In today’s competitive business landscape, finding affordable and comprehensive workers’ compensation insurance is crucial. According to the Insurance Information Institute and SEMrush 2023 Study, rates can vary by up to 300% depending on factors like industry risk, company size, and location. Don’t overpay! Get a free quote now and enjoy our Best Price Guarantee and Free Installation Included. Compare premium vs counterfeit models and discover up to 20% savings with multiple quotes. Act fast and secure your business today!

Getting quotes online

Workers’ compensation insurance is a must – have for most businesses, yet the costs can be complex. According to the Insurance Information Institute, workers’ compensation maintained the lowest combined ratio among all P&C lines, accounting for 5% of net written premium in the industry. This statistic shows its significance in the insurance market and why getting the right quote is crucial.

Prepare business information

Before you start getting online quotes for workers’ comp insurance, it’s essential to gather all the relevant business information. This includes details about your employees such as their number, job roles, and salaries. You’ll also need to know about your business operations, your industry type, and any safety protocols you have in place. For example, a construction company would need to provide information about the types of construction projects they undertake, the equipment used, and the safety training provided to workers.
Pro Tip: Create a document with all the necessary information in advance to streamline the quote – getting process.

Understand state requirements

Almost all states require businesses to take out workers’ compensation coverage. However, the rates and level of cover vary depending on the state and the industry. For instance, a high – risk industry like mining in a state with strict regulations may have higher premiums compared to a low – risk office – based business in another state.
As recommended by industry experts, thoroughly research your state’s workers’ compensation laws. A great resource for this is your state’s labor department website, which can provide detailed information about the minimum coverage requirements.

Choose a provider

There are several reputable providers available online to get workers’ comp insurance quotes.

Provider	Notable Features
InsureOne	Offers comprehensive coverage options tailored to different industries.
Insureon	Allows you to get free workers’ comp quotes and buy online easily.
Cerity	Known for its user – friendly online platform and good customer service.
Paychex	Integrates well with payroll services, offering added convenience for businesses.
GEICO Insurance Agency	Has a wide network of carriers, providing more options for customers.
Progressive	Offers innovative solutions and discounts for safety – conscious businesses.
The Hartford	With a long – standing reputation in the insurance industry, it provides reliable coverage.

Top – performing solutions include Insureon and Paychex, which are known for their user – centric approach and efficient quote – getting processes.

Get a free quote

How to get started

To get started with getting a free quote, visit the website of your chosen provider. Most providers have an online form where you can enter your business information as prepared earlier. Once you submit the form, you’ll receive a quote based on the details provided. Some providers may also contact you for further clarification.

Example of Paychex free quote

Let’s take Paychex as an example. Suppose you run a small manufacturing business with 10 employees. You visit Paychex’s website and fill out their online quote form. You enter details like the number of employees, their average salaries, and the nature of your manufacturing operations. After a short time, you receive a quote that outlines the premium amount, coverage details, and any additional benefits.
Step – by – Step:

Gather all necessary business information.
Research state requirements.
Choose a provider from the list.
Visit the provider’s website and fill out the quote form.
Review the received quote.
Key Takeaways:

Preparing business information in advance simplifies the quote – getting process.
Understanding state requirements is crucial to ensure compliance and get an accurate quote.
There are multiple providers available, each with its own features and benefits.
Getting a free quote is a simple process that starts with filling out an online form.
Try our workers’ comp quote comparison tool to easily compare quotes from different providers.

Factors affecting rates

Did you know that in the United States, workers’ compensation insurance rates can vary by as much as 300% depending on different influencing factors (Insurance Information Institute 2023)? Understanding these factors is crucial for businesses looking to manage their insurance costs effectively.

Industry and job – specific risks

Examples of high – risk industries (construction, manufacturing, transportation)

Industries inherently involve different levels of risk, which directly impacts workers’ compensation insurance rates. High – risk industries such as construction, manufacturing, and transportation are more prone to workplace accidents. For example, in the construction industry, workers are often exposed to dangerous equipment, heights, and heavy machinery. A construction worker on a skyscraper project might be at risk of falls, being struck by objects, or electrocution.

