Best Workers Compensation Insurance Companies - Workers' compensation insurance is required by state law in all states except Texas. It's a crime in most states if you don't have it. This protects you as a small business owner from potential lawsuits and covers medical expenses and potential lost wages if your employees are injured on the job. Getting workers' compensation insurance should be a priority for any business. It's important to shop with multiple carriers or work with an independent agent or broker to help you shop for the best price. The good news is that many insurance companies offer this product. Here is a selection of the 7 best companies that offer workers' compensation insurance for small businesses for your consideration.
After researching more than 30 companies that offer workers' compensation insurance, including traditional and insurtech insurance companies, here are our top 10 recommendations:
Best Workers Compensation Insurance Companies
CoverWallet specializes in commercial insurance for business. In addition to workers' compensation, you can get quotes for general liability insurance, professional liability insurance, umbrella insurance, commercial auto and more. Note that CoverWallet is actually an insurance broker that works with several insurance companies and can get quotes from those companies for you to compare.
Worker Compensation Insurance For Self Employed
The following excerpt is for a Sacramento, CA landscaping business with 10 employees and $1 million in revenue. We tried to keep as many details the same as possible for easy comparison. As you can see below, we were able to receive 2 offers: one from AmTrust and one from Berkshire Hathaway Guard Insurance Company, which focuses on providing workers' compensation insurance.
The above can save you up to 30% on your workers' compensation insurance. They cover many industries and have excellent reviews on TrustPilot.
The following excerpt is for a California landscape business with ten employees and $1 million in revenue.
Foresight is a fairly new company specializing in high-risk industries. They also focus on medium-sized businesses rather than small startups. In addition to workers' compensation, they also offer builder risk, contractor equipment, and inland shipping as add-ons.
Workers Compensation Insurance And Benefits
Foresight has only insured eight states so far: California, Texas, Arizona, Arkansas, Oklahoma, Nevada, New Mexico and Louisiana. Additionally, Foresight works through insurance brokers and does not offer online quotes.
Huckleberry is a new company that started in 2017, but is backed by decades-old Markle Insurance. Huckleberry aims to provide small businesses with the insurance they need in minutes. You can get a quote, choose a policy, and buy them all online. They are currently available in 45 states and have plans to expand to five more states. Here's the estimated amount you'll pay with Huckleberry: You'll need to enter more details about your business, your employees, and the work you do to know the actual price.
Geico is partnering with BiBerk, a Berkshire Hathaway company, to offer workers' compensation insurance. BiBerk also offers general liability insurance, commercial vehicle insurance, professional liability insurance, property and liability insurance, and umbrella insurance.
With BiBerk, you can get coverage almost instantly and do the whole process online. It has good customer reviews and the process is very easy.
Workers' Compensation: What You Need To Know
If you are looking for experienced agents, Travelers is your best option. They were the first authors of workers' compensation insurance in the United States. Travelers are committed to reducing damage costs, creating a safe work environment, providing adequate care to injured workers, improving damage outcomes, and/or helping workers return to work. Travelers has more than 500,000 clients with Workers' Comp Insurance and offers coverage for many different industries.
For small businesses, Travelers offers proprietary hazard control services - they have a trained team to help identify and prevent hazards before they happen. They have over 2,000 workers compensation professionals to streamline the compensation process and also
More than 500 in-house nurses and medical professionals to care for injured workers. Travelers also offers flexible payment plans for all small businesses.
Nationwide offers a variety of options for purchasing workers' insurance, including general liability insurance and the ability to enhance the basic policy with additional business liability insurance. To receive a job essay proposal, you need to enter some basic information about yourself and your business. You will need to call Nationwide between 7:30 AM and 9:30 PM EST to speak to a representative who can assist you with your quote.
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Like Travelers, Nationwide has a separate claims center that includes a workers' compensation claim toolkit that includes workers' compensation rules, regulations, and required postings. These vary by state, so the Nationwide Toolkit has information to help your business stay up-to-date on worker compensation laws. They also have an enhanced system for filing a claim and work one-on-one with small businesses to make sure you get the right coverage at the lowest cost.
Like Nationwide, Liberty Mutual offers small business owners a great set of tools to help them make the right decisions when it comes to business insurance. Policyholders can access Liberty Mutual's pharmacy program online, where they can find instructions on how to find local medical providers. They can also easily access state-specific workers' compensation claim forms, announcements, and websites. Liberty Mutual also has a dedicated helpline number for small businesses that have questions or claims about their employee compensation policies.
Liberty Mutual Insurance's managed care pharmacy program provides injured workers with medication and physician care for their work-related injuries. Also, as laws vary from state to state, Liberty Mutual provides a list of state-specific workers' compensation resources to save you time and money.
On Liberty Mutual's website, in addition to searching by state, you can easily search for insurance agents near you who can help you purchase a workers' insurance policy for your small business.
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Hartford offers two different payment methods for your employee compensation policy: annual payments or pay-as-you-go. Having options like this is great for small businesses that face unforeseen costs and issues as their business grows.
In addition, Hartford offers programs designed to support companies, improve employee safety and well-being, and get injured workers back to work as quickly as possible. If injured employees are unable to return for any reason, Hartford can find them on-the-job training for new skills. Long-term benefits may also be included if the employee is permanently injured.
Workers Comp Insurance from The Hartford has a preferred medical provider network where employees can view a nationwide network of more than one million medical providers specializing in workplace insurance. They are also connected to more than 65,000 participating pharmacies across the US via convenient mail order service. Hartford offers experienced nurse case managers and easy-to-use pay-as-you-go billing solutions.
Next offers very affordable rates for small businesses, and offers workers compensation coverage starting at $14 per month for some companies. However, prices also vary greatly from state to state, due to the different requirements of each state. To find out how much workers' compensation insurance costs, you'll need to get a quote based on your industry, location, and specific needs.
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Next Insurance is completely online and they provide a live certificate instead of paperwork. Live Certificate is a digital alternative to paper/download insurance certificates. It is an online proof of insurance that you can easily and instantly share with anyone via email or link.
Next Insurance has started offering employee compensation plans, so it may not be available in your area yet. You can easily check on their website if it's available in your state by entering your pin code.
Workers' compensation insurance protects both the employer and the employee if the employee becomes ill or injured while on the job for any reason. Without workers' compensation insurance, the employer is responsible for all medical bills and expenses incurred by employees injured while on the job.
In some states, workers' insurance includes employer liability insurance and protects employers from civil lawsuits filed by employees by paying legal representation and legal fees for your work. It is also good for the employee as it covers lost wages and can even cover the cost of retraining if the employee suffers a career-ending injury. Finally, if the worst happens and an employee dies while on the job, the workers pay for the funeral.
Types Of Employee Benefits And Perks
By accepting workers' compensation benefits, employees agree not to sue the employer. But sometimes they deny the benefits they've been told and still sue if they think they can win a bigger deal. It usually happens if the employee believes that his injury or illness was the result of gross negligence by the employer. In such a case, workers' compensation insurance will cover the employer's legal defense (up to certain limits).
You can avoid many such cases by maintaining a safe work environment. Don't rely on workers' compensation insurance for everything.
Almost every state requires workers' compensation insurance. They vary depending on how many employees you have.
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