6 Best Workers’ Compensation Providers in 2023

The Occupational Safety and Health Administration (OSHA) estimates that employers pay out about $1 billion per week in workers’ compensation costs. It’s vital for you to protect your workers and your business. 

Most states require companies to purchase workers’ compensation, also called workman’s comp or workers’ comp, for their employees. Workers’ compensation insurance offers medical benefits, wages, and other financial benefits if workers become ill or injured, but only while on the job. 

If your company issues a W-2, you will need workers’ comp insurance, whether you seek the best workers’ comp insurance for small business or a large company. Penalties for not insuring your employees vary by state.

We compared the features, pros and cons, price, and plans of each using a comprehensive methodology process. 

• The Hartford: Best Overall
• Chubb: Best for Risk Assessment
• Nationwide: Best for Return-to-Work Programs
• Travelers: Best for Medical Management Innovation
• Zurich: Best for Legal Considerations
• Employers: Best for Workers’ Comp-Only Coverage

The 6 Best Workers’ Compensation Providers in 2023 

It’s worth considering the best workers’ comp insurance for small businesses or for mid-sized or large companies — no matter the size of your business. You want your employees to have the very best coverage possible. Find the best workers’ comp insurance possible for medical expenses that cover injured or ill employees’ medical treatment, lost wages due to missing work, and more. 

The Hartford: Best Overall

The Hartford, one of the nation’s largest and most respected insurance providers, offers unique features for those looking for workers’ compensation coverage. Let’s take a look at one that rises high among the top 100 workers’ compensation carriers, and if you’re looking for multiple coverages, ask. 

Features and Benefits

Employees gain access to over a million providers experienced in treating workplace injuries, 65,000 U.S. pharmacies (with no out-of-pocket expenses) as well as mail-order service. Workers hurt with needles can get access to medical expenses and pays for initial testing for employee and patient. It can also reimburse your employee for additional testing. Nurse case managers can work with your employees to help coordinate treatment, and employees can also get access therapies (emotional, occupational, physical).

Pros 

• Professional service: The Hartford customers regularly report excellent customer service by a professional, particularly in the workers’ compensation claims process. According to J.D. Power’s latest claims satisfaction survey, The Hartford scores high on the claims process.   
• Online portal: The online portal to enter a workers’ compensation claim is easy to use and fast as well. Customers can file claims over the phone 24/7 and can report claims through a variety of media. You can also track your claims online.
• A+ financial strength: One of the biggest concerns for any company involves whether they can trust the workers’ comp company they use if they have a claim. A.M. Best rated The Hartford’s financial strength at A+, as did Standard and Poor’s.

Cons 

• Limited in some states: You can’t get coverage if you have a business in Hawaii or Alaska.
• Antiquated purchase option: You must talk to an agent to complete a purchase, rather than bypassing agents altogether.

Price

The Hartford’s average prices for coverage based on monthly payment and payroll amount: 

• Payroll of over $1 million: $275
• $500,000 to $1 million: $202
• $300,000 to $500,000: $160
• $150,000 to $300,000: $120
• $100,000 to $150,000: $78
• $50,000 to $100,000: $64
• Under $50,000: $52

Plans

The Hartford offers more coverage options beyond workers’ compensation insurance, including business owners’ policies, general liability, professional liability, commercial property, business income, data breach, commercial umbrella, and commercial auto insurance. 

Chubb: Best for Risk Assessment

Chubb, an A-rated provider with a storied tradition, has over 100 years of workers’ compensation experience. The company serves small to large companies to cover their employees.

Features and Benefits

Chubb’s risk engineers help or reduce workplace accidents and other risks, so they offer employee safety awareness programs, safety and health program assessments, risk assessments, safety calendars, ergonomic assessments, noise monitoring, air contaminant monitoring, and indoor air quality assessment.

Chubb offers a 24-hour-per-day loss reporting system with a commitment to respond within 48 hours once a claim has been reported. The company makes a commitment to deliver disability checks and medical fees on time, and when possible, tries to issue disability payments within 14 days of notification. 

