Updated: December 19, 2024
Advertising & Editorial Disclosure
MoneyGeek determined Utah’s best workers’ compensation insurance by assessing insurance companies’ affordability, customer satisfaction, financial stability and online quote process. The Hartford bested other insurers in our study based on these metrics.
Utah requires that any business with employers carry workers’ compensation insurance. It is a financial safety net for employers if an employee suffers a work-related injury or illness, covering medical bills and lost wages.
Based on the data provided, The Hartford is identified as the best workers' compensation insurance provider in Utah. Here's a detailed breakdown of why The Hartford stands out:
Ranking and Score:
- MoneyGeek Score: 94 out of 100
- Ranking: Best overall provider in Utah
Average Monthly Premium:
- Cost: Approximately $103 per month on average
Financial Stability and Customer Service:
- Financial Stability: The Hartford is recognized for strong financial stability, ensuring a dependable payout of claims.
- Customer Service: High customer satisfaction due to efficient claims processing and responsive service.
Key Highlights:
- The Hartford offers tailored policies that cater to different business sizes. For instance, it provides competitive rates for midsize businesses at about $419 per month.
- Excellent for smaller businesses as well, with a cost-effective option of approximately $46 per month for businesses with five employees.
- Known for a straightforward online quote process, making it easy for businesses to compare and obtain quotes.
Context:
- Workers' compensation insurance in Utah is necessary for businesses with one or more employees, providing a financial safety net for both medical expenses and lost wages due to work-related incidents.
- The Hartford's policies in Utah include substantial coverage limits, such as $1 million per accident and $1 million per employee, with a total policy limit of $1 million.
Overall, The Hartford excels in offering comprehensive, well-priced workers' compensation insurance with a focus on customer satisfaction and financial reliability, making it the top choice in Utah.
In Utah, the cheapest workers' compensation insurance provider is Pie Insurance, with an average monthly premium of $74. This makes it an attractive option for cost-conscious businesses, particularly those with 20 employees and an annual payroll of $1,250,000, which aligns with the specific conditions used to determine its affordability.
Choosing Pie Insurance for workers' compensation coverage offers several advantages for businesses focused on minimizing costs:
1. Cost Efficiency: As the lowest-rate provider in Utah, Pie Insurance offers significant savings compared to other options. This can be particularly beneficial for small businesses or startups that need to allocate their budget carefully.
2. Adaptability: While the average quoted rate is $74 per month, actual premiums may vary based on several factors, including the size of the workforce and payroll. However, Pie Insurance remains a competitive choice for many different business structures.
3. Coverage: A cost-effective premium does not mean compromised coverage. Pie Insurance still provides the essential protections workers’ compensation insurance requires, including medical and disability benefits for work-related injuries or illnesses. This ensures that businesses meet state requirements and safeguard their employees without overspending.
Overall, Pie Insurance is a prudent choice for businesses in Utah that need to balance comprehensive workers' compensation coverage with budget considerations.
Workers' compensation insurance premiums in Utah, as highlighted by the data from MoneyGeek, are influenced by a variety of factors that affect their variability. Here’s an overview of these factors and how they can cause rates to differ:
1. Employee Count and Payroll: These are the primary factors impacting insurance costs. A higher employee count generally leads to higher premiums due to increased risk exposure. Similarly, the total payroll of a business also significantly affects the cost, as it is often used as a base for calculating premiums — the larger the payroll, the higher the potential benefits payable, thus increasing premiums.
2. Employee Class Codes: Different types of work have different risk levels associated with them, categorized under various class codes. High-risk jobs typically command higher premiums due to the increased likelihood of injuries.
3. Claims History: Businesses with a history of numerous or severe claims may face higher premiums. Insurers consider claims history as an indicator of future risk, adjusting rates accordingly.
4. Type of Business: The nature of a business can influence rates as different industries pose varying levels of risk. For instance, construction companies may pay more than an office-based business due to the inherent risks involved in their operations.
5. Policy Limits: The extent of coverage selected by a business can also impact rates. Policies with higher limits generally cost more because they provide more extensive coverage.
