Best workers' compensation insurance for small businesses

When buying workers' compensation coverage with Insureon, you'll get quotes from some of the biggest names in the industry.

Workers' compensation insurance covers medical bills from work-related injuries and provides disability benefits and death benefits to compensate for lost wages. Most policies include employer's liability insurance, which pays for legal defense costs if an injured employee sues your business.

Because personal health insurance can deny claims for medical care related to work, even the self-employed may choose to carry this coverage.

Based on financial strength and overall rating, our top carriers for workers' compensation insurance policies include:

• The Hartford: Rated A+ by AM Best. Located in Hartford, CT. Specializes in property and casualty (P&C) insurance, group benefits, and mutual funds.
• Acuity: Rated A+. Located in Sheboygan, WI. Specializes in P&C insurance.
• AmTrust: Rated A-. Located in New York, NY. Specializes in P&C insurance, specialty risks, and workers' compensation insurance.
• Travelers: Rated A++. Located in Hartford, CT. Specializes in commercial P&C insurance and personal insurance.
• Chubb: Rated A++. Located in Simsbury, CT, Charlotte, NC, and Phoenix, AZ. Specializes in P&C insurance and business owner's policy (BOP).

There are several ways to save money when it comes to workers' compensation insurance:

• Shop around. Compare workers’ comp quotes from different insurers to find the most affordable price.
• Use the correct class codes. Avoid misclassifying your employees with the wrong class codes, which can lead to penalties and additional costs in the long run.
• Pay-as-you-go plans. A pay-as-you-go workers' comp plan offers flexible premiums that change as your workforce shrinks and grows.
• Low-premium plans. Ghost policies and minimum premium policies offer sole proprietors and independent contractors an affordable way to buy workers' comp.
• Risk management. Safety procedures and personal protective equipment (PPE) can help you avoid injuries and keep your workers' comp rates low.

Workers' comp protects your employees and helps you comply with state laws, but it's not the only type of business insurance coverage you need. To protect against other risks, small business owners often buy the following insurance products:

• General liability insurance: This policy covers legal costs when a customer is injured at your store or office, or when your business accidentally damages customer property. It's often the first policy that a small business needs.
• Business owner's policy: A business owner's policy combines general liability coverage with commercial property insurance in a cost-saving package. It provides coverage in the event of a customer accident or business property damage.
• Professional liability insurance: This policy helps pay for legal costs if a customer sues your business for a mistake or negligence, and it's recommended for any business that offers professional services or advice. It’s also known as errors and omissions insurance.
• Commercial auto insurance: Businesses that own a vehicle are typically required to carry this coverage. It helps pay for legal costs and medical bills if your business vehicle is involved in an accident.
• Cyber insurance: This policy covers expenses related to data breaches and cyberattacks, such as the cost of notifying affected customers. It's also called data breach insurance.
• Commercial umbrella insurance: When your underlying general liability, commercial auto, or employer's liability insurance policy reaches its limit, umbrella insurance kicks in to provide additional coverage. It's often used to increase general liability limits to those required by a contract.