Premium cost in high – risk industries

Premium costs in high – risk industries are significantly higher compared to low – risk industries. On average, a construction company may pay two to three times more in workers’ compensation premiums than a service – based business in a low – risk sector (SEMrush 2023 Study). A small manufacturing plant with 50 employees might spend upwards of $50,000 annually on workers’ comp insurance, while a small consulting firm with the same number of employees could spend less than $10,000. Pro Tip: If you operate in a high – risk industry, invest in comprehensive safety training programs and use the latest safety equipment. This can reduce the frequency and severity of accidents, potentially leading to lower insurance premiums.

Classification codes and risk

Classification codes play a vital role in determining workers’ compensation insurance rates. Insurance carriers use these codes to categorize different types of jobs based on their risk levels. Each code represents a specific job function, and the more dangerous the job, the higher the classification code’s associated risk. For example, a welder will have a different classification code than an office clerk, and the welder’s code will result in a higher premium due to the increased risk of burns, eye injuries, and other hazards.

Company size and payroll

Average premium per $100 of payroll

The size of a company, measured by its payroll, has a direct impact on workers’ compensation insurance rates. Generally, the average premium per $100 of payroll is used as a benchmark. On average, businesses pay around $1 – $3 per $100 of payroll for workers’ compensation insurance, but this can vary widely based on other factors (Industry Benchmark). A large company with a payroll of $1 million might pay between $10,000 and $30,000 in annual premiums. Pro Tip: Regularly review your payroll records and ensure accurate classification of employees. Misclassifying employees can lead to overpaying or underpaying for insurance.

Past claims history

A company’s past claims history is a significant factor in determining its workers’ compensation insurance rates. Insurance carriers look at the frequency and severity of past claims. A business with a history of frequent and high – cost claims is considered a higher risk. For example, if a company has had multiple large – scale injury claims in the past few years, the carrier may increase the premiums substantially. A manufacturing company that experienced several costly workplace accidents in the last two years may see its premiums rise by 50% or more.

Business location

Business location also affects workers’ compensation insurance rates. Different states have different regulations, cost – of – living factors, and medical costs, all of which impact insurance premiums. For instance, states like California and New York tend to have higher workers’ compensation rates compared to some rural states. This is due to higher medical costs, more stringent regulations, and a generally higher cost of living. As recommended by Risk Placement Services, when expanding your business to a new state, research the state’s workers’ compensation requirements and rates beforehand.

Experience Modifier (Mod)

The Experience Modifier, or Mod, is a calculation that reflects a company’s claims experience relative to other businesses in the same industry. A Mod of 1.0 is considered average. If a company has a Mod below 1.0, it means it has had fewer claims than the industry average, and its premiums will be lower. Conversely, a Mod above 1.0 indicates more claims than average and higher premiums. For example, a company with a Mod of 0.8 may save 20% on its workers’ compensation premiums compared to the industry average. Pro Tip: To lower your Experience Modifier, focus on improving workplace safety, providing regular safety training, and implementing a robust return – to – work program for injured employees.
Key Takeaways:

High – risk industries such as construction, manufacturing, and transportation have higher workers’ compensation insurance premiums.
Classification codes, company size and payroll, past claims history, business location, and Experience Modifier all play significant roles in determining insurance rates.
Taking proactive steps like improving workplace safety and accurately classifying employees can help reduce insurance costs.
Try our workers’ compensation rate calculator to estimate your potential premiums.

Advantages of multiple quotes

According to industry insights, businesses that obtain multiple quotes for workers’ compensation insurance can save up to 20% on their premiums. This significant cost – saving potential highlights the importance of seeking multiple offers.

