Top 10 workers’ comp providers

Top 10 workers’ comp companies

Rank	Company	Market share (%)
1	Travelers	6.63
2	The Hartford	6.46
3	AmTrust	5.87
4	Zurich	5.03
5	Chubb	4.08
6	Berkshire Hathaway	3.64
7	Liberty Mutual	3.59
8	New York State Insurance Fund	2.93
9	Blue Cross Blue Shield of Michigan	2.86
10	Old Republic Group	2.52

Travelers

Travelers is the largest workers’ compensation insurance underwriter in the U.S., with 6.63% of the market. It has an A++ financial strength rating from credit ratings agency AM Best, which is the highest grade possible. Travelers has a complaint ratio of 1.0 from NAIC, which records grievances against insurers. A score above 1.0 means the organization receives a higher-than-average number of complaints for a company its size.

Travelers, however, doesn’t have great reviews from current and past policyholders. It has an average rating of 1.05 out of 5 stars from the Better Business Bureau (BBB) and 1.5 out of 5 stars from review site Trustpilot. But it’s worth noting two things: These ratings are for the company as a whole, and not just its workers’ comp offerings, and none of the top 10 workers’ comp companies do well in these consumer ratings.

Travelers provides workers’ comp for employees in manufacturing, the public sector and other industries that range in size from small business to multi-state. The company has more than 2,000 workers’ comp claim handlers and more than 500 in-house medical professionals.

Expert InsightWorkers’ compensation insurance is required by law in every state except Texas. However, the exact requirements for workers’ compensation are different in every state.

The Hartford

The Hartford is the second-largest workers’ compensation provider with a 6.46% share of the market. It has an A+ financial strength rating from AM Best, which means it has a superior ability to meet its financial obligations and pay claims. The Hartford also has fewer complaints than expected for a company its size – an NAIC complaint ratio of 0.81 -- an indication that policyholders are satisfied with the company’s performance.

Although The Hartford has fewer complaints than expected from the NAIC, it doesn’t have great ratings from other organizations. The company’s average rating from both the BBB and Trustpilot is 1.1 out of 5 stars. But, again, none of the top workers’ comp companies do well in these consumer ratings

The Hartford workers’ compensation customers get access to a preferred medical provider network with more than 1 million doctors who are experienced in treating workplace injuries. Additionally, injured employees can work with The Hartford’s nurse case managers to get appropriate medical treatment, as well as physical, emotional and occupational therapy.

AmTrust

AmTrust Insurance holds just under 6% of the total workers’ compensation market. The company has an A- financial strength rating from AM Best, which is considered excellent. AmTrust has a slightly higher complaint ratio, at 1.17, than expected for its size, according to the NAIC.

AmTrust offers workers’ compensation insurance for businesses in a variety of different industries. Policyholders can take advantage of free workplace safety resources, like training videos and templates for employee safety plans.

Like other workers’ comp providers, AmTrust gets poor reviews from current and past policyholders. Its Trustpilot rating is 1.4 out of 5 stars and it has a 1 out of 5 star rating from the BBB.

Zurich

Zurich Insurance has about 5% of the workers’ compensation market. AM Best gives Zurich an A+ rating for superior financial stability and it received a slightly higher number of complaints than expected – an NAIC complaint ratio of 1.09

Zurich offers comprehensive workers’ compensation insurance with customizable coverage options for businesses. Some of the policy options include guaranteed cost, large deductible and self-insured retention programs. The company also offers risk management consulting, medical management services and flexible payroll reporting.

In terms of third-party ratings, Zurich, like other workers’ comp companies, doesn’t fare well. It has an average rating of 1.2 out of 5 stars from Trustpilot and the BBB. However, as mentioned above, it’s important to note that these ratings are not exclusively for workers’ compensation.

Chubb

Chubb has about 4% of the total U.S. workers’ compensation market. It has an A++ financial strength score, which is considered superior, and the company received a higher than average complaint ratio for a company of its size, with a score of 1.97.

Chubb has an average rating of 1.5 out of 5 stars from Trustpilot and 1.1 out of 5 stars from the BBB.

Chubb sells workers’ compensation to many types of businesses, including small businesses, mid-size businesses and large companies. Chubb has online claims, medical management programs, return to work programs, pharmacy benefits program and a Special Investigative Unit (SIU) that can detect potentially fraudulent claims.

Berkshire Hathaway Group

There are several insurance companies under the Berkshire Hathaway umbrella that sell workers’ compensation insurance, including Geico, Berkshire Hathaway Homestate, Berkshire Hathaway Guard Insurance, Three Insurance and biBerk. Together, these insurance companies make up 3.64% of the workers’ compensation market.

