The safety and well-being of employees is essential to the success of all businesses, from small companies to large corporations. While most employers strive to create the safest work environment possible, the unfortunate reality is that workplace accidents and injuries do happen. That’s why having workers compensation insurance is so important.
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Workers comp is among the most significant types of liability insurance. As we discuss in our guide to workers compensation insurance, this type of insurance provides financial benefits to employees that suffer work-related injuries or illnesses. It can pay for the medical expenses, rehabilitation, and lost wages of an injured employee. As well, in the case of an employee’s death resulting from a work-related injury or accident, workers comp can pay for the costs of the funeral and death benefits to the employee’s family.
Workers comp insurance is required in almost all states and for almost all businesses and employees across the US, although there are certain types of businesses and workers that can apply for exemptions. Whether it is required or not, all businesses with employees should have workers comp coverage in order to protect their employees and remain financially safe.
Business owners looking for the best workers comp insurance might feel overwhelmed given the number of choices out there. If you’re one of those business owners, you’ve come to the right place. In this guide, we will take a look at the best workers comp insurance companies, based on results from our research, in order to help you make the right choice for your business and employees.
The Best Workers Comp Insurance
- Best Overall: Embroker
- Best Established: The Hartford
- Best Benefits: Chubb
- Best for Micro-Businesses: CoverWallet
- Best for Startups: Embroker
- Best for Small Businesses: Hiscox
Embroker: Best Workers Comp Insurance Overall
Since 2015, Embroker has made it a priority to help businesses get insured in a radically simple, affordable way. In just a few years, the company has established itself as a leader in the digital business insurance space by working with leading insurance carriers to provide comprehensive protection. Through its offering of over 25 types of insurance policies, Embroker has attracted businesses across several industries from tech to cannabis and aviation. Its expertise in working with startups has also earned it our top rating as the best workers comp insurance company for startups.
In evaluating Embroker’s workers compensation insurance offering, we were most impressed with the fact that the company provides a comprehensive, digital experience. Embroker makes it easy to complete the purchase and get workers compensation coverage, and allows businesses to tailor policies to their needs by selecting their own workers comp insurance limit and deductible. As well, Embroker’s digital focus allows it to offer competitive pricing on workers comp insurance by passing on the savings from unnecessary administrative costs to its customers.
Best of all, Embroker provides an excellent customer experience. Expert support is available 24/7 via live chat, email, or phone, and the company provides a personal account manager to look after you and your insurance needs.
For all these reasons, Embroker earns our recommendation as the top choice for best workers compensation insurance.
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AdvisorSmith Rating for Embroker
- Overall rating: [4.8] / 5 stars
- Coverage options: [5] / 5 stars
- Cost: [5] / 5 stars
- Ratings and complaints: [4.5] / 5 stars
- Digital experience: [4.5] / 5 stars
- Customer service: [5] / 5 stars
» Read our Embroker Commercial Review.
The Hartford: Best Established
The Hartford has been in the insurance business since 1810, and over the last two centuries has built a reputation for reliability. It’s no wonder, then, that The Hartford is our pick for the most well-established workers comp insurance provider.
The company is an especially good choice for businesses that want to bundle their business insurance. The Hartford offers packages that include workers compensation insurance along with general liability insurance and business income insurance. The packages are easy to customize and assemble. The Hartford is also a great choice for medical providers, as it offers needlestick protection and gives workers access to nurse case managers with plenty of experience. Other features include voluntary compensation, pay for loss of earnings, and stop-gap coverage for employer liability.
The Hartford has a solid reputation, with an A+ rating from AM Best. However, it has also received relatively lower scores in some customer satisfaction surveys, such as the J.D. Power Small Commerical Insurance Study. And while some customers can purchase insurance policies online, not everyone is eligible. Some may need to call an insurance specialist to get a quote and complete enrollment.
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AdvisorSmith Rating For The Hartford
- Overall rating: [3.6] / 5 stars
- Coverage options: [4.5] / 5 stars
- Cost: [3.5] / 5 stars
- Ratings and complaints: [3]/ 5 stars
- Digital experience: [3.5] / 5 stars
- Customer service: [3.5] / 5 stars
» Learn more from The Hartford.
» Read our The Hartford Commercial Review.
Chubb: Best Benefits
Chubb is one of the largest commercial insurers in the world, with over $200 billion in assets and operations in over 50 countries. It is also a highly rated insurer, with an A++ rating from AM Best and an AA rating from S&P.
