Updated: January 3, 2025
Advertising & Editorial Disclosure
MoneyGeek identified the top providers of workers' compensation insurance in Louisiana by evaluating affordability, financial stability, customer satisfaction scores and the time it takes to obtain a quote online. Based on the findings, Thimble offers the best coverage.
Workers’ comp insurance in Louisiana minimizes liability costs for small business owners by covering employee-related injuries, ongoing care and lost wages and death benefits, among others.
Based on an analysis by MoneyGeek, the best workers' compensation insurance provider in Louisiana is Thimble. Thimble received an impressive MoneyGeek score of 94 out of 100, ranking it as the top provider based on affordability, financial stability, customer service, and ease of obtaining a quote online. Thimble's policies come with an average monthly premium of $161, although this may vary depending on factors such as the size of the business, the number of employees, and the industry.
For micro businesses in Louisiana, with a smaller scale of operations (five employees and an annual payroll of $312,500), biBERK emerges as a potentially better choice, offering the lowest premium with an average monthly cost of $77. However, for midsize businesses with around 100 employees, Thimble remains the best option with a monthly cost of approximately $716 for a business with an annual payroll amount of $6,250,000.
Thimble's competitive premiums and strong service offerings underscore its financial stability and customer satisfaction, making it a reliable choice for workers' compensation insurance in Louisiana. It's important to note that while Thimble is highlighted here as the best general option, the ideal provider for a specific business may vary based on individual circumstances such as payroll, employee count, and industry type.
The cheapest workers' compensation insurance provider in Louisiana is Thimble, with an average monthly premium of $161. Thimble provides affordable coverage options while maintaining a high MoneyGeek score of 94 out of 100, indicating strong overall performance in terms of affordability, financial stability, and customer satisfaction.
For businesses that are particularly cost-conscious, Thimble represents a great option due to its competitive rates. While premiums for workers’ compensation insurance can vary based on factors like business size, the number of employees, payroll costs, and industry, Thimble stands out for offering the lowest premium for businesses with a payroll of $1,250,000 and 20 employees.
Cost-conscious businesses benefit from choosing Thimble because the provider offers a balance of affordable pricing with comprehensive benefits. These benefits include coverage for medical costs, lost wages, ongoing care, and death benefits, thus minimizing liability costs for the business while ensuring employee protection.
Moreover, Thimble's ability to offer competitive rates even for larger businesses, such as those with approximately 100 employees, underscores its suitability across different business scales while keeping premiums budget-friendly. Given these advantages, Thimble is a strong choice for businesses in Louisiana looking for cost-effective workers' compensation insurance.
Workers' compensation insurance premiums in Louisiana are influenced by several factors, and it's essential for businesses to understand these to manage costs effectively. Here’s an overview of the key factors affecting premiums and how rates can vary:
Factors Influencing Workers’ Compensation Insurance Premiums
1. Annual Payroll Costs:
- Payroll is one of the most significant factors affecting the cost of workers’ compensation insurance. Higher payroll typically means higher premiums because the potential liability increases with larger payroll amounts.
- For example, coverage for a mid-sized business with a high annual payroll ($6,250,000) tends to be more expensive than for micro businesses with lower payroll costs.
2. Number of Employees:
- The employee count impacts the premium since more employees mean a greater risk for potential claims. However, the payroll cost often exerts more influence on rates than the sheer number of employees.
- For instance, in Louisiana, a business with 20 employees has an average premium of $217 per month. This rate can vary depending on the actual payroll and employee categorization.
3. Industry of Operation:
- Different industries have varying levels of risk. High-risk sectors like construction or manufacturing usually face higher premiums due to the increased likelihood of workplace injuries.
4. Employee Class Code:
- Employees are classified based on their job type and associated risks. Higher-risk roles typically result in higher premiums.
5. Claim History:
- Businesses with a history of multiple or severe claims may face higher premiums as they are perceived as higher risk to insurers.
6. Coverage Limits:
- The policy limits set (e.g., $1 million per accident or per employee) also affect premium costs. Policies with higher limits generally command higher premiums.
Variation in Rates
- By Business Size:
- Rates can differ significantly based on the business size. Smaller businesses, particularly those with lower payrolls and fewer employees, can secure more affordable premiums. For example, micro businesses with five employees might find more competitive rates with insurers like biBERK.