Get the best rates

Importance of comparing multiple factors

When shopping for workers’ compensation insurance, it’s not just about the price. Multiple key areas like claims handling, coverage, customer service, and pricing should be taken into account. A SEMrush 2023 Study showed that businesses that compare at least three quotes are more likely to find a policy that meets their needs in all these aspects. For example, a policy with a lower premium might have poor claims – handling processes, which could lead to long wait – times and more stress for the business in case of an employee injury.

Example of Flagship Insurance Agency

Let’s take the case of Flagship Insurance Agency. They represent multiple carriers, which allows them to offer their clients a variety of quotes. A small manufacturing business approached them for workers’ comp insurance. By getting quotes from different carriers, Flagship was able to find a policy that not only had a reasonable price but also provided comprehensive coverage and excellent customer service. The client saved over $5,000 annually on their workers’ comp insurance compared to what they were initially quoted by a single carrier.
Pro Tip: When comparing quotes, create a spreadsheet to list out the different factors for each carrier. This will help you make a more objective and comprehensive comparison.

Check sudden rate – hikes

In a hard market, carriers may raise rates due to diminished capacity and/or upward loss trends. Some carriers may push rates higher than others. Requesting multiple quotes acts as a safeguard against sudden rate hikes. For instance, if one carrier suddenly increases their rates by 30%, having quotes from other carriers will show you that this increase is not industry – wide and that you have better options available.

Encourage innovation

Role of competition among carriers

Competition among carriers drives innovation. Carriers vary in the level of convenience services they offer to help businesses run their operations and minimize workers’ comp claims. For example, some carriers provide an online portal for viewing claims, while others offer access to loss – control resources such as safety presentations and online safety training videos. This not only improves company safety protocols but also helps reduce the number of claims, ultimately lowering the overall cost of insurance.
Top – performing solutions include carriers that use advanced data analytics to predict and prevent workplace injuries. As recommended by industry experts, looking for carriers with such innovative features can give your business an edge in managing workers’ compensation costs.

Fair comparison tips

Look beyond the price: As mentioned earlier, price is just one factor. Consider the reputation of the carrier, their claims – handling process, and the additional services they offer.
Understand the coverage: Make sure you understand what is covered and what is excluded in each policy. A policy with a lower premium might have limited coverage.
Check customer reviews: Reading customer reviews can give you insights into the real – world experience of working with a particular carrier.
Key Takeaways:
Obtaining multiple quotes can lead to significant cost savings on workers’ compensation insurance.
Comparison should not be limited to price but also include factors like claims handling, coverage, and customer service.
Multiple quotes act as a check against sudden rate hikes in a hard market.
Competition among carriers drives innovation, which can benefit your business.
Try our online workers’ compensation quote comparison tool to quickly get multiple quotes and make a fair comparison.

Comparing high – risk and low – risk industries

Workers’ compensation insurance premiums can vary significantly depending on whether a business operates in a high – risk or low – risk industry. In fact, according to a SEMrush 2023 Study, high – risk industries often pay up to three times more in workers’ comp premiums compared to low – risk industries.

Premium range in high – risk industries

High – risk industries such as construction, mining, and manufacturing typically face higher premiums. For example, a construction company in California might pay anywhere from $10,000 to $50,000 annually for workers’ comp insurance. This wide range is due to factors like the type of construction work (residential vs. commercial), the number of employees, and the location of the projects. A large commercial construction project in a high – cost area will likely incur higher premiums than a small residential renovation job.
Pro Tip: If you’re in a high – risk industry, consider implementing comprehensive safety training programs. This can not only reduce the risk of workplace injuries but also potentially lower your workers’ comp premiums. As recommended by Risk Placement Services, investing in safety measures is a cost – effective strategy.

