To establish Indiana’s top workers’ compensation insurance providers, we examined factors like customer satisfaction, affordability, financial stability and the efficiency of online quote applications. Our analysis indicates that The Hartford outshines its competitors.

Indiana requires all businesses with at least one employee to carry workers’ compensation insurance. While the law may exempt some employers from this coverage, purchasing a policy protects business owners from legal and financial liabilities. This coverage can help pay for medical treatment and lost wages if an employee suffers from work-related illnesses or injuries.

Key Takeaways

blueCheck icon

Based on the provided analysis, the best workers' compensation insurance provider in Indiana is The Hartford. Here's a summary of their ranking, average monthly premium, financial stability, and customer service:

The Hartford

- Ranking: The Hartford earns a top spot with a MoneyGeek score of 95 out of 100, due to its comprehensive coverage, strong customer satisfaction, and efficient online quote application process.

- Average Monthly Premium: The Hartford’s average monthly rate is $119, making it the third cheapest option among the providers analyzed. For micro businesses, the average monthly premium goes down to $54.

- Financial Stability: The Hartford is recognized for its strong financial stability, ensuring it can meet policyholder claims effectively and reliably.

- Customer Service: Known for its excellent customer service, The Hartford provides efficient support and guidance to its policyholders, which is crucial when handling workers’ comp claims and policy queries.

For businesses in Indiana looking for a balance between affordability and comprehensive coverage, The Hartford emerges as the top choice. It provides reliable financial backing and superior customer service, making it an attractive option for business owners seeking workers' compensation insurance.

blueCheck icon

In Indiana, the most cost-effective workers' compensation insurance provider for businesses appears to be Pie, which offers an average monthly premium of $97. This rate is particularly applicable to businesses with 20 employees and annual payroll expenses of $1,250,000. For cost-conscious businesses, Pie represents an excellent option due to its affordability compared to other providers. By providing competitive rates, Pie allows businesses to allocate their financial resources more effectively, minimizing the impact of insurance costs on their overall budget. While The Hartford is noted as the best overall insurance provider for factors like customer satisfaction and comprehensive offerings, Pie's lower premiums make it a standout choice for businesses primarily concerned with cost efficiency. The information suggests that by choosing Pie, businesses can ensure compliance with Indiana's workers' compensation insurance requirements without overspending, thereby protecting themselves from potential legal and financial liabilities surrounding workplace injuries and illnesses.

blueCheck icon

In Indiana, the determination of workers' compensation insurance premiums is influenced by a variety of factors. Here's a detailed explanation of these factors and how they contribute to the variability of rates:

1. Annual Payroll Expenses: One of the most significant factors affecting workers' compensation insurance premiums is the total payroll of a business. Higher payroll amounts usually result in increased premiums because they represent a larger financial liability for insurers.

2. Number of Employees: The number of employees in a company also plays a critical role. As the employee count increases, the risk of workplace injuries potentially increases, thereby raising the insurance premiums. For example, small businesses with fewer employees may pay less, while midsize or larger businesses have higher premiums due to more significant liabilities.

3. Nature of the Business: Different industries carry different levels of risk, which affects insurance rates. High-risk industries, such as construction or manufacturing, typically face higher premiums compared to lower-risk fields like retail or office work.

4. Claims History: A company's history of workers' compensation claims can influence the premium rates. Businesses with a history of frequent or costly claims may face higher premiums as they are perceived as riskier by insurers.

5. Employee Class Codes: Employees are classified into different risk categories based on their job responsibilities. These classifications help insurers determine the level of risk associated with specific roles, thus affecting premium calculations.

6. State Regulations: Indiana, like other states, has specific requirements and exemptions concerning workers' compensation insurance, which can influence premium costs. The general requirement is that businesses with at least one employee must carry this insurance, but there are exemptions for certain worker categories such as real estate agents, railroad employees, and independent contractors.

Rates can vary significantly across different insurers in Indiana. For instance, while The Hartford offers competitive rates starting at $54 per month for micro businesses with five employees, other insurers like Pie present more budget-friendly options with premiums as low as $97 for businesses with 20 employees and annual payroll costs of $1,250,000. Nationwide provides mid-range pricing for midsize businesses with average monthly premiums of $418.

Ultimately, the best approach is to compare insurers, considering not just the affordability of their rates but also customer satisfaction, financial stability, and the efficiency of their quote application process. While affordability is essential, the right workers’ compensation insurance should also align with your business needs, offering adequate coverage and protection from liabilities.

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 Indiana.

recency icon

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

677Quotes Analyzed
 
6Companies Compared
 
50ZIP Codes

Best Workers’ Compensation Insurance in Indiana

Earning a MoneyGeek score of 95 out of 100, The Hartford stands out as the best workers’ compensation insurance company for Indiana businesses.

The insurer’s average monthly rate of $119 is the third cheapest compared to the other insurers in our analysis. However, your monthly premium will vary based on factors like the size and nature of your business.

