comprehensive film production insurance is essential. This article aims to provide an understanding of why such […]

Thang Truong
Thang Truong