MoneyGeek assessed Idaho workers' compensation insurance providers using criteria like affordability, customer satisfaction, financial stability and the online quote process. The Hartford stood out as the top choice.

Businesses with a minimum of one employee are required to have workers' compensation insurance in Idaho to protect themselves from financial and legal liabilities. This insurance covers medical expenses, lost income and potential legal claims arising from work-related injuries or illnesses.

Key Takeaways

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Based on the data provided, The Hartford is identified as the best workers' compensation insurance provider in Idaho. This evaluation is supported by MoneyGeek's comprehensive assessment, which considers factors such as affordability, customer satisfaction, financial stability, and the online quote process.

The Hartford - Idaho's Top Workers' Compensation Insurance Provider

- Ranking and Evaluation: The Hartford has been ranked as the top choice in Idaho, receiving a high score of 99 out of 100 from MoneyGeek’s evaluation.
- Average Monthly Premium: The Hartford offers an enticing average monthly premium of $166 for businesses with 20 employees and an annual payroll of $1,250,000. For a business with five employees, the premium is as low as $55 per month, based on an annual payroll of $312,500. Larger enterprises with 100 employees can benefit from a premium of $797 monthly, considering an annual payroll of $6,250,000.
- Financial Stability and Customer Service: Known for its excellent customer service and robust financial stability, The Hartford stands out in ensuring quality service and coverage. Their ability to offer competitive premiums without compromising on service quality highlights their financial strength and commitment to customer satisfaction.

Conclusion: The Hartford’s competitive rates, combined with its high customer service rating and solid financial background, make it the best choice for workers' compensation insurance in Idaho. Businesses can rely on The Hartford for dependable coverage that secures the well-being of employees while fulfilling legal obligations. For more information on workers' compensation in Idaho, businesses and employees can refer to the Idaho Industrial Commission's website.

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In Idaho, The Hartford has emerged as the cheapest and most cost-effective workers' compensation insurance provider based on MoneyGeek's assessment. The Hartford offers a highly competitive average monthly premium of $166 for businesses with a 20-employee workforce and an annual payroll of $1,250,000. 

Why The Hartford is a Good Option for Cost-Conscious Businesses:

1. Affordable Premiums: With an average monthly premium of $166, this rate is exceptionally competitive compared to the higher state average of $193 for similar-sized businesses. This makes The Hartford an attractive option for businesses looking to minimize their insurance expenses.

2. Comprehensive Coverage: Even with its lower costs, The Hartford provides robust insurance coverage that includes protection for medical expenses, lost income, and legal claims resulting from work-related injuries or illnesses—essential components for the financial security of both employers and employees.

3. High Customer Satisfaction: The Hartford received an exceptionally high score of 99 out of 100, demonstrating that businesses can expect not only affordable rates but also excellent customer service—a critical factor when navigating insurance claims and inquiries.

4. Financial Stability: A provider's financial strength is crucial to ensuring reliable claim payouts and long-term service. The Hartford's performance in this area makes it a dependable partner for businesses.

5. User-Friendly Online Quote Process: Businesses can easily obtain quotes online, simplifying the process of securing workers' compensation insurance and allowing business owners to make cost comparisons conveniently.

Overall, for cost-conscious businesses in Idaho, The Hartford offers an optimal blend of affordability, coverage quality, and customer service, making it a compelling choice for workers' compensation insurance.

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Workers' compensation insurance premiums in Idaho are influenced by several key factors, leading to variability in the rates businesses might experience. Understanding these factors can help businesses anticipate costs and manage their insurance budgets effectively. Here’s an overview of what influences premiums and how these rates can vary:

1. Number of Employees: The size of a business, in terms of its workforce, is a significant determinant of workers' compensation costs. As the number of employees increases, the potential for workplace injuries or illnesses also rises, typically leading to higher premiums. For instance, in Idaho, businesses with 20 employees are shown to have an average monthly premium of $193, compared to $55 for micro businesses with five employees.