How was this MoneyGeek score calculated?


1
The HartfordBest Overall in Indiana
Score:95

3.3/5

Affordability

5/5

Customer Satisfaction

4/5

Financial Stability

4/5

Online Quote Process

Geek Quick Take
Geek Quick Take
  • Policies cost a monthly average of $119
  • Receives the lowest number of complaints from customers among Indiana providers
  • A+ rating from AM Best demonstrates strong financial stability
More About The Hartford

With over 200 years of customer service, The Hartford has a track record of delivering exceptional policyholder satisfaction. Its excellent service record is evident in the scant number of customer complaints it receives, according to the NAIC’s (National Association of Insurance Commissioners) ratings for the company.

The Hartford earned an A+ rating from AM Best, indicating its capability to meet its financial obligations after customers file their claims. However, the company’s policies are not the cheapest in the state, so business owners looking for a more affordable policy may opt for another provider. Its online quote application takes about 90 seconds, which is moderate compared to its competitors.

2
Thimble
Score:93

4.7/5

Affordability

2/5

Customer Satisfaction

3/5

Financial Stability

4/5

Online Quote Process

Geek Quick Take
Geek Quick Take
  • Offers affordable workers’ compensation policies at an average monthly rate of $101
  • Strong financial backing to make good on claims
  • Poor customer service record
More About Thimble

Thimble offers affordable rates and reliable financial stability, making it the second-best Indiana workers’ compensation insurance provider. Our analysis finds that you can depend on Thimble for competitive rates. The company provides policies at a monthly average of $101.

Customers can obtain a quote from the company’s website in slightly over a minute and a half, which is fair compared to other insurers. However, the company has a history of receiving many customer complaints, implying that customer concerns may not get addressed adequately.

3
Pie
Score:92
4
biBERK
Score:90
5
Next
Score:88
6
Nationwide
Score:87

Cheapest Workers’ Compensation Insurance in Indiana

Small business owners in Indiana who prioritize cost may consider obtaining workers’ compensation insurance from Pie. The company offers the most affordable coverage at an average monthly rate of $97 for businesses with 20 employees and $1,250,000 in annual payroll expenses. Note that the premiums for your business will vary based on your annual payroll and your number of employees.

mglogo
MoneyGeek Top Pick
Pie

Pie is our top pick for the cheapest workers’ comp insurance in Indiana, with an average monthly cost of $97 or $1,154 annually. Additionally, the company offers the quickest online quote application compared to its competitors. You can obtain a cost estimate in about 30 seconds.

Although Pie is an excellent option for business owners on a budget, it may not be the most financially dependable company, evidenced by its A- rating from AM Best. The company also receives frequent customer complaints, demonstrating the trade-off between affordability and service quality.

We based our rankings for Indiana’s cheapest workers’ compensation coverage provider on average monthly premiums. However, the most affordable insurer for your business will depend on many factors, including your business size and industry. The following table allows you to compare monthly costs for a company with 20 employees across multiple insurers in Indiana.

Pie$97$1,154
Thimble$101$1,093
The Hartford$119$1,432
Next$145$1,740
biBERK$148$1,569
Nationwide$163$1,962

Best Workers’ Compensation Insurance for Micro Businesses in Indiana

The Hartford offers Indiana’s best workers’ comp insurance for micro businesses, offering an average monthly premium of $54. We based this study on quotes obtained for a company with five employees and an annual payroll sum of $312,500.

Generally, companies with an employee count of less than 10 are micro businesses. Increasing the employee count of your business can cause your workers’ compensation premium to rise. However, the most significant influence on your costs arises from your payroll expenses.

mglogo
MoneyGeek Top Pick
The Hartford

The Hartford is our recommendation for Indiana micro businesses seeking workers’ compensation insurance. This company offers the second-lowest rates of any Indiana provider we reviewed while still offering outstanding customer service, as demonstrated by its scant customer complaint record.

The company features a financial stability rating of A+ from AM Best, indicating this insurer can reliably pay its claims. Its online quote process takes about 90 seconds, which is moderate compared to other insurers in this category.

Best Workers’ Compensation Insurance for Midsize Businesses in Indiana

Nationwide tops our list of Indiana’s best workers’ comp companies for midsize businesses, earning a MoneyGeek score of 95 out of 100. This provider offers average monthly rates of $418.

Insurance providers consider a company’s number of employees when determining monthly premiums, although payroll expenses play a more significant role. MoneyGeek calculated the average rates for midsize businesses in Indiana using quotes for a business with 100 employees and an annual payroll of $6,250,000.

mglogo
MoneyGeek Top Pick
Nationwide

Nationwide offers workers’ compensation insurance at a monthly average of $418 for midsized businesses in Indiana. The insurer provides an optimal balance between cost and financial stability.

Its online quote process is slower than any other reviewed insurer, but the company stands out with its excellent customer service record. Nationwide demonstrates solid financial backing, as indicated by its A+ rating from AM Best. This score means you can rely on this insurer to meet its financial obligations.

