While the programs differ, each of the 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands have workers’ compensation requirements for businesses.
As a business owner, you want more than excellent workers’ comp coverage. You’re looking for a provider that will also train employers on safety and make the claims process easy.
Luckily, those insurance companies do exist, and we’re here to help you identify them.
Keep reading for an overview of the top seven workers’ compensation insurance companies to choose from.
What Workers’ Compensation Insurance Companies Provide
No matter the size of your business, you are most likely required to carry workers’ comp coverage. The law and amount of coverage vary by state, but you’ll most likely have to maintain a minimum of $100,000 in coverage per occurrence. If you go by industry recommendations, you should purchase $1 million per incident.
These insurance policies cover employees and families in the event of injuries, illnesses, and deaths.
Workers’ compensation coverage plans help with income replacement, medical expenses, burial costs, death benefits, and legal defense.
Incidents covered by this insurance may be from sudden injuries or long-term conditions as a result of work. It also pays temporary or permanent disability payments.
Workers who injure themselves on purpose, violate the law, or commit insurance fraud by filing a fraudulent claim are not covered.
When it comes to workers’ comp insurance, you have several excellent options for your business. Check out our list to see if any align with your business needs.
AmVenture has tailored insurance options for business owners whose companies are experiencing growth or downsizing. They are known for working with franchises, unions, associations, and small businesses alike.
One unique benefit that AmVenture offers is the ability to live video chat with your claims representative. This real face-to-face discussion takes place on their app, which provides a new level of convenience to business owners.
AmVenture is also unique in that they offer competitive rates to franchisees with pricing based on a franchises’ business model. They put their focus on smaller companies. They’re willing to lend a helping hand to small business owners who aren’t skilled at buying insurance and filing claims.
AM Best, an insurance credit rating firm, consistently gives biBERK business insurance high marks. Small business owners are confident with biBERK because the company is a part of well-known Berkshire Hathaway. They have the resources to deal with claims of all sizes.
biBERK offers a “three-step” coverage plan, meaning most policies can be obtained in only three steps online.
Business owners nationwide – in states where private competition is permitted – can obtain a quote online from biBERK. And by purchasing online, you receive a 20% discount!
Yes, biBERK is consistently rated high and seems to deliver on its promise to provide high-quality coverage, but the company’s rates are higher than most.
EMPLOYERS’ plans are affordable and easy to buy. Their policies are available in 45 states.
If you have fluctuating payroll, you will appreciate EMPLOYERS’ pay-as-you-go coverage options.
While they haven’t received full credit ratings, they are consistently given an excellent rating from AM Best. They offer unique benefits such as “PrecisePay,” a payment option that helps business owners maintain cash flow.
EMPLOYERS is also known for efficient claim handling. You can file a claim at any time, as their multi-lingual claims center is open 24/7. Don’t lose the details and file a claim as soon as an incident occurs.
If that isn’t enough to spark your interest, the company also has in-house fraud specialists who are trained to identify and reduce fraudulent workers’ comp claims. This benefit will keep your overall insurance costs down.
4. Hiscox Small Business
Hiscox Small Business was the first provider to offer direct small-business insurance online. In fact, Hiscox only offers small-business workers compensation insurance.
It remains a top choice for small-business owners for its monthly payment option and a 5% discount for bundles of business policies.
Clients of Hiscox also enjoy a 14-day money-back guarantee if no claims or losses have taken place. They also pride themselves in offering 24/7 claims filing online, with the added ability for clients to submit requests by email, phone, or mail.
Zurich is known for its financial stability, a wide range of industry coverage, and substantial claims processing. Their policies offer protection for clients domestically and abroad.
Zurich is backed by substantial litigation management. Its focus is on protecting high-risk businesses in industries such as construction, medicine, and education. With extended eligibility guidelines, Zurich’s underwriters look at more than basic loss history to determine eligibility for these industries.
Companies insured by Zurich are comfortable with significant claims against them because they know they will be properly investigated. This process helps clients avoid fraud and losing money from excessive claim payouts.
Known for its impressive programs, Chubb seeks not only to help your business but to get employees back on their feet.
Chubb offers two programs to benefit employees in the event of a loss. The first is a return-to-work program, which helps employees return to work quickly. The second is a pharmacy benefit management process that helps keep drug costs low.
Chubb also has a dedicated special investigations unit to identify and stop fraud.
For these reasons, Chubb consistently earns high ratings from the top insurance-rating firms.
If you’ve been in business for long, you’ve likely heard of AIG workers’ comp coverage.
As the world’s largest insurer, AIG handles big claims. These include claims related to major catastrophic events. For this reason, AIG is an excellent choice for business owners in high-risk industries where fraud is a concern.
AIG is a national insurer, but they provide local agents to make clients feel comfortable. An AIG specialist will take the time to understand your business operations. This way, they are sure you will have adequate workers’ comp coverage.
Is Your Business Covered?
Now that you have a good idea of what the top workers’ compensation insurance companies have to offer, are you ready to buy coverage?
You’re not alone in making this decision. We’re workers’ compensation experts, so let us help guide you.
For more information or to request a quote, contact us today!