6. Insurer Calculations and Competitions: Different insurers may offer varying rates based on their assessment methods, risk appetite, and overall strategy to attract business. For instance, in Utah, Pie Insurance offers the lowest average rate at $74 per month, while The Hartford provides strong coverage options at slightly higher premiums.
7. State Requirements and Exemptions: Utah mandates businesses with employees to carry workers' compensation insurance, influencing demand and rates within the state. Certain exemptions, such as for sole proprietorships and specific types of workers (e.g., agricultural workers), also shape the insurance landscape and potential premium costs.
In summary, while workers' compensation insurance is crucial for businesses to legally operate and protect themselves and their employees, the premiums in Utah can vary widely based on these factors. Businesses should carefully assess their specific needs, employee profiles, and industry classifications when considering their insurance options to secure the most cost-effective and suitable coverage.
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 Utah.
Coverage costs and company information for workers' compensation insurance providers in Utah were last updated in 2023.
The Hartford is the best overall workers' compensation insurance provider in Utah, receiving a MoneyGeek score of 94 out of 100. On average, a policy costs $103 per month, but this can change depending on your business needs.
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:
The Hartford has been around since 1810. Due in part to its long history in the industry, it has a reputation for excellent customer service and superior financial strength. Together, these indicate that The Hartford consistently meets customer expectations and its financial obligations. Its workers’ comp insurance is among the most affordable at roughly $103 per month. Interested buyers can get an online quote in less than a minute and a half.
Founded in 2017, Pie Insurance offers workers’ comp insurance in Utah at an affordable cost of $74 per month. Plus, interested buyers can get a quote online in less than a minute. When it comes to financial stability, Pie Insurance earned an A- (Excellent) rating from AM Best, indicating that it’s financially sound. However, the other companies in our comparison group have higher AM best ratings. Pie also receives the highest volume of complaints among its competitors.
Pie Insurance offers the lowest average rate for workers’ compensation insurance in Utah at $74 per month. Your actual rate may vary depending on various factors, including employee count and payroll. In this category, our winner is the cheapest option in the state for businesses with 20 employees and $1,250,000 in annual payroll costs.
We picked Pie Insurance for the cheapest workers’ comp insurance in Utah, with an average cost of $74 per month or $878 per year for businesses with 20 employees and $1,250,000 in annual payroll costs. Although affordability is crucial when looking for coverage, it’s important to consider other factors to determine whether an insurer is the right option for your business needs. For instance, Pie Insurance receives a high rate of customer complaints.
We ranked insurance companies based on their average monthly cost, but the least expensive option for you may vary based on certain factors. The table below shows the annual and monthly costs for insuring a business with 20 employees in Utah.
| Pie | $74 | $878 |
| Thimble | $90 | $964 |
| The Hartford | $103 | $1,230 |
| Next | $116 | $1,392 |
| biBERK | $137 | $1,448 |
| Nationwide | $144 | $1,728 |
The Hartford offers the best workers’ comp insurance for businesses with five employees at approximately $46 per month.
While employee count affects insurance costs, payroll has more of an impact on premiums. We determined the best workers’ comp for Utah micro businesses (those with less than 10 employees) by collecting quotes for a business with five employees and annual payroll of $312,500.
The Hartford’s blend of affordability and quality service makes it our top pick for workers’ comp insurance for micro businesses in Utah. Businesses with five employees and annual payroll costs of $312,500 can expect to spend around $46 per month or $552 per year for coverage, the second-cheapest average rate in the state. The Hartford also receives the lowest rate of customer complaints among insurers in our study, indicating strong customer satisfaction.
The Hartford offers the best workers’ compensation insurance for midsize businesses in Utah, costing an average of $419 per month.
In addition to employee count, payroll significantly affects the cost of workers’ comp. We gathered quotes for a business with 100 employees and an annual payroll of $6,250,000 to select our winner in this category.