When it comes to workers comp insurance, Chubb stands out for having the best program benefits. We were particularly impressed by the company’s return-to-work program, which is intended to help injured employees return to work as quickly and safely as possible. The pharmacy benefit management program is also a standout, as it helps keep drug costs low.
Chubb’s policies are customizable for businesses of all sizes. The company also offers broad definitions of wrongful acts, insureds, and damages, and is known to provide the same customer services and claims to all its accounts regardless of size.
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AdvisorSmith Rating For Chubb
- Overall rating: [4] / 5 stars
- Coverage options: [4.5] / 5 stars
- Cost: [3] / 5 stars
- Ratings and complaints: [4.5] / 5 stars
- Digital experience: [3.5] / 5 stars
- Customer service: [4.5] / 5 stars
» Learn more from Chubb Insurance.
» Read our Chubb Commercial Insurance Review.
CoverWallet: Best for Micro-Businesses
CoverWallet is a subsidiary of Aon Corporation, which has an A rating from AM Best. In our research, we found CoverWallet to be particularly good for micro-businesses and micro-enterprises with 10 or fewer employees looking to get workers comp insurance. The company allows coverage for businesses with just one employee, even if they are part-time. You also have the option to bundle workers comp with professional and general liability coverage.
Some businesses might be able to get an instant quote online from CoverWallet, but the option is not available to everyone and depends on factors such as location, industry, and past claims history. Other users will have to call and get an insurance quote from a representative.
CoverWallet matches your information with one of its insurance partners once you submit your information. Some may be eligible for pay-as-you-go premiums instead of having to pay upfront payments. You can get coverage immediately once you are satisfied with the quote and get in touch with the company to activate your policy.
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AdvisorSmith Rating For CoverWallet
- Overall rating: [3.5] / 5 stars
- Coverage options: [4] / 5 stars
- Cost: [3.5] / 5 stars
- Ratings and complaints: [3.5]/ 5 stars
- Digital experience: [3] / 5 stars
- Customer service: [3.5] / 5 stars
» Learn more from CoverWallet.
» Read our CoverWallet Commercial Insurance Review.
Embroker: Best for Startups
When it comes to the best workers comp insurance coverage for startups, we have to go with our top overall choice, Embroker. If you’ve read our guide to the best insurance for startup companies, this will not come as a surprise, as the company came out on top among startup insurers.
Embroker has an excellent track record of insuring startups. With its own history and experience as a startup, the company is deeply in tune with the needs and requirements of startup businesses. Among its strongest features is its offering of a Startup Package, a customizable all-in-one insurance bundle for startups.
For startups looking to get workers compensation insurance, Embroker’s focus on providing a full, digital experience is especially impressive. Embroker makes it easy to get workers comp coverage at a highly competitive price. In addition, the company provides excellent, 24/7 customer service.
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AdvisorSmith Rating for Embroker
- Overall rating: [4.8] / 5 stars
- Coverage options: [5] / 5 stars
- Cost: [5] / 5 stars
- Ratings and complaints: [4.5] / 5 stars
- Digital experience: [4.5] / 5 stars
- Customer service: [5] / 5 stars
» Read our Embroker Commercial Review.
Hiscox: Best for Small Businesses
Hiscox, founded in 1901, specializes in small business insurance. The company was the first insurance company in the US to offer online workers comp insurance tailored to small businesses. Hiscox has an A rating from AM Best, and claims to have over 400,000 small-business clients.
Hiscox’s workers comp insurance plan is, much like its other plans such as cybersecurity and general liability insurance, tailored to small businesses. It offers customizable bundles with general liability and professional liability insurance, and offers discounts on bundles.
It should be noted, however, that Hiscox is not a BBB-accredited company. Coverage is available in only 49 states, and the company has received mixed feedback from customers.
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AdvisorSmith Rating For Hiscox
- Overall rating: [2.9] / 5 stars
- Coverage options: [4] / 5 stars
- Cost: [3] / 5 stars
- Ratings and complaints: [2.5] / 5 stars
- Digital experience: [3] / 5 stars
- Customer service: [2] / 5 stars
» Read our Hiscox Commercial Insurance Review.
Overview: Best Workers Comp Insurance Companies
Finding the best workers comp insurance coverage for your business is essential to the well-being of your employees and company. That’s why it’s important to dedicate the necessary time and attention to evaluating all your options before choosing the insurance company best suited for your business needs.
For further research on workers comp, we recommend our guide to workers compensation insurance and find out how workers compensation settlements work. This calculator will help you figure out how much workers compensation insurance will cost you. We also recommend looking at state-by-state requirements for workers comp, and whether your business can qualify for a workers compensation exemption.