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    Best Workers' Compensation Insurance Companies

    As a business owner, you hold a lot of responsibility in your hands, including your workers' welfare. A work-related injury can occur anytime, no matter how careful you try to be. In fact, in 2019, 2.8 million workers got injured while on the job. If you want your workers and your business to be safe if accidents happen, you need workers' compensation insurance.

    With compensation insurance, workers will receive financial support for lost wages and medical benefits in case they get injured or become ill while on the job. Additionally, getting a workman's comp policy will protect your business from shelling out lots of money for the expenses.

    In the United States alone, there are many workers comp insurance providers, which can make it overwhelming to pick the right insurer for your business. Here are the best among the best and the reasons why their workers' compensation coverage can help you.

    The 7 Best Workers' Compensation Insurance Companies of 2021

    1.) The Hartford

    With its 200 years of service, The Hartford is an established insurance company. It provides unique benefits to employees who are patients and gives them access to dedicated nurse case managers and pharmacy networkers. This makes them the perfect insurance company for medical providers.

    If you're looking for the best insurance, The Hartford is the second-largest workers' compensation insurance company in terms of direct premiums, and they are currently insuring 105,000 outpatient small businesses all over the country.

    Pros

    • Offers pay-as-you-go billing options
    • Cares for more than 65,000 pharmacies across the US
    • Has a network of 1 million health care providers
    • Offers multiple liability insurance coverage types

    Cons

    • Does not have medical malpractice insurance
    • Has limited purchasing policies online

    2.) AmTrust Financial

    AmTrust Financial is a good insurance company for small business owners as they are eager to work with small to medium enterprises. They are also the top option for new retailers because of pay-as-you-go options, even for companies like supermarkets, clothing stores, electronic shops, and the like.

    A small business can apply for AmTrust's workers' compensation insurance policy as long as they have at least one to 75 employees. Additionally, two employees must be on duty per shift for 24-hour operating shops to qualify.

    Pros

    • Accepts newly-established businesses
    • Offers a lot of insurance coverage options
    • Is a great option for small business owners
    • Offers pay-as-you-go premium options

    Cons

    • Will not provide insurance for companies in adult entertainment, CBD products, and cannabis accessories
    • Stands as a new insurance company with a less established track record

    3.) biBERK Insurance Services

    As a subsidiary of Berkshire Hathaway, biBERK offers easily available workers' compensation insurance online. Their main goal is to make the process quick and easy, so even newly hired workers can get coverage for injury or illness in three simple steps.

    Additionally, employees covered by biBERK's workers' comp insurance will get to enjoy loss control services through a safety training library accessible online.

    Pros

    • Has a dedicated 'Injured Workers' portal
    • Has online claims management
    • Provides options to customize coverage
    • Offers overage in 24 industries

    Cons

    • Does not offer discounts for bundling policies
    • Lacks online chat support

    4.) Chubb

    For those looking for the best provider of return-to-work assistance, Chubb is the best company for you. Their program has great reviews, especially in helping owners manage medical benefits and disability benefits for their injured employees.

    Chubb provides access to nurse consultants and affiliate provider networks to make sure your workers will get high-quality care. Most reviews also state that no matter the number of employees in a company, Chubb offers good customer service every time.

    Pros

    • Has considerable financial strength
    • Offers a wide variety of coverage options
    • Has good customer feedback

    Cons

    • Lacks online chat support
    • Has a lengthy online application process

    5.) Nationwide

    In terms of financial strength and resources, Nationwide stands out from the rest. It is a top choice for those who are in high-risk industries, especially for contractors and those in construction. They also offer to bundle up different insurance policies so you can better protect your business.

    Pro

    • Offers comp policy to small and large businesses
    • Has unique specialty insurance offerings
    • Offers bundling discount

    Cons

    • Does not offer major health insurance or disability insurance
    • Discounts may vary depending on your location

    6.) Cover Wallet

    If you have a micro business employing not more than 10 employees, you can still purchase workers’ compensation insurance. This is perfect for any small business owner who is just starting up but wants to get workers' compensation insurance to safeguard workers.

    Instant quotes are available as long as you can provide the state where you live, your industry, and your past claims history.

    Pros

    • Can be purchased even if your business has only one employee
    • Suitable for any job, whether full-time or side gigs
    • Has coverage that starts immediately
    • Has excellent and dedicated insurance advisors

    Cons

    • Receiving quotes is not available for everyone online
    • Needs communication with an agent

    7.) Liberty Mutual

    Liberty Mutual has made its name in personal and general liability insurance, but it also provides amazing results as a business insurance provider. It is perfect for those looking for a one-stop-shop for all insurance needs. They offer risk control services, easy policy management, and dedicated account managers for better customer service for workers' compensation.

    Pros

    • Has coverage for over 400 professions
    • Has downloadable safety resources for policyholders

    Cons

    • Does not offer online claims reporting
    • Does not offer costing information online

    Frequently Asked Questions

    What is a workers' compensation insurance policy?

    Workers’ compensation is a type of business insurance policy covering medical expenses, lost wages, and rehabilitation costs of an employee who has suffered from work-related injuries or illnesses. If an employee died while working, the insurance would compensate for funeral expenses and other death benefits.

    What does workers' compensation not cover?

    State laws require employers to give enough protection to their employees. However, when an employee is injured at work, some instances will not be part of comp coverage. Under the “coming and going rule”, if you have a fixed site and the accident occurred while you are traveling to or from work, then you will not be covered unless the purpose of travel is for business.

    Meanwhile, traffic accidents can be considered depending on some circumstances. But any workplace injury that results from horseplay will not be covered unless the employee is in good faith. 

    Why is workers' compensation insurance important for a business?

    Workers’ compensation provides a lot of benefits both to employees and employers. Workers’ comp insurance saves your business from a serious financial burden. With workers' compensation insurance, a business owner will not be liable to pay for an employee’s medical expenses in the event of workplace injuries or illnesses.

    On the employees' side, the workers won’t have difficulty paying the expenses after meeting work-related accidents. Wage replacement benefits will be given too while the employee is recovering.

    Additional Resources

    Bureau of Labor Statistics (BLS)

    The BLS is a unit of the US Department of Labor that serves as a fact-finding agency and provides useful reports in the field of labor economics, including workplace safety.'

    Office of Workers’ Compensation Programs (OWCP)

     The Department of Labor’s OWCP administers four major disability compensation programs providing replacement benefits, medical treatment, vocational rehabilitation, among other services.

    For more information about worker's compensation insurance or any other business policy, check out the rest of AssuredStandard.com!

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