How Much Is Workers’ Compensation Insurance in Indiana?

For businesses with 20 employees, workers’ compensation insurance in Indiana costs about $129 per month, $39 lower than the national average monthly premium of $168.

MoneyGeek’s based quotes in this study on a sample policy with the following limits:

  • $1 million total policy limit
  • $1 million per accident limit
  • $1 million per employee limit

The total policy limit means the insurer will pay up to $1 million in total liability costs for all accidents within the policy duration. The $1 million per accident limit caps the coverage amount paid per every workplace incident, and the $1 million per employee limit restricts the amount paid to any involved employee. Business owners seeking more protection may consider getting commercial umbrella insurance that facilitates higher coverage limits.

The primary determinants of workers' comp insurance premiums are the company’s annual payroll expenses and employee headcount. The following table shows how average workers' compensation insurance rates vary for businesses with five, 20 and 100 employees.

How was this cost calculated?

5$56$640
20$129$1,492
100$465$5,385

Factors That Impact Workers’ Compensation Costs in Indiana

The cost of workers’ compensation insurance varies based on several dimensions of your business. State regulations, payroll costs, number of employees, claims history and employee class codes can influence your rates significantly.

    money2 icon

    Payroll costs

    The state requires insurers to charge a set rate for each $100 of payroll. Generally, businesses with high payroll amounts tend to pay higher premiums than those with lower annual payroll costs. In Indiana, businesses spend $0.86 per $100 of payroll, making it one of the cheapest states to obtain workers’ comp insurance.

    male icon

    Number of employees

    How much you pay depends on the employee headcount. Businesses with more employees typically pay higher premiums due to the increased likelihood of employees falling sick or getting injured at work.

    briefcase icon

    Employee class code

    Each employee gets placed in a class code based on their type of work. This code forms the basis of rates calculated for every $100 of payroll. Industries with a high risk of accidents or injury, such as mining or construction industries, often pay more for workers' compensation coverage than those in consulting and other low-risk industries.

    checkList icon

    Previous claims

    Businesses with a history of filing workers’ compensation claims are riskier to insure, paying more for coverage. Based on 2021 data from the U.S. Bureau of Labor Statistics (BLS), Indiana reported 65,400 incidents of nonfatal workplace injuries and illnesses in its private industry. Meanwhile, around 2.6 million nonfatal injuries were reported nationwide in the same year.

Do You Need Workers’ Compensation Insurance in Indiana?

Businesses in Indiana with at least one full-time or part-time employee are required to purchase workers’ compensation insurance. However, a few categories of workers are exempt from this coverage, including railroad workers, real estate employees and independent contractors.

Although workers’ comp insurance is not compulsory for every business, we suggest purchasing a policy to safeguard your company from liability claims. Your insurer will protect your business from any expenses and legal liabilities that may arise if an employee gets ill or injured while at work.

scale icon
WORKERS’ COMP PENALTIES IN INDIANA

Indiana businesses that fail to provide the state-mandated workers’ compensation insurance to their employees commit a Class A crime and could be subject to the following penalties:

  • A maximum fine of $10,000
  • Compensation of not more than double the compensation provided by the Workers’ Compensation Act
  • Medical expenses for any affected employees
  • Payment of attorney fees
  • Suspension of business licenses

These legal and financial punishments provide ample motivation for obtaining workers’ compensation insurance.

What Does Workers’ Compensation Insurance Cover in Indiana?

Indiana’s workers’ comp insurance safeguards the employer (the policyholder) from medical expenses and legal liabilities stemming from a work-related employee injury or illness. The policy covers medical, rehabilitation and income costs for employees injured on the job. The insurer provides these benefits according to the policy guidelines and offers benefits to an employee’s dependents if the employee dies due to a job-related injury.

In Indiana, real estate employees, railroad workers and independent contractors are exempt from workers’ compensation insurance.

Workers’ Comp Resources for Employees in Indiana

The Workers' Compensation Board of Indiana provides resources and a platform for workers and businesses to file claims, check compliance status, report workplace injuries and get answers to inquiries regarding the Indiana Workers’ Compensation system.

To file for workers’ comp benefits in Indiana, you must inform your employer of the injury or illness, and the employer will file the necessary injury report with the insurer. The insurer will then send a copy to the Workers’ Compensation Board to initiate investigations into the claim. Once approved, the employee will receive the benefits based on the policy guidelines. Employees can appeal denied claims with the help of an attorney.

Frequently Asked Questions About Workers’ Compensation Insurance in Indiana

The ideal workers’ compensation insurance coverage meets your business’s needs at affordable rates. MoneyGeek answered your questions about Indiana’s best workers’ compensation insurance.

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

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

Does Indiana require businesses to have workers’ compensation insurance?

How much does workers’ compensation insurance cost in Indiana?

About Melissa Wylie

Melissa Wylie headshot

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.

Read Full Bio »
sources
Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use