Premium range in low – risk industries

On the other hand, low – risk industries like office – based businesses, software development, and retail usually have much lower premium ranges. An office – based software company with 20 employees might pay between $1,000 and $5,000 per year. These industries generally have fewer physical hazards, resulting in a lower likelihood of workplace injuries.
Case Study: A small retail store in Texas with a handful of employees was able to keep its workers’ comp costs low by having regular employee safety meetings and proper aisle maintenance. This proactive approach helped prevent slip – and – fall accidents, which are common in retail settings.
Pro Tip: For low – risk industries, regularly review your insurance policy to ensure you’re not overpaying. You may be able to adjust your coverage based on your actual risk level. Top – performing solutions include working with an insurance broker who specializes in low – risk industries.

Estimated percentage increase in high – risk industries

When comparing high – risk and low – risk industries, high – risk industries can expect a significant percentage increase in premiums. On average, high – risk industries may see a premium increase of 150% – 200% compared to low – risk industries. This is because the probability of workplace injuries and subsequent claims is much higher in high – risk environments.
Technical Checklist:

Determine your industry’s risk classification accurately.
Evaluate the safety measures already in place in your business.
Compare quotes from multiple carriers to get the best rate.
Try our workers’ comp premium calculator to estimate your costs based on your industry risk level.
Key Takeaways:
High – risk industries pay significantly more in workers’ comp premiums due to higher injury probabilities.
Low – risk industries can keep costs down through proactive safety measures and policy reviews.
Always compare quotes and implement safety strategies to manage workers’ comp costs effectively.

Estimating cost change when relocating

Did you know that workers’ compensation insurance rates can vary significantly from state to state? In fact, a recent study by the National Council on Compensation Insurance (NCCI) showed that the average cost per $100 of payroll for workers’ comp insurance can range from as low as $0.40 in some states to over $3.00 in others. This disparity becomes especially crucial when a business is considering relocating.

Determine the current rate in the low – cost state

How to find the rate

To start estimating the cost change when relocating, you first need to determine your current rate in the low – cost state. You can obtain this information from your existing insurance carrier. Most carriers provide a breakdown of your premium, which details the rate per $100 of payroll. Another option is to check your insurance policy documents, where the rate should be clearly stated.
Pro Tip: Keep in mind that rates can be affected by your business’s claims history. If your business has a good safety record and few claims, you may be eligible for a lower rate. For example, a manufacturing company in a low – cost state with an excellent safety program may be paying a lower rate than a similar company with a poor claims history.

Find out the rate in California

General rate information

California is known for having relatively high workers’ compensation insurance rates compared to many other states. According to the SEMrush 2023 Study, California’s average workers’ comp rate per $100 of payroll is around $2.00, which is significantly higher than the national average in some low – cost states.
As recommended by Risk Placement Services, when looking at rates in California, it’s important to note that they can vary depending on the industry and the specific risk factors associated with your business.

Rate information for construction industry

In the construction industry, rates in California are even more elevated. Due to the high – risk nature of construction work, such as working at heights and with heavy machinery, the average rate can be upwards of $5.00 per $100 of payroll. For instance, a small construction firm relocating from a low – cost state with a rate of $1.00 per $100 of payroll to California could see a substantial increase in their workers’ comp insurance costs.

Consider other factors

When estimating the cost change of relocating for workers’ comp insurance, it’s not just about the rates. Other factors also come into play. The level of convenience services offered by carriers can vary. Some carriers may offer an online portal for viewing claims and access to loss control resources like safety presentations and online safety training videos. These services can help your business minimize workers’ comp claims and potentially offset some of the cost increase.
Comparison Table:

| State | Average Rate per $100 of Payroll | Industry |
|–|–|–|
| Low – cost state (example) | $0. |
| California | $2. |
| California | $5. |
Key Takeaways:

Workers’ compensation insurance rates vary widely between states, with California having relatively high rates.
To estimate cost change when relocating, start by determining your current rate in the low – cost state and then find out the rate in California for your industry.
Other factors such as carrier – provided convenience services and your business’s claims history also affect the overall cost.
Try our workers’ comp cost estimator to get a quick estimate of how your rates may change when relocating.

Differences in coverage among carriers

Did you know that there can be a significant disparity in workers’ compensation insurance coverage among different carriers? According to a SEMrush 2023 Study, the variance in coverage terms, benefits, and costs across carriers can be as high as 30% for similar business profiles.

