Updated: December 19, 2024
Advertising & Editorial Disclosure
To determine the best workers’ compensation insurance, MoneyGeek analyzed essential factors like cost, financial stability, time to get a quote and customer satisfaction. Our analysis shows Nationwide provides the best workers’ compensation insurance in Florida.
Buying workers’ compensation is a great choice for many reasons. It helps your employees get essential coverage, protects you against significant liability costs and might be required by law based on location.
Based on the analysis by MoneyGeek, Nationwide is identified as the best workers' compensation insurance provider in Florida. Below is a summary of Nationwide's performance in key areas:
- Ranking: Nationwide scored 96 out of 100 in MoneyGeek's evaluation, marking it as the top provider in Florida.
- Average Monthly Premium: The average monthly cost for a policy is $86, though this can vary based on factors such as employee count and payroll costs.
- Financial Stability: Nationwide is considered financially stable, ensuring they have the monetary strength to pay out claims reliably.
- Customer Service: The insurer is known for a high level of customer satisfaction, making it a trustworthy option for businesses.
Nationwide provides cost-effective workers' compensation insurance, particularly beneficial for various businesses sizes. For instance, rates for businesses with different employee counts and payrolls are competitively low:
- For a business with 5 employees and an annual payroll of $312,500, the average monthly cost is $39.
- For midsize companies with 100 employees and a payroll of $6,250,000, the average cost is $336 per month.
These rates make Nationwide an affordable choice while maintaining strong customer service and financial stability, ensuring reliable coverage for businesses in Florida.
In Florida, Nationwide is highlighted as the cheapest workers' compensation insurance provider. With an average monthly premium of $86, it is considered a cost-effective option for businesses, especially those with 20 employees and a $1,250,000 annual payroll.
Reasons Why Nationwide is a Good Choice for Cost-Conscious Businesses:
1. Affordable Premiums: Nationwide offers the most competitive rates in Florida. At $86 per month for a typical policy, it is a great fit for small to medium-sized businesses looking to minimize expenses.
2. Scalability: Nationwide's pricing is advantageous for various business sizes. For businesses with fewer employees, like five employees with a payroll of $312,500, the monthly cost can be as low as $39.
3. Broad Coverage: The policy includes a $1 million total limit, $1 million per accident, and $1 million per employee. This extensive coverage protects businesses against substantial liability costs.
4. Legal Compliance: Buying through Nationwide helps businesses align with Florida's legal requirements. Non-compliance can lead to financial penalties, which are avoided with Nationwide's compliant policies.
Overall, Nationwide is a strong choice for cost-conscious businesses in Florida, combining affordability, comprehensive coverage, and legal compliance with a top MoneyGeek score of 96 out of 100.
Workers' compensation insurance premiums in Florida, like in other states, are influenced by a variety of factors that can lead to variations in rates from one business to another. Here are the key factors that typically affect these premiums:
1. Number of Employees: The more employees a company has, the higher the likelihood of workplace injuries, which increases the premium costs. This is because the risk exposure for the insurer increases with more employees.
2. Payroll Costs: Payroll is a significant factor because workers' compensation insurance rates are often calculated as a percentage of the total payroll. Businesses with higher payrolls will generally pay more for coverage.
3. Type of Business and Industry: Certain industries, such as construction, are inherently riskier than others, like office-based businesses. Companies in high-risk industries typically face higher premiums due to the greater likelihood of workplace injuries.
4. Claims History: Businesses with a history of frequent claims might see higher premiums as they are perceived to be riskier. Insurers consider prior claims as an indicator of future potential risks.
5. Policy Limits: The coverage limits you choose can affect your premiums. Standard policy limits in Florida, such as $1 million per occurrence and $1 million total policy limit, provide a baseline, but higher limits may increase premiums.
6. Location: While this isn't always a major factor, certain geographic areas might have specific risks or cost structures that impact insurance premiums.
In Florida, specific legal requirements further dictate workers' compensation insurance needs. For example, non-construction businesses with more than four employees and construction businesses with more than one employee are required to carry workers’ compensation insurance. Businesses found not to comply may face penalties and legal issues.
The cost of workers' compensation insurance in Florida can vary, but Nationwide offers competitive rates. For instance, for businesses with 20 employees, Nationwide offers an average monthly cost of $86, which is below the state average of $165. These rates can further vary based on employee count and payroll: a company with five employees sees an average cost of $39, whereas a midsize company with 100 employees pays about $336 monthly with Nationwide, illustrating the impact of scale and payroll on premiums.
Nationwide is rated highly for workers' compensation insurance in Florida, scoring 96 out of 100 in MoneyGeek's analysis, which considers cost, financial stability, time to get a quote, and customer satisfaction. This makes it a preferred choice for businesses seeking coverage.
Overall, businesses should consider these factors carefully when purchasing workers' compensation insurance to ensure they're getting the best coverage for their needs while also complying with state laws.
Why Trust MoneyGeek? We collected 677 workers’ compensation insurance quotes and analyzed cost information alongside customer satisfaction and financial stability reports to determine the best workers’ compensation insurance companies for small businesses in Florida.
Coverage costs and company information for workers' compensation insurance providers in Florida were last updated in 2023.
Nationwide provides Florida’s best workers’ compensation insurance, with a MoneyGeek score of 96 out of 100. The average monthly policy cost is $86.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank insurers:
MoneyGeek used the following business profile to gather quotes:
Nationwide started offering auto insurance 90 years ago and now provides various personal and business insurance products. The company workers’ compensation insurance costs an average of only $86 monthly, the most affordable in Florida.
In addition to having the cheapest policies, Nationwide has an A+ financial stability rating from AM Best, which shows the company is doing well financially and can pay claims on time. Nationwide’s customer service is satisfactory, as the company has a low average rate of complaints. Getting a quote from Nationwide takes almost three and a half minutes.