All of Berkshire Hathaway’s workers’ compensation insurance carriers have superior financial strength:

Geico has an A++ rating
Berkshire Hathaway Homestate Companies has an A++ rating
Berkshire Hathaway Guard has an A+ rating
Three Insurance has an A++ rating from AM Best. Its underwriter, Berkshire Hathaway Direct Insurance Company, has many more complaints than expected.
BiBerk has an A++

The group, however, has a higher than average complaint ratio of 2.37. TrustPilot and BBB ratings for all these Berkshire Hathaway companies could not be found, but Geico has a 1.3 from TrustPilot.

Liberty Mutual

Liberty Mutual is the seventh-largest workers’ comp provider in the U.S., with a 3.59% share of the market. AM Best gives Liberty Mutual an A rating for financial strength, which means it has an excellent ability to meet financial obligations. However, it receives more than the average number of complaints for its size, with a complaint ratio of 1.86.

Liberty Mutual has more than 100 years of experience managing workers’ compensation programs. The company has in-house teams of doctors, nurse case managers, and special investigators to handle claims and help employees get back to work. Liberty Mutual can also help businesses identify workplace hazards and develop safety programs to reduce future claims.

The company has a 1.09 out of 5 star rating from the BBB. On Trustpilot, Liberty Mutual’s rating is 1.1 out of 5 stars.

New York State Insurance Fund

The New York State Insurance Fund, a not-for-profit workers’ compensation insurance carrier, is the largest workers’ comp provider in New York state. NYSIF owns just under 3% of the total market. It’s not rated by AM Best for financial strength. NAIC recorded no complaints in its last filing season.

The NYSIF covers two million employees and 200,000 employers in New York. It competes with private insurance companies to provide guaranteed coverage to employers who aren’t able to get workers’ compensation from private insurance carriers. The NYSIF also offers disability benefits to eligible employees who get sick or injured at work.

In addition to traditional workers’ compensation insurance, the NYSIF also provides case management services and workplace safety programs.

TrustPilot and BBB ratings are not available.

Blue Cross Blue Shield of Michigan Group

Blue Cross Blue Shield (BCBS) of Michigan Group is a health insurance company and it doesn’t sell workers’ compensation. However, it owns AF Group, which has several subsidiaries that underwrite workers’ compensation policies. These subsidiaries include Accident Fund, United Heartland, CompWest and Third Coast Underwriters.

All of AF Group’s subsidiaries are financially stable and they receive few complaints. Here are the AM Best ratings for some of AF Group’s underwriters. AF Group’s complaint scores are not available from the NAIC.

Accident Fund has an A
CompWest has an A rating
Third Coast Insurance Company has an A-

Blue Cross Blue Shield of Michigan gets 1.04 out of 5 stars from BBB and 2.8 stars from TrustPilot.

Old Republic Group

Old Republic Group is the 10th largest workers’ compensation carrier in the U.S. with 2.5% market share. The company has an A+ financial strength rating from AM Best, but it has slightly more complaints than expected for its size, with a NAIC ratio of 1.21.

To get a quote or apply for Old Republic Group workers’ comp, you must contact an agent. The company advertises that many businesses can get approved for coverage, even those in high risk industries where employee injuries and illnesses are more likely.

TrustPilot and BBB ratings were not available.

Is workers' compensation insurance required by law?

Workers’ compensation insurance is required by law in every state except Texas. However, the exact requirements for workers’ compensation are different in every state.

For example, in Florida, non-construction businesses must carry workers’ compensation if they have four or more employees. But in California, all businesses that employ at least one employee are required to have workers’ compensation, regardless of the industry.

Workers’ compensation isn’t usually required for sole proprietors with no employees. Self-employed business owners that work alone have the option to purchase workers’ compensation for themselves.

How much does workers'compensation insurance cost?

The cost of workers’ compensation insurance depends on a variety of factors. Some of the things that impact rates include:

Location
Number of employees
Claim history
Industry

For instance, industries considered more hazardous pay more for workers’ comp. Trucking, construction, groundskeeping and gardening (landscaping) are all considered dangerous jobs by the U.S. Bureau of Labor Statistics. Not surprisingly, those three industries pay among the highest rates for workers’ comp, according to Insureon, the small business insurance broker.

Trucking companies pay an average of $7,795 a year, construction companies pay $3,054 and landscaping companies pay $2,029. On the other hand, IT/technology firms pay $412 and media and advertising firms pay $519.

The insurance company that underwrites your policy also can affect what you pay.

For example, The Hartford states that customers with less than $300,000 in annual payroll pay an average of $81 per month for workers’ compensation. However, Progressive advertises that its average customer pays $119 per month for workers’ compensation insurance.

To find the most affordable workers’ compensation insurance for your business, it’s a good idea to shop around and compare personalized rate quotes from a few different workers’ comp.