Chubb also helps businesses create a safer workplace, manage costs, and offer support to help employees get back to work as soon as possible. Chubb also offers:

• Accessible forms
• Technical expertise
• Return-to-work programs
• Medical bill repricing based on state fee schedules and preferred provider network discounts

Chubb’s medical and disability management helps minimize costs and enhance employee morale and productivity. 

Pros

• Good reputation and customer service: Chubb has a reputation for providing excellent customer service, with a commitment to an adjuster contact after submitting online claims reporting within 48 hours.
• Dedicated nurse case managers: Case managers offer employees medical expertise and case management to help employees handle and rehabilitate their injuries.
• Fast and easy online claims: The claims reporting process happens right away and quick-acting adjusters handle claims based on local regulations.

Cons 

• No phone support with direct purchases: You can only get phone support if you purchase your policy from Chubb directly instead of through an agent. 
• No live chat support: Chubb does not offer live chat support.

Price

Chubb does not provide prices online — you must apply — but you can minimize your costs through preferred provider networks, pharmacy benefit management programs and medical cost containment programs.

Plans

Through Chubb’s workers’ compensation plan, you get coverage for medical expenses and lost wages to employees. Chubb also offers other basic policies for small businesses, such as general liability and business owner’s policy insurance.

Nationwide: Best Return-to-Work Programs

Nationwide, a Fortune 100 company with A+ ratings and which offers ample support for employees. Nationwide workers comp has been in the business for nearly 100 years. 

Features and Benefits

Nationwide helps companies access return-to-work programs to help injured employees get back to work, including the nurse triage program. The nurse triage program is available 24/7 to help supervisors connect employees to the right care immediately.

Nationwide also has more than just workers’ compensation — you can do more than just meet the required needs by your state. Learn more about the other optional coverages your company may need, such as property or liability coverage.

Pros

• Support: A network of doctors, hospitals, and medical providers can give you access to care, case management workers, pharmacy, physical therapy and diagnostic partners, and a return-to-work program to help employees transition back to work. 
• Ample claims reporting options: Nationwide offers 24/7 phone, online, or mobile app claims reporting. 
• High rating: Nationwide has high financial strength ratings from AM Best — an A+, the highest a company can achieve, indicating that it has the financial strength to pay out customer claims.

Cons 

• Negative customer reviews: Nationwide has many negative customer reviews on the Better Business Bureau (BBB) website. 
• Excludes three states: Nationwide offers coverage to 47 states, but not Alaska, Hawaii, and Louisiana.

Price

Workers’ compensation insurance pricing with Nationwide depends on a wide variety of factors, including payroll, the industry you’re in, the work your employees do, claims history, and your state requirements. The Nationwide website offers pricing for various company sizes. Check with a Nationwide agent for an overview of the type of coverage you need and how much you need. 

Plans

To find the best workmans’ comp insurance for you, check with a Nationwide agent for more information about plans you can choose from with the company.

Travelers: Best for Medical Management Innovation

Your list of insurance companies for workers’ compensation in the United States may not work without Travelers. Travelers lends experience, collaboration, and flexible service to its customers. The company facilitates safe work environments and lowers claim costs and gets injured employees back to work as quickly as possible.

Features and Benefits

Travelers can help you protect your business by limiting your liability if sued by an injured employee, safety resources and expertise to reduce workplace accidents, lost wage benefits, claim professionals available to simplify the claims process, and an investigative team to prevent accidents in your workforce. Travelers offers flexible solutions, responsive, reliable service, and resources to prevent risk.

Pros

• Flexible solutions: Travelers caters to your organization’s specific needs so you access exactly what you need for your business. The company customizes your insurance program and offers competitive pricing.
• Responsiveness: Travelers has a customer-centered approach so you can focus on your business. Travelers is well aware of possible risks before you may have them and can enhance your company’s operations and safety. The company also offers an extensive risk library.