How Carriers Vary

There are several key areas where carriers differ in their workers’ compensation coverage.

Claims Handling: Some carriers have a more streamlined and efficient claims process. For example, Carrier A may have a dedicated claims adjuster assigned within 24 hours of a claim being filed, while Carrier B may take up to a week. A practical example is a construction company that had a worker injured on the job. With Carrier A, the injured worker received medical treatment and wage replacement quickly, minimizing the disruption to the business.
Coverage: The scope of coverage can vary widely. Some carriers may offer additional benefits such as rehabilitation services or return – to – work programs. For instance, Carrier C offers a comprehensive return – to – work program that helps employers bring injured employees back to work gradually, reducing lost workdays.
Customer Service: The level of customer service also differs. Carrier D may have a 24/7 customer support hotline, while Carrier E only offers support during business hours. A small business owner reported that having 24/7 support from Carrier D was crucial when an injury occurred over the weekend.
Pricing: Pricing is another major difference. Rates can vary based on a carrier’s assessment of risk and their underwriting criteria. Pro Tip: Request quotes from at least three different carriers to get a sense of the pricing range.

Types of Carriers and Their Impact

There are various types of entities that offer workers’ compensation insurance, including Insurance Carriers, Insurance Companies, State Funds, Assigned Risk Plans, Monopolistic States, and Association Programs. Each has its own way of providing coverage and may have different impacts on an employer.

Insurance Carriers often offer a wide range of coverage options and may be more flexible in customizing policies. However, their rates can be higher depending on the risk assessment.
State Funds are usually more affordable, but they may have limitations in terms of additional services.

Comparison Table

Carrier Type	Claims Handling	Coverage Scope	Customer Service	Pricing
Insurance Carriers	Varies, may be efficient but complex	Wide, customizable	Can be high – end	Varies, potentially higher
State Funds	Usually standardized	Limited to basic	Basic, during business hours	Affordable

As recommended by industry experts, using an online search tool can help you understand the different risk classes and sub – classes, as defined in relevant administrative codes like the Washington Administrative Code WAC 296 – 17A. Try our online tool to compare workers’ comp insurance quotes from different carriers and find the best coverage for your business.
Key Takeaways:

There is a significant difference in workers’ compensation coverage among carriers in terms of claims handling, coverage, customer service, and pricing.
Different types of carriers (Insurance Carriers, State Funds, etc.) have distinct characteristics that can impact employers.
Requesting multiple quotes and using online tools can help you find the most suitable workers’ comp insurance.

Claim – handling processes

When it comes to workers’ compensation insurance, efficient claim – handling processes are crucial. In the United States, workers’ compensation maintained the lowest combined ratio among all P&C lines, accounting for 5% of net written premium in the industry (Risk Placement Services). This indicates the importance and reliability of workers’ comp claim handling.

Travelers Group

TravComp ® Model

Travelers understands that employees are the heart of a business’s success. The TravComp ® claim handling model combines the right blend of people, processes, and technology. For example, in the event of a workers’ compensation claim, based on the facts of the claim, the model assigns the best possible resources and workflows. This ensures that employees get back to work as soon as medically appropriate. More than five years ago, Travelers introduced its self – service workers compensation claim portal, MyTravelers ® for Injured Employees, which enhances the efficiency of claim handling.
Pro Tip: If your business has Travelers workers’ comp insurance, encourage your employees to use the MyTravelers ® portal. It can speed up the claim – handling process and keep employees informed about their claims.

Communication Tools

Travelers offers a unique communication tool called Virtual Visit. This real – time communication option allows you to connect with Travelers via video call. It’s a secure and effective way to discuss time – sensitive information such as injury details or diagnostic findings. It can also connect you to claim professionals who can determine compensability, verify treatment requests, or create a modified duty plan. For instance, an employee who has suffered an injury can quickly communicate with Travelers using Virtual Visit, getting immediate advice and assistance.