2. Annual Payroll Amount: Payroll is often a more substantial factor than merely the number of employees. Premiums are generally calculated as a percentage of the total payroll, meaning that businesses with higher payrolls tend to face higher premiums. For example, The Hartford offers a monthly premium of $797 for businesses with 100 employees and an annual payroll of $6,250,000, indicating payroll's significant influence on insurance costs.

3. Industry and Occupational Risks: Different industries carry varying levels of risk, and this directly impacts premium rates. High-risk industries such as construction may attract higher premiums due to the increased likelihood of accidents and injuries, as compared to lower-risk sectors like office-based businesses.

4. Claims History: A company’s track record with past workers' compensation claims can heavily influence its premium rates. Businesses with a history of frequent or severe claims may experience higher premiums, as they are perceived as riskier by insurers.

5. Policy Limits: The coverage limits you select for your policy also play a crucial role. Higher policy limits provide more extensive coverage but can lead to increased premiums. In Idaho, common policy limits include a $1 million total policy limit, a $1 million per accident limit, and a $1 million per employee limit.

6. Safety Measures and Workplace Environment: Companies that invest in robust health and safety programs might benefit from lower premiums. Insurers may offer discounts to businesses that can demonstrate effective safety protocols and a low incidence of workplace injuries.

Rates can vary significantly due to these factors, as highlighted by the differences in premiums offered by insurers like The Hartford, which was noted for affordability and excellent customer service in Idaho. For example, for a 20-employee company, The Hartford provides coverage at $166 monthly, indicating the variability based on individual business characteristics and insurer offerings.

Understanding these factors allows businesses in Idaho to better navigate the workers' compensation insurance landscape, ensuring they obtain the coverage they need at a cost-effective rate. Moreover, consulting with insurance providers and utilizing available tools to compare insurer evaluations, like those from MoneyGeek, can further aid businesses in finding the best insurance solution tailored to their specific needs.

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 Idaho.

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Coverage costs and company information for workers' compensation insurance providers in Idaho were last updated in 2023.

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6Companies Compared
 
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Best Workers’ Compensation Insurance in Idaho

In Idaho, The Hartford offers the best customer service and quality workmanship. Based on MoneyGeek’s evaluation, it earned a high score of 99 out of 100. Companies can get top-notch workers’ compensation insurance for their employees at as low as $166.

How was this MoneyGeek score calculated?


1
The HartfordBest Overall in Idaho
Score:99

5/5

Affordability

5/5

Customer Satisfaction

4/5

Financial Stability

4/5

Online Quote Process

Geek Quick Take
Geek Quick Take
  • The most affordable insurance option at $166
  • Excellent customer satisfaction
  • Financially stable
More About The Hartford

The Hartford is the cheapest workers’ compensation insurance provider in Idaho, meeting your needs without going over your budget. The company pays a lot of attention to customer needs, which is why it has the highest satisfaction scores from its policyholders. Based on data, the insurer has the best satisfaction rate among its competitors. It is also financially stable and offers a reasonably fast quote processing system.

2
biBERK
Score:91

1.6/5

Affordability

4/5

Customer Satisfaction

5/5

Financial Stability

4/5

Online Quote Process

Geek Quick Take
Geek Quick Take
  • Average cost of $201 monthly
  • Great customer service
  • Financially stable
More About biBERK

biBERK is a good choice if you are looking for an insurer that has a demonstrated performance in customer satisfaction and online services. At $201 monthly, policyholders will appreciate the company’s customer service and financial stability. However, this premium is costly when compared to companies like The Hartford. biBERK does offer reasonably quick quotes, taking just shy of two minutes to offer an estimate to potential customers.

3
Next
Score:88
4
Nationwide
Score:87
5
Thimble
Score:85

Cheapest Workers’ Compensation Insurance in Idaho

According to our analysis, The Hartford distinguishes itself as the most affordable workers’ comp insurance provider in Idaho, presenting an enticing average monthly premium of $166. This rate is for businesses with a 20-employee workforce and an annual payroll sum of $1,250,000. Note that employee count and payroll on insurance costs are factors in determining premiums.

