Workers’ Compensation Insurance is required by state law in all states, except Texas. It is a crime in many states if you don’t have it. It protects you as a small business owner from potential law suits and provides your employees medical costs and potential wage loss when they get injured at work. Getting workers’ compensation insurance should be a priority for any businesses. Shopping around with multiple carriers or working with an independent agent or broker who can help you shop is important to get the best price. The good news is that many insurance companies offer this product. Here is our pick of the best 7 companies offering Workers’ Compensation Insurance for small business for your consideration.
Travelers – Best with a Flexible Payment Plan
If you’re looking for experienced agents, Travelers is your best bet. They are the number one writer of workers compensation insurance in the United States. Travelers is committed to reducing claim costs, helping you make a safe work environment, getting injured workers appropriate care, improving claim outcomes, and/or helping employees return to work. Travelers has over 500,000 customers with Workers’ Comp insurance, and offers protection for many different industries.
For small businesses, Travelers offers Proprietary Risk Control Services – they have a trained team to help recognize and prevent accidents before they happen. They have more than 2,000 Workers’ Comp claim professionals to simplify the claims process, as well as
500+ in-house nurses and medical professionals to care for injured employees. Travelers also offers flexible payment plans, great for any small business.
Nationwide – Best with a Great Claims Center With a Robust Toolkit
Nationwide offers many options for purchasing Workers’ Comp insurance, like the ability to enhance a basic policy with additional commercial liability insurance, including general liability insurance and more. To get a Workers’ Comp quote, you’ll just need to enter some basic information about yourself and your business. You might have to call Nationwide between the hours of 7:30 AM and 9:30 PM EST in order to talk to an agent who will be able to help you with your quote.
Like Travelers, Nationwide has a dedicated claims center, along with a Workers’ compensation claims toolkit, including workers’ compensation rules, regulations, and required postings. These vary by state, so Nationwide’s toolkit has information to help your business stay up to date on Workers’ Comp laws. They also have a streamlined system for filing a claim, and will work one-on-one with small businesses to ensure you are receiving the correct coverage for the cheapest price.
Liberty Mutual – Best with a Managed Care Pharmacy Program
Like Nationwide, Liberty Mutual offers a great toolkit for small business owners to help them make the right decisions when it comes to Workers’ Comp insurance. Policyholders can access Liberty Mutual’s pharmacy program online, where they can view instructions on how to find local medical providers. They also have easy access to state-specific workers compensation claims forms, posting notices, and websites. Liberty Mutual also has a dedicated hotline number for small businesses with questions or claims about their Workers’ Comp policies.
Liberty Mutual Insurance’s managed care pharmacy program gives injured workers access to medications and doctor care for their work-related injuries. Also, because laws vary from state to state, Liberty Mutual offers a list of state-specific Workers’ Compensation Resources, which can save you time and money.
On Liberty Mutual’s website, in addition to searching state by state, you can easily search to find Insurance agents near you who can help you purchase a workers’ comp policy for your small business.
Farmers – Best with the Farmers RealTime Billing Feature, a Great Pay-As-You-Go Solution
Farmers Insurance is another good choice if you’re considering Workers’ Compensation coverage for your small business. Farmers agents usually manage claims and employee injuries themselves, meaning you won’t have to deal with outsourced adjusters. Farmers also offers Farmers RealTime Billing to small businesses, which is a pay-as-you-go solution that links your workers’ compensation policy to your payroll. Their system will automatically calculate your premium based on your payroll, and automatically collect payment from your account every month. Also, Farmers RealTime Billing saves you money by eliminating any large down payments before you can get your Workers’ Comp coverage. Because premiums are based on your actual payroll, your premium audit adjustments are likely to be small, saving your company time and money.
Once you enter information about your business, you’ll receive a call from a Farmers agent near you to discuss your Workers’ Comp Coverage and policy.
The Hartford – Best with Their Comprehensive Preferred Medical Provider Network
The Hartford offers two different ways to pay for your Workers’ Comp policy–Annual Payments, or Pay as You Go. Having options like this is great for small businesses who may encounter unforeseeable costs and problems when their business is growing.
In addition, The Hartford offers programs designed to support companies, promote employee safety and well-being, and return injured employees to work as soon as possible. If the injured employees cannot return for whatever reason, The Hartford can find them work training for new skills. Long-term benefits may also be included if the employee is permanently injured.
Workers’ Comp insurance from The Hartford includes a preferred medical provider network, where employees can view a nationwide network of over than one million medical providers who specialize in workplace injuries. They are also connected to 65,000 participating pharmacies throughout the US, along with a convenient mail order service. The Hartford offers experienced nurse case managers and easy-to-use Pay-as-You-Go Billing Solutions.
Erie – Best for Insurance Coverage Outside Your Home State
Erie is another good option if you’re looking for Workers’ Comp coverage for your small business. In addition to medical payments and lost wages, Erie offers employers liability insurance, providing protection against employee injuries not already covered by workers’ compensation. Another nice benefit is that Erie provides workers’ compensation and employers’ liability coverage for states other than your home state. So no matter where you set up shop, you’ll be covered in case an accident happens.
Like several other insurance companies, Erie’s Workers’ Comp coverage offers professionally-trained risk control consultants, who can help you design a safety program for your workplace. With Erie, they also offer a strong risk-control service and other resources to help keep your small business safe and running.
Next Insurance – Best with a Completely Online Experience, No Paperwork Necessary
Next offers very affordable prices for small businesses, with Workers’ Comp coverage starting at just $14 a month for some companies. However, prices also vary widely from state to state due to the differing requirements of each state. To find out exactly how much workers’ compensation insurance will cost, you’ll have to get a quote that is tailored to your industry, location, and specific needs.
Next Insurance is completely online, and they offer a Live Certificate in lieu of paperwork. The Live Certificate is a digital alternative to paper/downloaded Certificates of Insurance. It’s an online proof of insurance which you can easily and instantly share with anyone by email or link.
Next Insurance is just starting to offer Workers’ Comp plans, so it may not be available in your area yet. You can easily check on their website if its offered in your state by entering your zip code.
Workers’ Compensation Insurance is important for you, your business, and your employees. This is the only business insurance that is required by state law, except Texas. As soon as you have the first employee, you should look into this insurance immediately. Several insurance companies offer this product for businesses, from large to small, each with their own strengths and weaknesses. We pick and recommend 7 insurance companies, each with their own strengths and unique product features. You should definitely shop around with a few companies to find the most suitable for your needs and the best price.