Updated: October 16, 2024
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MoneyGeek gathered information about insurers’ costs, financial stability, time to get online quotes and customer satisfaction to determine which offers the best workers’ compensation insurance in Oklahoma. Pie Insurance came out on top.
Required by law in most states, workers’ compensation coverage protects your business against financial liability if a worker is injured or becomes ill on the job.
Best Workers'CompensationOklahomaBest Workers’ Compensation Insurance in Oklahoma
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 Oklahoma.
Coverage costs and company information for workers' compensation insurance providers in Oklahoma were last updated in 2023.
Pie offers the best workers' compensation insurance in Oklahoma, with a MoneyGeek score of 92 out of 100 and policies costing an average of $115 per month.
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:
Pie offers small business workers’ comp insurance directly or by partnering with local insurance companies. The company’s average monthly premium is $115, the cheapest in Oklahoma. An online quote only takes 32 seconds, the fastest of the companies we rated.
However, Pie has a high average rate of complaints and a lower financial stability rating than its competitors. These factors could influence its ability to settle claims on time.
Thimble offers small businesses flexible workers’ compensation insurance. For instance, it provides monthly and yearly coverage and payment plans. The company has one of the most affordable premiums and an AM Best A+ financial stability rating, indicating it can pay claims quickly.
However, Thimble has a high NAIC complaint index score and takes more than two minutes to provide an online quote.
Pie provides the cheapest workers’ compensation insurance in Oklahoma, charging an average of $115 monthly.
The number of employees in your business and annual payroll costs significantly affect how much you pay for workers’ comp insurance. MoneyGeek found Pie is the most affordable for businesses with 20 employees and $1,250,000 in payroll costs.
Pie is ideal for business owners concerned about workers’ comp insurance costs. It offers Oklahoma’s most affordable average rate of $115 per month. The company also provides the fastest online quotes process of the Oklahoma insurers we reviewed, averaging just 32 seconds.
MoneyGeek analyzed workers’ comp insurers’ average monthly costs to find the most affordable options. However, the most suitable insurer for you might differ depending on other factors.
The table below lists the monthly and annual workers’ compensation insurance costs for businesses with 20 employees. We ranked the insurers by monthly cost.
| Pie | $115 | $1,377 |
| Thimble | $132 | $1,465 |
| Next | $182 | $2,180 |
| The Hartford | $194 | $2,330 |
| biBERK | $195 | $2,068 |
Based on MoneyGeek’s analysis, biBERK offers businesses with five employees the best workers’ compensation policies. The company charges an average monthly cost of $75 to businesses with an annual payroll of $312,000.
A micro business generally has one to nine employees. Although employee count affects insurance costs, payroll generally has a more significant impact.
biBERK is the best choice for micro businesses looking for workers’ compensation insurance in Oklahoma because it has an A++ AM Best financial stability rating and a low average rate of complaints. It also takes a little over a minute to get an online quote, which shows it has a fast process. However, the company has the highest rates of the insurers we reviewed.
Pie offers the best workers’ comp insurance for businesses with 100 employees at an average monthly cost of $521. We calculated this premium based on an annual payroll amount of $6,250,000.
A company’s payroll affects its insurance premiums even more than its employee count.
Pie has the most affordable workers’ comp rates for midsized businesses at an average cost of $521 per month. It provides an online quote in only 32 seconds, the fastest among other insurers. However, Pie does not have a high financial stability rating and might not offer the best customer service.
The average monthly cost of workers’ compensation insurance for a business with 20 employees in Oklahoma is $164. This cost is slightly lower than the national average of $168.
We set the following policy limits:
These limits show that the insurer will pay a maximum of $1 million for an injured employee and $1 million per accident (regardless of the number of employees injured). The policy limit is $1 million.
Payroll and employee count are the primary factors that affect workers’ comp insurance costs. The table below lists the average cost for companies 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 | $77 | $874 |
| 20 | $164 | $1,884 |
| 100 | $800 | $9,269 |
Premiums and other insurance costs differ for every business, depending on the following factors:
Payroll costs
Insurers generally charge a policy rate for every $100 of payroll. Having a large payroll will significantly increase your insurance expenses. Oklahoma’s index rate is $1.41 per $100 of payroll, higher than most states.
Number of employees
The risk of employee injury increases with the number of employees. Consequently, insurance for companies with a high employee count costs more.
Employee class code
A class code refers to the type of work an employee performs. It determines how much money insurers will charge for every $100 of payroll. Workers' compensation insurance will generally be more expensive for an employee working in construction than an IT industry employee.
Previous claims
Insurance companies charge a higher rate if your business has a history of filing claims. The U.S. Bureau of Labor Statistics (BLS) reports Oklahoma had more than 30,000 nonfatal occupational injuries and illnesses in 2021.
There were more than two million nonfatal occupational injuries in the private industry at the national level, according to BLS data.
Oklahoma businesses must purchase workers’ compensation insurance if they have one or more employees. But many companies might be exempt, like independent contractors, agricultural and horticultural companies and family-owned businesses with five or fewer employees who are related.
Workers' compensation insurance protects businesses in case of a workplace incident and is beneficial even for exempt companies.
If your Oklahoma business is required to carry workers’ compensation insurance, but you don’t comply, you face the following penalties:
Workers' compensation insurance in Oklahoma benefits employees and employers in many ways.
For instance, the medical expenses of an employee injured at your company can cause significant financial loss to your company. When you purchase a policy, the insurer pays for your employee's medical bills and lost wages, which helps them get back to work.
A workers' compensation policy greatly benefits employees who undergo a permanent disability due to an injury at work. It pays for medical expenses, lost wages and even funeral costs if the injury is fatal.
The Workers' Compensation Court oversees workers' compensation in Oklahoma. Form 3 is for an injury claim, Form 3B for an occupational disease and Form 3A is for fatalities. Employees injured at work must report their injury to their supervisor within 30 days.
We answered frequently asked questions to help you understand how workers’ compensation works in Oklahoma.
Pie offers the best workers’ compensation insurance in Oklahoma, with a MoneyGeek score of 92 out of 100. It’s affordable and provides fast online quotes. The ideal company for you will depend on your employee count and payroll.
Pie has the cheapest workers’ compensation insurance in Oklahoma, charging an average of $115 monthly.
According to Oklahoma law, businesses must purchase workers’ compensation insurance if they have more than one employee. However, certain types of companies are exempt.
The average monthly cost of workers’ compensation insurance for a business with 20 employees in Oklahoma is $164.
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.