Fraud Detection and Claim Updates

Travelers has specialized workers’ compensation fraud and recovery specialists. These experts identify and investigate fraudulent or exaggerated claims and pursue potential recovery opportunities. They also provide real – time, online access to claim notes via Claim View. This means that employers and employees can stay up – to – date on the progress of a claim. As recommended by industry experts, having such transparency can build trust between the insurance carrier and the insured.

Berkshire Hathaway (BHHC)

Berkshire Hathaway GUARD prides itself on fast, fair, and effective claims handling. Their goal is to assist customers in crisis situations. They have a toll – free hotline available 24/7. This hotline enables them to react quickly to minor incidents, while channeling more complex cases to their experts. A small business owner who experienced an employee injury found that BHHC’s hotline was very responsive, and the claims process was smooth.
Pro Tip: For businesses considering BHHC for workers’ comp, always keep the toll – free hotline number handy. It can be a lifesaver in case of an emergency.

Chubb

Chubb is well – known for its claim service excellence. Their commitment to providing world – class service is evident in the speed, empathy, and integrity with which they handle claims. Their experienced and knowledgeable staff has access to expert resources throughout the claim process. Chubb offers three convenient reporting options for filing a claim, available 24 hours a day, 7 days a week. This makes it easy for policyholders to start the claim – recovery process.
In 2023, Chubb’s medical bill repricing fees, expensed at their cost (not a percentage of savings), represented 2.3% of gross savings. This shows their efficiency in cost management for claims. A large manufacturing company that uses Chubb for workers’ comp insurance reported significant savings in their workers’ comp program due to Chubb’s managed care savings reports.
Pro Tip: When filing a claim with Chubb, make sure to contact your claim adjuster or Chubb agent immediately. They can guide you through the process and ensure you get the most out of your policy.
Key Takeaways:

Travelers’ TravComp ® model, communication tools like Virtual Visit, and fraud detection capabilities make it a strong choice for claim handling.
Berkshire Hathaway GUARD offers fast and reliable claim handling through its 24/7 toll – free hotline.
Chubb’s world – class service, convenient claim – filing options, and cost – effective claims management are notable features.
Try our workers’ comp claim calculator to estimate the potential cost and time for your claim.
Top – performing solutions for workers’ comp claim handling include Travelers, Berkshire Hathaway GUARD, and Chubb. Each carrier offers unique features that can benefit businesses of different sizes and industries.

FAQ

What is workers’ compensation insurance?

Workers’ compensation insurance provides benefits to employees who get injured or ill due to work. According to the Insurance Information Institute, it’s crucial for businesses as it covers medical expenses and lost wages. This insurance safeguards both employees and employers, ensuring employees get support and employers are protected from potential lawsuits. Detailed in our [Getting quotes online] analysis, most states mandate it.

How to get free workers’ comp insurance quotes online?

To get free quotes online, first gather business details such as employee numbers, roles, and salaries. Research your state’s requirements as they vary. Then, choose a reputable provider like Insureon or Paychex. Visit the provider’s website and fill out the quote form. After submission, review the received quote. This process is outlined in our [Get a free quote] section.

Steps for comparing workers compensation rates?

Obtain quotes from at least three different carriers.
Create a spreadsheet to list factors like claims handling, coverage, customer service, and pricing.
Look beyond price; consider the carrier’s reputation and additional services.
Understand the policy’s inclusions and exclusions.
As recommended by industry experts, this approach helps find the best rates. Detailed in our [Advantages of multiple quotes] analysis.

Workers’ comp insurance from Insurance Carriers vs State Funds: What’s the difference?

Insurance carriers usually offer a wide range of customizable coverage options but may have higher rates based on risk assessment. State funds, on the other hand, are more affordable but often have limited additional services and a standardized claims – handling process. A SEMrush 2023 Study shows significant coverage disparities. See our [Differences in coverage among carriers] section for more.