- By Provider:
- Different insurance providers offer varying rates for similar coverage. Thimble is identified as the most affordable provider in Louisiana for businesses with $1,250,000 in annual payroll and 20 employees, with an average cost of $161 per month.
Considerations for Businesses
- Exemptions and Legal Requirements:
- Some businesses or roles are not legally required to have workers’ compensation insurance in Louisiana, such as certain farm employees or performers. Nevertheless, acquiring coverage is advisable to protect against liabilities.
- Purchase Options:
- Businesses can buy coverage from private insurers, state funds, or, if financially capable, opt for self-insurance by submitting a plan to the state's Department of Insurance.
Conclusion
Understanding these factors can help Louisiana businesses navigate the workers' compensation insurance market more effectively and choose the most suitable provider and plan. Customizing coverage based on specific business needs and industry requirements is crucial, and comparing multiple providers can help achieve the best value and protection.
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 Louisiana.
Coverage costs and company information for workers' compensation insurance providers in Louisiana were last updated in 2023.
We ranked Thimble as the overall best workers’ comp insurance provider in Louisiana, with a MoneyGeek score of 94 out of 100. The company’s policies cost an average of $161 per month, although actual rates may vary due to several factors, including the business size, number of employees and industry of operation.
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:
Thimble tops our list of the best overall workers' compensation insurance carriers in Louisiana for various reasons. The company’s average monthly rate of $161 is the lowest in the state compared to its competitors. Moreover, a financial stability rating of A implies that the company does okay in terms of paying out claims.
Getting a quote from Thimble's website takes about one minute and 40 seconds, only a few seconds longer than other competitors.
However, the insurer's complaint ratio is the highest among profiled companies, meaning the insurer is less likely to handle and respond to customer concerns well.
biBERK is our runner-up for workers’ comp insurance in Louisiana. The company offers the second-lowest average monthly cost of $207, which is average compared to other insurers in our ranking system.
An exceptional financial stability rating of A++ from AM Best makes biBERK the best go-to provider for potential customers interested in a trustworthy option. The company also receives fewer customer complaints than Thimble but more than other competitors. The quote process is the second fastest at one minute and 18 seconds.
The most affordable workers’ comp insurance in Louisiana is from Thimble, with coverage costing an average of $161 per month. The insurer has the lowest premium for businesses with $1,250,000 in annual payroll costs and 20 employees, but actual premiums will vary for different employee counts and payroll costs.
Thimble could be a suitable provider for businesses with limited financial resources. The company offers the lowest premium of about $161 per month, for businesses with only 20 employees and $1,250,000 in annual payroll costs. Rates will generally increase with increased payroll amounts and number of employees.
Thimble is ideal for business owners looking for a financially stable provider. With an A+ rating from AM Best, the insurer is not likely to fail in its financial obligations. One drawback is that the insurer has the highest number of complaints compared to other insurers in our study.
Although we rated workers’ insurance comp providers in this category based on the monthly premiums, the most affordable company for your business may vary depending on many other factors. The following table can help you compare monthly costs across different providers for a business with 20 employees in Louisiana.
| Thimble | $161 | $1,809 |
| biBERK | $207 | $2,188 |
| Next | $246 | $2,948 |
| The Hartford | $253 | $3,038 |
For Louisiana micro businesses with an employee count of five and $312,500 as the annual payroll cost, biBERK outshines other workers’ compensation insurance providers in our scoring system. The insurer earned a MoneyGeek score of 97 out of 100, with an average monthly premium of $77.
Although the employee count influences workers' insurance costs, payroll costs impact the rates more. Micro businesses typically feature between one and nine employees.
biBERK offers the second-lowest monthly premium for micro businesses with five employees in Louisiana, costing approximately $77 per month. The insurer's excellent AM Best rating of A++ assures you of its capability to meet its financial obligations once you file a claim.
The insurer’s online quote process ensures you receive your cost estimates in approximately one minute and 18 seconds. biBERK excels in most areas and has an above-average complaint score, which indicates its good reputation for providing excellent customer satisfaction.
Thimble is our top pick for the best workers’ compensation insurance in Louisiana if you run a midsize business with approximately 100 employees. Coverage from this insurer costs an average of $716 per month based on rates for a business with an annual payroll amount of $6,250,000.
