Your employees are covered by workers’ compensation insurance in the event that they become ill or are hurt due to an accident at work.
If the injury is serious, it may even pay for ongoing disability benefits (like wage replacement) and medical care. It will pay out to cover your injured workers’ medical costs and lost wages.
You probably need cheap workers comp insurance if your small business employs personnel.
Medical expenses and rehabilitation costs are not to be taken lightly, nor are sick or injured workers.
Most states in the US require you to buy cheap workers’ compensation insurance as soon as you hire your first employee, and it is almost always required by law.
State-by-state variations exist in workers’ compensation laws, though. To find out what the Department of Labor in your state requires, click here.
If you want to know how much does workers comp insurance cost, your workers’ compensation rate is primarily determined by the size of your payroll.
The higher your payroll, the higher your workers’ compensation costs. Your small business’s location and industry are two other factors that can affect your rate.
The quickest way to learn how much you might pay for workers’ compensation is to get a free, 60-second estimate here.
Prices vary widely, so. The average annual premium cost for a workers’ compensation policy from Huckleberry is $1,123, but some of our clients have only paid $271!
However much you pay, having insurance is still less expensive than not having it.
The National Safety Council estimates that the average cost of a workers’ compensation policy is $1,500.
You can also check: Top 7 Best Cash Back Credit Cards For Business
What are the top 3 cheap worker comp insurance of 2023
Here are the top 3 cheapest workers’ compensation insurance of 2023
biBERK Insurance
Our top pick for the best workers comp insurance is biBERK Insurance Services. This company stands out because of its convenience, affordability, and reputation.
BiBERK Insurance Services is a subsidiary of Warren Buffett’s Berkshire Hathaway Group that utilizes a technology-driven approach to provide workers’ compensation insurance policies to business owners in just minutes.
Unlike insurance brokers, BiBERK insures businesses directly, which enables it to offer lower rates than some other companies, claiming its rates are up to 20% less than competitors.
A business owner can use BiBERK’s online platform to get a price quote and purchase workers’ compensation insurance without having to talk to a representative or go through extra hurdles.
The cost of a policy will vary depending on the industry, location, and coverage limits.
One of the biggest advantages of biBERK is its online platform. This feature allows users to purchase policies within minutes without having to go through a broker or agent, which can save business owners both time and money.
In addition to workers’ compensation insurance, BiBERK offers general liability, professional liability, and umbrella insurance products.
However, the company does not provide any discounts for bundling policies. BiBERK operates in almost all states, except North Dakota, Ohio, Washington, and Wyoming.
Berkshire Hathaway Group has earned the highest designation, “A++,” from AM Best, a credit rating agency that specializes in the insurance industry.
You may want to choose biBERK Insurance Services if you want to prioritize convenience and affordability when it comes to workers’ compensation insurance.
Pros:
- Quick online application process
- Affordable rates
- Excellent customer service
- Offers a variety of coverage options
- Backed by a financially stable and reputable company
Cons:
- Limited availability in certain states
- May not be the best option for larger businesses
CoverWallet
CoverWallet is an excellent choice for micro-businesses that have fewer than ten employees. It is perfect for startups, people with side hustles, and microbusinesses.
With CoverWallet, you can obtain a policy, even if you have only one part-time employee, and your coverage can begin immediately.
CoverWallet offers a wide range of benefits for workers’ compensation insurance for micro-businesses.
You can obtain coverage for just one employee, regardless of whether that employee works part-time or full-time.
Additionally, you can bundle workers’ compensation insurance with professional or general liability coverage.
Depending on where you live, your industry, your past claims history, and other factors, some users may need to speak to a representative to get an insurance quote.
However, CoverWallet makes it simple to match you with one of its insurance partners after submitting your information.
You may be eligible for pay-as-you-go premiums instead of making upfront payments based on projected payroll.
If you are satisfied with your quote, you can contact CoverWallet to activate your policy and get covered right away.
Pros:
- Policies available for just one employee
- Workers’ compensation can be bundled with professional and general liability coverage
- Coverage can start immediately
Cons:
- Instant, online quotes not available for everyone
- You may not always have a Pay-as-you-go options
Progressive Insurance
Another best cheap workers comp insurance is Progressive. Progressive is one of the cheapest worker comp insurance with affordable policies and the ability to bundle policies starting at $86 per month for professional offices.
As a business owner, you can get comprehensive coverage without breaking the bank.
Progressive is an excellent choice for businesses looking for affordable workers’ compensation insurance policies, especially professional offices.
With its reputation, ability to bundle policies, and easy-to-use platform, it’s no wonder why many businesses choose Progressive for their workers’ compensation insurance needs.
However, it’s essential to review the terms and conditions of the specific carrier providing your workers’ compensation insurance to ensure that the policy meets your business’s needs.
Pros of Choosing Progressive
- Affordable and flexible workers’ compensation insurance policies
- Option to bundle policies with other business insurance coverage
- User-friendly platform for easy management of insurance policies
Cons of Choosing Progressive
- Progressive partners with third-party carriers to provide workers’ compensation coverage
- Payment terms and down payment requirements can vary by insurer
- Review the terms and conditions of the specific carrier providing your workers’ compensation insurance
- Progressive’s policies may not be the cheapest option available, depending on your specific needs and location.