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MoneyGeek Top Pick
The Hartford

The Hartford’s affordability combined with a low complaint index are a testament to its exceptional service. Besides cost, financial standing and customer satisfaction are also vital factors when considering an insurance provider. These could reflect the company's ability to fulfill its obligations and pay its customers, offering policyholders confidence in the insurer's reliability. The Hartford offers excellent service and financial stability, making it the best cheap workers’ comp insurance company in Idaho.

We evaluated companies by examining their average monthly expenses to pinpoint the most budget-friendly insurer in the market. Keep in mind that our rates might not precisely match your actual costs, and the most economical provider for you may vary based on other factors.

Below is a table displaying the yearly and monthly expenses associated with insuring a business of 20 employees for all the insurers we analyzed in Idaho.

The Hartford$166$1,995
Next$197$2,358
Nationwide$197$2,365
biBERK$201$2,125
Thimble$205$2,345

Best Workers’ Compensation Insurance for Micro Businesses in Idaho

A business with one to nine employees typically falls under the micro business category. In Idaho, The Hartford emerges as the top choice for businesses with a workforce of five employees, offering an attractive monthly premium of just $55. This premium is for an annual payroll of $312,500.

While employee count does impact workers' compensation insurance expenses, payroll often has a more significant influence on premium rates.

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MoneyGeek Top Pick
The Hartford

Affordability is an essential aspect for small businesses when considering insurance providers since it directly impacts their bottom line. The Hartford's competitive pricing makes it one of our top recommendations. Nonetheless, cost should not be the sole consideration. Financial stability and customer satisfaction can be equally important factors. The former is particularly important for small businesses because they may not have the same financial resources as larger corporations, while the latter can indicate that the insurer is responsive to its client’s needs and provides efficient, timely service. The Hartford scores high in both categories.

Best Workers’ Compensation Insurance for Midsize Businesses in Idaho

Idaho enterprises with 100 employees may find The Hartford to be an outstanding choice for workers’ comp insurance. It offers the lowest monthly premium out of all the insurers we reviewed at an average of $797. Calculated based on an annual payroll amount of $6,250,000, this rate considers both employee count and payroll.

It's important to remember that while the number of employees influences workers' compensation insurance expenses, payroll typically has a more pronounced effect on premiums.

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MoneyGeek Top Pick
The Hartford

The Hartford can be a well-rounded option for midsize businesses seeking insurance coverage, especially because of its competitive pricing structure. However, its cost is just one of the primary reasons it’s highly regarded. Businesses with a large pool of employees often have limited time and resources to spend on administrative tasks, so an insurance provider who offers a swift online process can be a convenient and efficient choice for them. The Hartford excels in this regard.

How Much Is Workers’ Compensation Insurance in Idaho?

Idaho businesses with 20 employees can expect to pay an average monthly cost of $193 for workers' compensation insurance. When comparing this figure to the national average of $168, it becomes evident that Idaho's average cost is a tad bit higher.

To establish this average cost, we set specific policy limits that included a $1 million total policy limit, a $1 million per accident limit and a $1 million per employee limit. Each of these limits plays a crucial role in determining the coverage provided to the business owner. The total policy limit signifies the maximum sum the insurer would be responsible for covering across all incidents within the policy duration. The per accident limit represents the highest amount an insurer would be accountable for in the event of a single incident, whereas the per employee limit denotes the maximum sum an insurer would cover for an individual employee's claim.

To gain a deeper understanding of the average cost of workers' compensation insurance in Idaho, take a look at the table below. It illustrates the average monthly costs for businesses with five, 20 and 100 employees, providing a comprehensive view of how the insurance costs vary depending on the size of the company.

How was this cost calculated?

