Best Workers’ Compensation Insurance Companies of 2023
If you run a business with employees, then workers’ compensation insurance is something you may want to consider. It provides benefits to employees injured on the job, while also offering some protection against lawsuits from injured workers. Below is our list of the Best Workers’ Compensation Insurance Companies of 2023, as well as information to help explain workers’ compensation insurance.
Hiscox, the top-rated provider of workers’ compensation insurance, focuses on commercial insurance. It offers a variety of protections, including short-term liability policies for times when you don’t require coverage for a full year. One of the few insurers in our rating that provides this type of coverage is Hiscox.
You can get a quote online, but if you want to make changes to your account, you might need to get in touch with a corporate representative. In every state, as well as in Washington, D.C., Hiscox workers’ compensation insurance is offered; however, Alaska is not one of those states.
If you determine that a Travelers workers’ compensation policy is the best option for your company, Travelers offers a wide range of plans to make having all of your business insurance coverage in one location simpler. For instance, whereas some of the businesses in our list don’t offer any, there are at least five different types of ocean marine plans accessible. Additionally, it provides eligible clients with discounts.
You must work with an agent because Travelers doesn’t provide internet quotations. Additionally, if you wish to make changes to your policy, you must do it through an agent. If you want to modify your insurance using an app or web site, this could be a drawback.
Chubb offers a wide range of insurance plans that can be customized for particular sectors. For instance, professional liability insurance is available for companies in the technical, legal, and financial sectors. As a result, Chubb is very likely to be able to meet all of your small business insurance needs, including workers’ compensation.
With Chubb, the online experience can be a bit of a mixed bag. Although you can buy a policy online, there is no live chat function available if you have any questions. There is phone and email support available to Chubb Customer Service Center members. If you are not a member, you must speak with your agent or broker for information.
State Farm does not offer online quotation requests or claim filing. To assist current and prospective policyholders, it maintains a network of over 19,000 agents spread across all 50 states and Washington, D.C.
One of its agents can assist you in sorting through the large range of accessible insurance that are offered by the company. It offers more specialty plans like artisan and contractors, which gives coverage while working away from your home office, in addition to more common policies like a business owners policy (BOP), general liability, and workers’ compensation.
Breweries, consulting firms, and pet stores are just a few examples of unique industries for which Nationwide offers a variety of policies that might help provide coverages. This indicates that if Nationwide’s workers’ compensation policy is what best meets the demands of your company, you have a strong chance of finding alternative insurance coverage options with Nationwide.
You can submit claims in a variety of ways, including online or through your agent.
You can begin the policy purchase process online, but depending on the policy, you might need to speak with a Nationwide agent to finalize the transaction. Also, just five states do not offer Nationwide.
The range of policies that Progressive provides to its clients includes BOPs, commercial auto, cybersecurity, and inland marine coverage. It lacks policies specialized to a given sector, such as those covering farms and ranches or medical negligence. It does, however, provide various commercial vehicle and truck coverage, so this might not be a problem for your company.
Progressive does provide customers with the option to request a quote online, unlike some of the other businesses in our ranking.
Although The Hartford is available in all 50 states as well as Washington, D.C., it could be challenging to locate a local agent depending on where you live.
The Hartford offers a comprehensive range of business insurance coverages, just like the majority of the organizations in our review. Getting all of your insurance from one insurer may be simpler as a result of this. It does have a variety of policies that cover livestock even if it does not offer farm and ranch coverage.
You can submit claims and request quotes on its website. There are a ton of articles discussing business insurance coverage on its website as well.
There are several other policies offered by Liberty Mutual. Therefore, in addition to workers’ compensation insurance, you can also get additional company insurance products. Additionally, it is accessible all over the United States.
You might need to search elsewhere if you prefer an online claims procedure. However, according to our study, small firms with annual premiums of under $250,000 won’t be able to submit claims online.
While Liberty Mutual had policies for livestock, we were unable to confirm any policies for farms and ranches. Therefore, if you work in the agriculture sector, you might want to carefully consider your coverage requirements before choosing Liberty Mutual.