Cons 

• No online quotes: You can’t get an online quote. You must contact an agent using your ZIP code.
• Mixed customer service reviews: Travelers draws negative customer reviews, including issues with claims, coverage denial, and unresponsive customer service representatives.

Price

Travelers charges workers’ compensation insurance rates based on various factors, such as your location, payroll and claim history, number of employees, and history of workplace injuries. The more employees you have and the more they earn (as well as for hazardous industries), the higher your premium may be. 

Before you sign up for coverage, your insurance agent may be able to estimate how much your policy will cost for the year and help you plan your budget ahead of time.

Ultimately, rates are based on an amount per $100 of payroll based on the Workers Compensation Classification Code rate. States provide the basis for rates by classification code.

Plans

Travelers’ products enable customers to tailor insurance solutions to cover the specific needs of their business. Contact a Travelers agent for more details about pricing and plans for your specific company needs.

Zurich: Best for Legal Considerations

Zurich, a leading  200 countries and territories, goes squarely on our list of the best workers’ compensation insurance. Founded 150 years ago, Zurich offers extensive prevention services for clients.​

Features and Benefits

Zurich’s excellent ratings from AM Best and the BBB puts Zurich squarely in the “excellent reputation” category. You can also benefit from a few other features and benefits, including innovative medical management, customer care, and follow-through from a company that puts clients first.

Pros

• Medical management innovation: Employees can get the care they need, complete with mitigating medical-related costs and return-to-work goals, including Workplace Injury Triage and Narcotic Evaluation.
• Customer care: Zurich offers a 24/7 Customer Care Center and workplace injury triage services. Combined with quick turnaround (standard claims processing is 48 hours), Zurich puts customers front and center.
• Litigation options: Zurich can help companies secure qualified representation, close cases quickly, keep costs under control with a team of attorneys who specialize and aim for the best customer outcome.

Cons 

• No discount information specified: The website doesn’t identify discounts that clients can take advantage of.

Price and Plans

A preferred agent or broker will help you find a plan and price. The preferred distributor program includes distributors that help companies find the right workers’ compensation insurance.

Employers: Best for Workers’ Comp-Only Coverage

You tap into Employers for one reason only: workers’ compensation insurance. Therefore, there’s no bundling workers’ compensation with other business insurance types, like commercial auto and business insurance for startups. 

Features and Benefits

Employers’ return to work program minimizes downtime to ensure that employees get back to work quickly, increasing productivity, reduced loss of time away from work, faster claim resolution, and reduced claim costs. Employers also has a fraud investigations department to look into preventing insurance fraud and offering insurance fraud management. 

Pros

• Multilingual claims service: The claims reporting center takes multilingual claims to provide service to injured employees, providing more varied service. Claims service is available in Spanish and English, with the opportunity for other languages as well. The Injured Employee Hotline also allows for new work-related injury or occupational disease reports.
• Pay-as-you-go payment system: Employers can make smaller payments during the payroll period. It pops state-mandated charges, taxes, and surcharges based on state laws. It can allow for payment flexibility, improve audit experience, and help streamline business processes and cash flow.
• Needlestick injuries: The website specifically mentions needlestick injuries. You will get reimbursed for testing your employee for a needlestick injury and as well as the source patient, which other carriers may not provide.

Cons 

• Negative reviews: It’s true that you may take these with a grain of salt, because negative reviews will happen. However, it’s worth considering because you want to ensure that other employers have had a good experience with the company.
• No bundling: Other companies can work to bundle workers’ compensation and general liability insurance, but you’re out of luck if you want to do that with this company.

Price and Plans

Contact the company for a plan and price to help you find the right workers’ compensation insurance.

Methodology

We used an evaluation system to find the best workmans’ compensation insurance companies by reviewing more than 20 providers. We considered financial ratings, customer service, ease of use (including their online platforms), policies offered, most expensive to cheapest workers’ comp insurance, all looking through the lens of a policyholder. We also checked into other policies you can bundle.

FAQs