The Hartford has provided insurance products for over 200 years. It has the lowest average rate of complaints compared to its Florida competitors, which indicates it offers exemplary service. The company takes only a minute and a few seconds to provide an online quote. It also has an A+ rating from AM Best, indicating financial well-being and ability to pay claims.
Nationwide offers Florida’s cheapest workers’ compensation insurance, with an average monthly cost of $86. However, your company’s employee count and payroll costs generally affect how much you pay.
Nationwide is the most affordable option for businesses with 20 employees and $1,250,000 in annual payroll.
Nationwide is the most affordable insurer for workers' comp insurance in Florida. The company offers the cheapest rates and has a low average rate of complaints, indicating it provides good service. It has an A+ AM Best rating, which shows it's financially stable and able to settle its obligations on time. But the insurer takes a long time — a little over three minutes — to offer an online quote.
We analyzed companies based on average monthly costs to find the cheapest insurer, but the most affordable one for you will vary based on various factors.
See the table below for the monthly and annual costs of insuring a business with 20 employees.
| Nationwide | $86 | $1,030 |
| The Hartford | $180 | $2,160 |
| Thimble | $190 | $2,280 |
| biBERK | $205 | $2,280 |
MoneyGeek recommends buying workers’ compensation insurance from Nationwide if your business has five employees. The average cost of the company’s workers’ comp insurance is $39. This cost is based on an annual payroll of $312,500.
A micro business generally has one to nine employees. The employee count affects your rates, but payroll costs typically have a more significant impact.
Micro businesses can significantly benefit from a Nationwide workers’ compensation policy, as the company offers the most affordable rates in Florida. This insurer also scored well for customer service, as it has a low average rate of complaints. The company also boasts an A+ AM Best financial stability rating.
Florida midsize companies with 100 employees will find the best workers’ compensation policies from Nationwide. The company charges an average of $336 per month for a policy based on an annual payroll of $6,250,000.
Payroll costs generally significantly affect the price of workers’ compensation insurance.
Nationwide offers Florida midsize businesses the best workers comp options. The company has the most affordable policies, costing an average of $336 monthly. It also enjoys a low average rate of complaints and received an A+ financial stability rating from AM Best, indicating it can pay claims on time.
The average cost of workers’ compensation insurance in Florida is $165 per month for a business with 20 employees, less than the national average of $168. We used the following policy limits:
Based on these limits, the insurer will cover the cost of every injured employee for a maximum of $1 million. The insurer will pay a maximum of $1 million per accident, up to a total policy limit of $1 million.
The primary factors affecting the cost of workers’ compensation insurance are the number of employees in your business and payroll costs. MoneyGeek lists the average cost of workers’ compensation insurance for a business with 5, 20 and 100 employees in the table below.
How was this cost calculated?
To find the average cost of workers’ compensation insurance in Arkansas, we gathered quotes for three types of software development businesses:
| 5 | $64 | $748 |
| 20 | $165 | $1,938 |
| 100 | $731 | $8,772 |
Every business pays different worker compensation costs based on the factors listed below.
Insurance companies charge businesses based on every $100 of payroll. You will generally pay a higher premium if your business has high payroll costs. Florida’s premium index rate is 1.26, higher than many states.
The more employees you have, the higher the risk of injury, so insurers charge more to insure businesses with a high employee count.
A class code indicates the kind of work employees do. If an employee works in the construction industry, there’s a greater risk of injury than if the employee is a consultant. Thus insurers charge more for such employees.
Businesses with a high number of prior claims will generally pay expensive rates for workers’ compensation insurance.
Based on Florida law, non-construction businesses with more than four employees, construction businesses with more than one employee, agricultural businesses with more than six regular employees and/or twelve seasonal workers must buy workers’ compensation insurance.
You are exempt if you’re a non-construction sole proprietor or partner.
Your business can risk civil penalties for not buying workers’ compensation insurance in Florida, which can mean:
Workers’ compensation can significantly benefit your employees by making it easy for them to get medical help in case of an injury. For instance, with such a policy, an insurer will cover the cost of medical care, lost wages and disability benefits, which can help your employee get back to work. Insurers may also offer a death benefit if the employee dies in a workplace injury.
Workers’ compensation policies help employers avoid financial loss due to high medical costs and protect them from other liability expenses.
The Department of Financial Services oversees workers’ compensation insurance in Florida. To file a claim, an employee must contact AmeriSys at 1-800-455-2079. If an injured employee requires emergency treatment, they must be transported to the nearest medical facility. If they do not need immediate medical attention, they should call AmeriSys, which will assign them to an appropriate medical provider.
MoneyGeek answered frequently asked questions to help you find the most suitable workers’ comp provider and understand other details.
Nationwide offers the best workers’ compensation insurance in Florida, with a MoneyGeek score of 96 out of 100. A different insurer may be the best for you based on your company’s employee count and payroll costs.
Nationwide offers the cheapest workers’ compensation insurance in Florida, with an average monthly cost of $86.
Florida non-construction businesses with more than four employees, construction businesses with more than one employee, agricultural businesses with more than six regular employees and/or 12 seasonal workers must buy workers’ compensation insurance.
The average cost of workers’ compensation insurance in Florida is $165 per month for a business with 20 employees.
About Melissa Wylie
Melissa Wylie is the Content and SEO Manager at MoneyGeek, with nearly a decade of editorial experience and six years of work in financial content focused on small businesses. She previously held SEO positions at Bankrate and LendingTree, with bylines on ValuePenguin and MagnifyMoney.
Wylie has a journalism degree from the University of North Texas. Her strong foundation in journalism helps her craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.