Although the cost of workers’ compensation insurance fluctuates with the employee count, payroll generally has more influence in determining the monthly premiums.
Scoring 94 out of 100 in our analysis, Thimble excels in various aspects contributing to its top ranking for Louisiana’s midsize businesses with about 100 employees. Its average monthly cost of $716 is the lowest of the insurers we compared. The company has a strong rating from AM Best and is capable of compensating its customers financially promptly.
Thimble receives the highest number of customer complaints than other companies in our rating system, according to NAIC’s scores. It also has the longest online quote process, taking around a minute and 40 seconds.
The average monthly workers' compensation insurance premium for a business with 20 employees in Louisiana is $217. This average rate is slightly higher than the national monthly average of $168.
For this analysis, our sample policy limits were as follows:
The total policy limit refers to the maximum amount the insurer covers within the policy period, which is $1 million for our sample profile. The same maximum amount applies to a single accident and each employee. Any costs above these limits get covered out-of-pocket.
Employee count and annual payroll costs are two of the primary factors that influence workers’ compensation insurance rates. The following table indicates how average premiums vary for businesses with five, 20 and 100 employees.
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 | $89 | $1,005 |
| 20 | $217 | $2,496 |
| 100 | $918 | $10,555 |
Workers’ compensation insurance rates differ for each business based on factors like the annual payroll costs, number of employees, employee class code and claim history.
Businesses get charged a specific rate for every $100 of payroll. The rate varies in each state based on the industry. As such, high payroll costs translate to more monthly costs for the business. In Louisiana, the average premium index rate in 2022 was $2.13 for each $100 of payroll, which is higher than most states.
Businesses with a larger employee count face a higher risk of injuries and other liabilities, resulting in increased workers’ compensation insurance premiums than those with fewer employees.
The class code represents the type of work an employee does. Some jobs involve more risk than others, resulting in higher costs for every $100 of payroll. For instance, premiums will be higher in the construction industry due to a high risk of injuries than in the consulting industry.
Insurers consider a business’ claim history when determining its workers' compensation coverage costs. If your business has a record of severe or frequent claims, you will pay higher premiums. Based on the U.S. Bureau of Labor Statistics (BLS), Louisiana recorded 23,700 nonfatal workplace illnesses and injuries in 2021 within private-industry businesses, significantly lower than the over 2.6 million cases at the national level in the same year.
Businesses with at least one employee require workers’ compensation insurance in Louisiana, with the exemption of the following:
Although your business may legally not require workers' compensation insurance, it is recommended that you purchase the coverage to ensure you are safeguarded from liabilities associated with workplace injuries.
Businesses can purchase coverage through the private market or via a state fund. Some employers in Louisiana may also become self-insurers if they have sufficient financing by formulating a self-insurance plan and submitting it to the Department of Insurance for review.
Louisiana employers who do not purchase workers’ compensation insurance can face various penalties, including:
Those caught violating the law may receive an injunction barring them from conducting further business until proof of coverage is provided to the Office of Workers’ Compensation.
Workers' compensation insurance in Louisiana provides various benefits to the business and employees by covering the following:
Note that the employer is the policyholder for this type of insurance.
The Louisiana Workforce Commission handles workers’ compensation activities for businesses in the state. Employers and employees may use the commission's website to find resources about their coverage, report injuries and file claims. You can use the following steps to file a claim through the commission's website:
Employees may also obtain guidance regarding the claims process from their employer.
The best ideal workers' compensation insurance provider for your needs depends on various factors. Here are some answers to common questions about obtaining the best workers' compensation insurance in Louisiana.
Thimble has the best workers' compensation insurance in Louisiana, with an average monthly premium of $161 and a MoneyGeek rating of 94 out of 100. The company rates highly for financial stability and has a quote time of one minute and 40 seconds. However, the best option for you may vary based on various factors.
At an average of $161 per month, Thimble is the cheapest provider of workers’ compensation insurance in Louisiana. That makes the insurer our top pick for businesses on a budget, although the most affordable option may vary depending on your needs and situation.
Yes, any Louisiana business with at least one employee is legally required to have workers’ compensation insurance, although certain types of employees are exempted by federal law.
Workers' compensation insurance costs an average of $217 per month for a business with 20 employees. This is more expensive than the national average. Rates will vary depending on the employee count and payroll.
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.
