Worker’s compensation insurance can help pay for medical expenditures if someone is injured or falls ill at work. It also protects your company legally in the event of a workplace injury. It is both a legal need and a financially reasonable option for business owners in most areas.
Increasing job conditions and equity markets have promoted the performance of the top worker’s compensation providers businesses in recent years. This post will put you through the top worker’s compensation providers to purchase from today. Keep reading to learn more about these leading organizations.
Top Worker’s Compensation Providers
Below are some of the top worker’s compensation providers worldwide
biBERK
If you want to receive coverage without dealing with an agent, BiBERK might be a viable alternative. It uses an automated, online system to produce quotes and issue policies. Also, because biBERK provides insurance directly, the company claims it may save you up to 20% over competitors.
While biBERK offers a choice of insurance packages, it does not provide any further bundle savings. Furthermore, the NAIC has received very few complaints in recent years.
biBERK may not offer the same resources as other companies, such as safety training and access to a hotline. Nevertheless, it is a fantastic option for quick coverage, especially for small businesses and freelancers.
Travelers
Travelers is the nation’s leading writer of workers’ compensation policies by market share, providing unique solutions for each industry. When your employee is ready to return to work after a claim, Travelers’ team comes in. Their nurses and medical professionals will make the transition as smooth as possible.
The company also has an AM Best financial strength rating of “A++” (Superior), indicating you can trust them to fulfill claims. In addition to workers’ compensation insurance, Travelers offers a variety of other types of insurance for businesses. The biggest drawback is that you can’t get a quote or apply online; you must go to a local agent.
Travelers has had no customer complaints with the National Association of Insurance Commissioners (NAIC) for its workers’ compensation segment. This indicates strong customer satisfaction with the claims process.
The Hartford
By market share, The Hartford, established in 1810, is the second-largest workers’ compensation insurance supplier. The insurer, specializing in insuring medical practices, covers approximately 105,000 medical offices across the country.
When filing a claim, your employee will have access to a nurse case manager. This is a network of over one million medical providers and thousands of pharmacies with no copays. The Hartford has an AM Best financial strength grade of “A+” (Superior), indicating that they would pay claims promptly.
It has a lower than an average number of complaints with the NAIC for a company of its size. Also, on the other hand, it has earned a customer satisfaction rating that was much lower than the industry average.
You can start a quotation online, but some businesses want you to speak with an agent to complete the process. You may be eligible for a discount if you bundle your workers’ compensation coverage with professional or general liability insurance.
Chubb
Chubb, a leading business insurance provider by market share, began in 1882. It has a stellar reputation for both customer service and financial stability.
AM Best has given Chubb an “A++” (Superior) financial strength rating. The top-rated provider was in J.D. Power’s 2023 Small Commercial Insurance Study. It scored above average in the 2023 study.
Additionally, its NAIC total complaint index is only 0.66, indicating it receives fewer complaints than the industry average. Chubb also guarantees to respond to customers within 24 hours and provide checks for missed time claims within 48 hours. They also assure providing easy online claim reporting and administration.
Employees will have access to a preferred provider network and a cost-cutting Return-to-Work program. Chubb also offers several insurance options to meet the needs of company owners. You can add additional coverage like workers’ compensation to the Chubb company owner’s policy.
Other products such as commercial auto insurance are also available. This provides a lot of customization, but you’ll need to meet an agent to get a quote and apply.
Next
Next insurance may be able to give you low-cost, easy-to-get workers’ compensation coverage if you’re an independent contractor. Prices start at $14 per month, and you can obtain quotes and apply for coverage online in under 10 minutes. By bundling them, you may save 10% on business insurance, like general liability and commercial auto insurance.
Next insurance is a new firm that began in 2015, but Munich Re America backs its insurance. It has an “A+” financial strength rating from AM Best (Superior). Although J.D. Power does not analyze Next Insurance, third-party consumer reviews are generally good.
Next insurance, however, being a smaller insurer, does not have the same safety resources or medical professionals as larger insurers. Consequently, Next Insurance is ideal for small businesses that do not require additional support.
Berkshire Hathaway
Berkshire Hathaway, which owns Berkshire Hathaway GUARD and Applied Underwriters, is a holding company with nearly 60 subsidiaries. Both subsidiaries can provide workers’ compensation insurance.
Other insurance products they offer include business owner’s policy, commercial auto, commercial umbrella, disability, homeowners, and personal umbrella. They also provide professional liability, while Applied Underwriters specializes in workers’ compensation insurance for small businesses in the United States.
AmTrust Financial Services
AmTrust Financial Services is a workers’ compensation insurance supplier for small businesses. They specializes in small business insurance. Still, it offers commercial insurance products, including excess and surplus, foreign, title, and warranty coverage.
AmTrust’s workers’ compensation coverage can help artisan contractors, beauty shops, and building operations by owners or contractors and physicians. They also help dentists, hotels, machine shops-light metalworking, private schools, professional offices, restaurants, retail stores, and wholesale firms.
Liberty Mutual
Liberty Mutual is a multinational insurance company with over 800 locations throughout 30 countries and economies. The company’s three business units are personal insurance lines, commercial insurance lines, and Liberty Mutual Investments. It began a year after the Massachusetts Legislature passed a bill requiring businesses to provide workers’ compensation insurance to employees.
The company’s workers’ compensation coverage allows injured workers to obtain prescriptions for work-related illnesses at no cost. Also, it enables them to receive high-quality, low-cost care from its network of local medical professionals.