Our top choice, The Hartford, offers workers’ comp insurance in Utah at an average cost of $419 per month or $5,030 per year. It’s priced at the middle of the pack for businesses with 100 employees and annual payroll costs of $6,250,000. Based on the National Association of Insurance Commissioners (NAIC) complaint index, The Hartford receives fewer complaints than the average insurer, making it ideal for insurance buyers who value service quality.
Workers’ compensation insurance in Utah for businesses with 20 employees costs an average of $111 per month, less than the national average cost of $168 per month. Our sample policy limits are as follows:
The policy will cover up to $1 million for a single accident and $1 million for every employee, up to the total policy limit of $1 million.
Employee count and payroll are the main factors impacting the cost of workers’ comp insurance. The table below shows how the average cost of a policy in Utah changes based on the employee count.
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 | $55 | $630 |
| 20 | $111 | $1,273 |
| 100 | $430 | $4,975 |
The cost of workers’ compensation insurance varies from one business to another based on various factors. These include payroll, employee count, employee class code and claims history.
Generally, businesses pay a rate for every $100 of payroll. This rate is set at the state level and differs by industry. Businesses with higher payroll costs often have more expensive premiums than those with lower payroll expenses. In 2022, Utah charged $0.86 for every $100 of payroll, less than most states.
The number of employees can significantly affect the cost of workers’ comp insurance. Businesses with large employee counts face a higher risk of employees getting injured or sick in the workplace. As such, insurance companies tend to charge them higher premiums.
Insurance companies use class codes to identify the type of work performed by employees and estimate workers’ compensation rates. Businesses in industries with a higher risk of injury, like construction, tend to pay higher premiums than those in low-risk industries, such as consulting.
Insurance companies look into a business owner’s previous claims when determining rates. Those with a history of claims often pay higher premiums because they are considered higher risk.
In Utah, the U.S. Bureau of Labor Statistics (BLS) recorded 27,800 nonfatal workplace illnesses and injuries at private-industry businesses in 2021, the most recent year for which data is available. Meanwhile, more than two million nonfatal private-industry workplace injuries and illnesses were recorded nationally in the same year.
Utah businesses with one or more employees are required to have workers’ compensation insurance. On the other hand, businesses with no employees are exempt from maintaining coverage. These include sole proprietorships, partnerships and limited liability companies (LLCs) where the owners perform all the work.
Additionally, certain agricultural workers, casual or domestic workers and real estate and insurance brokers may also be exempt from the workers’ compensation system unless their companies elect to provide coverage for them.
Employers in Utah that fail to obtain workers’ compensation coverage could face the following consequences:
Workers' compensation insurance provides medical and disability benefits for employees suffering work-related injuries or illnesses. It helps cover medical expenses like doctor visits, hospital stays, treatments and medicine. It also covers the employee’s loss of income if they can’t work due to the injury or illness. Workers’ comp can also help pay for funeral and burial expenses if an employee dies due to a work-related injury or illness.
Workers’ comp can also prevent an injured worker from filing a lawsuit for damages, sparing the employer the costs of judicial litigation.
Utah employees can learn more about workers’ compensation insurance by visiting the Utah Labor Commission’s Division of Industrial Accidents.
Employees who are injured or contract an illness while working may be eligible to receive workers’ comp benefits. They must report their injury or illness to their employer within 180 days. Then, the employer has seven days to report the claim to their insurance provider, and the insurer has 14 days to file a First Report of Injury to the Industrial Accidents Division.
We’ve answered frequently asked questions to give you insight into workers’ compensation insurance in Utah.
The Hartford offers Utah’s best workers’ compensation insurance, costing an average of $103 per month. This company has an excellent customer satisfaction record and superior financial strength. However, your best option may differ based on your industry, employee count and state requirements.
With policies averaging $74 per month, Pie Insurance is the cheapest workers’ comp insurance in Utah. Interested employers can obtain a quote online in less than a minute. However, the most affordable company for you may vary based on location, payroll and employee count.
Businesses with one or more employees in Utah must have workers’ compensation insurance. Those with no employees, such as sole proprietorships, partnerships and limited liability companies (LLCs) are exempt from carrying coverage.
Utah business owners can expect to pay an average of $111 per month for workers’ compensation insurance.
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.