5$72$821
20$193$2,238
100$861$10,302

Factors That Impact Workers’ Compensation Costs in Idaho

The cost of workers' compensation insurance usually fluctuates for every business because it is influenced by multiple factors that affect the cost of coverage.

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    Payroll costs

    Businesses generally pay a rate for every $100 of payroll, which means that a company with high payroll costs could pay a higher premium compared to one with lower payroll expenses. The average premium index rate in Idaho for 2022 is $1.43 per $100 of payroll. This rate means Idaho ranks 16th in terms of workers' compensation premium index rates among all states.

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    Number of employees

    Organizations with a significant number of employees experience a heightened risk of employee injuries, potentially resulting in increased insurance premiums.

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    Employee class code

    A class code is used to categorize the type of work carried out by employees, which in turn influences the rate charged for every $100 of payroll. High-risk industries, including construction, logging and commercial fishing, typically have higher rates due to the increased potential for workplace accidents and injuries. On the other hand, lower-risk sectors such as consulting, graphic design and administrative services generally have lower rates, reflecting the reduced likelihood of work-related injuries.

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    Previous claims

    A track record of workers' compensation claims may result in an increased premium cost. For example, a business with numerous claims in the past may be perceived as having a higher risk for future incidents, leading insurance providers to charge higher premiums to account for potential payouts. In 2021, the U.S. Bureau of Labor Statistics reported over 2.6 million recordable non-fatal cases for private industry.

Do You Need Workers’ Compensation Insurance in Idaho?

In Idaho, any business with at least one employee must have workers' compensation insurance. This insurance assists in covering expenses associated with employees who suffer injuries or illnesses while performing their job duties.

However, there are exemptions to this requirement, including those in household domestic service, casual employment, outworker employment and employment of specific family members in a sole proprietorship or single-member limited liability company. This also applies to those employed as the owner of a sole proprietorship, working member of a partnership or limited liability company and certain corporate officers.

Employment governed by U.S. laws, aircraft pilots applying fertilizers or pesticides, associate real estate brokers and salespeople, volunteer ski patrollers and officials of secondary school athletic contests are also exempt.

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WORKERS’ COMP PENALTIES IN IDAHO

Operating a business without workers' comp insurance in Idaho is a misdemeanor under Idaho law, and the employer may be subject to:

  • Criminal penalties
  • Financial penalties
  • Injunctions preventing you from doing business

What Does Workers’ Compensation Insurance Cover in Idaho?

Workers' compensation insurance provides crucial benefits for employees who experience a work-related injury or illness. As the policyholder, the employer ensures that injured workers receive medical care and compensation for a portion of their lost income while they are unable to return to work. This coverage usually protects employers from lawsuits by workers injured while working. It covers employees regardless of who was at fault in the accident and may even provide death benefits for the worker's dependents in the event of a fatality. In addition to covering injuries from accidents, workers' comp insurance also covers certain illnesses and occupational diseases contracted as a result of employment.

Overall, workers' compensation insurance plays a vital role in safeguarding employees' well-being and financial security in the face of workplace injuries and illnesses.

Workers’ Comp Resources for Employees in Idaho

The Industrial Commission oversees workers' compensation activities in Idaho, including regulating companies licensed to provide workers' compensation policies. To file a claim and obtain workers' compensation benefits, employees must adhere to the steps outlined by the Industrial Commission. These steps may involve reporting the injury to the employer, obtaining medical care and submitting documentation regarding the injury and treatment received.

For more information on workers' compensation in Idaho and the steps to file a claim, employees can visit the Industrial Commission's website.

Frequently Asked Questions About Workers’ Compensation Insurance in Idaho

Here are several commonly asked questions regarding workers' compensation insurance in Idaho, addressing concerns for both employers and employees within the state.

Which company has the best workers’ compensation insurance in Idaho?

Which company has the cheapest workers’ compensation insurance in Idaho?

Does Idaho require businesses to have workers’ compensation insurance?

How much does workers’ compensation insurance cost in Idaho?

About Melissa Wylie

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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.

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