Best Workers' Compensation Insurance in West Virginia (2025)

MoneyGeek analyzed workers’ compensation providers in West Virginia based on affordability, customer satisfaction, financial stability and online quote process to determine the state’s best insurer. The Hartford stands out as the top company, scoring high across these metrics.

In West Virginia, small business owners are legally obligated to have workers' compensation insurance. It protects against financial and legal liabilities and covers medical expenses, lost wages and potential lawsuits resulting from work-related illnesses or injuries. This coverage reduces liability for employers and employees.

Key Takeaways

Based on MoneyGeek's analysis of workers' compensation insurance providers in West Virginia, The Hartford stands out as the best option, scoring high across major metrics such as affordability, customer satisfaction, financial stability, and online quote process. Here’s a detailed breakdown of The Hartford's credentials:

Ranking and Score:
- The Hartford has been ranked as the number one workers' compensation insurance provider in West Virginia.
- It received the highest MoneyGeek score of 93 out of 100.

Average Monthly Premium:
- The Hartford’s workers' compensation insurance costs, on average, $130 per month for businesses. However, costs may vary depending on specific business factors such as employee count and payroll.

Financial Stability:
- The financial stability of The Hartford is robust, which underscores their ability to fulfill claim obligations, ensuring that businesses and employees are adequately covered for work-related incidents. The Hartford is well-known for having strong financial backing and long-standing expertise in the insurance sector.

Customer Service:
- The Hartford excels in customer service, making it the top choice for businesses of various sizes in West Virginia. The company is noted for its responsive and supportive customer interaction, simplifying policy management, and claim procedures for their clients.

When considering workers' compensation insurance for a small business in West Virginia, it's essential to weigh not only the cost but also factors such as financial stability and the quality of customer service from the provider.

In West Virginia, Pie is identified as the cheapest workers' compensation insurance provider, with an average monthly premium of $83 for businesses with 20 employees and an annual payroll cost of $1.25 million. This makes Pie an excellent option for cost-conscious businesses, primarily due to its affordability compared to other providers in the state.

Reasons Why Pie is a Good Option for Cost-Conscious Businesses:

1. Affordability: With its average monthly premium of $83, Pie offers the lowest cost for workers' compensation insurance for businesses in the given category. This can significantly reduce operational expenses, particularly for small to medium-sized enterprises with tight budgets.

2. Comprehensive Coverage: Despite its lower cost, Pie provides comprehensive workers' compensation insurance. It includes essential benefits such as medical care coverage, disability benefits, lost wages compensation, rehabilitation services, and death benefits. This ensures that both employees and employers are financially protected against work-related injuries and illnesses.

3. Tailored for Small to Medium-Sized Businesses: Pie's pricing structure benefits businesses with a specific size and payroll criteria, making it a viable option for those seeking to optimize their insurance costs without compromising on coverage quality.

4. Factor Considerations: While Pie is notably affordable, it's essential for businesses to consider other factors that may affect insurance costs, such as employee count, payroll expenses, employee class codes, and past claims history. This ensures that the chosen policy adequately meets the business's needs while maintaining cost efficiency.

By choosing Pie, businesses in West Virginia can fulfill their legal obligation to have workers' compensation insurance while managing their financial resources effectively.

Workers' compensation insurance premiums in West Virginia are influenced by several factors that determine the cost and structure of the insurance. Here's a detailed explanation based on the provided data:

Factors Affecting Premiums

1. Employee Count: The number of employees significantly impacts the cost of workers' compensation insurance. Larger companies typically face higher premiums because they are perceived as riskier to insure, given the increased likelihood of employee injuries or claims.

2. Payroll Costs: Payroll is one of the most substantial factors in determining premiums. Higher payroll generally results in higher premiums because it indicates more potential financial exposure for insurers due to higher wage replacement costs.

3. Employee Class Code: Different jobs carry varying levels of risk. Insurance companies assign class codes based on job types, which reflect the work's inherent risk level. Higher-risk occupations usually attract higher premiums.

4. Claims History: Businesses with a history of frequent or severe workers' compensation claims typically face higher premiums. Insurance companies view past claims frequency and severity as indicators of future risk.

5. Industry Type: The nature of the business also influences premiums. Industries known for higher injury risks, such as construction or manufacturing, usually incur higher insurance costs compared to lower-risk sectors like consulting or desk-based services.

6. Policy Limits: The limits set on the policy can also affect premiums. For example, a higher per-accident or per-employee limit may lead to increased costs, as they provide more coverage per incident or individual claim.

Rate Variation

Premium rates for workers' compensation insurance in West Virginia can vary widely depending on the insurer and the specific circumstances of each business. Here are some insights based on the provided analysis:

- Best Overall Insurer: According to MoneyGeek, The Hartford is the best choice for workers' compensation insurance in West Virginia. It scored high on affordability, customer satisfaction, financial stability, and online quote process, with average monthly costs around $130. However, rates can vary based on specific business parameters.

- Most Affordable Option: For small businesses, Pie offers the most competitive rates at approximately $83 per month, but this can fluctuate based on factors like employee count and payroll size.

- Cost Example for Different Sized Businesses:
- Businesses with five employees and an annual payroll of $312,500 pay about $61 monthly with The Hartford.
- Midsize businesses with a payroll of $6.25 million have an average premium of $506 monthly.

Legal Requirements and Coverage

In West Virginia, businesses with three or more employees are generally required to have workers' compensation insurance. Exemptions exist for certain categories like agricultural businesses, domestic workers, and churches. The coverage provides vital financial protection, covering medical expenses, lost wages, death benefits, and rehabilitation services in case of work-related injuries or illnesses.

Conclusion: The right insurance provider and premium can vary based on a business's specific characteristics and needs. Therefore, it's crucial for business owners in West Virginia to assess all influencing factors and choose a provider offering coverage tailored to their unique circumstances.

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 West Virginia.

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

677Quotes Analyzed

6Companies Compared

50ZIP Codes

Best Workers’ Compensation Insurance in West Virginia

The Hartford is our pick as the best workers' compensation insurer in West Virginia. Amongst five other providers, it has the best customer service and the highest MoneyGeek score of 93 out of 100. The Hartford's workers' compensation insurance averages $130 per month, but costs may vary.

How was this MoneyGeek score calculated?

MoneyGeek used the following weights to score and rank insurers:

Affordability: 45%
Customer satisfaction: 25%
Financial stability: 20%
Online quote process: 10%

MoneyGeek used the following business profile to gather quotes:

An LLC with five years in the software development industry, 20 employees, $5 million in annual revenue and $1,250,000 in annual payroll costs.

The HartfordBest Overall in West Virginia

Score:93

2.7/5

Affordability

5/5

Customer Satisfaction

4/5

Financial Stability

4/5

Online Quote Process

Geek Quick Take

Outstanding customer satisfaction reputation
Fast online quote process
A+ rating from AM Best
Costs around $130 per month

More About The Hartford

The Hartford, a Connecticut-based financial services company, is our top pick for workers' compensation in West Virginia.

NAIC reports a low rate of complaints, indicating customers are generally happy with its services. Moreover, AM Best awarded The Hartford an A+ for financial stability. This means the company’s finances are in order, and it should be able to fulfill its obligations.

On average, a policy from The Hartford costs $130 per month, which is moderately priced compared to others. Plus, it has a quick quoting process at approximately 1 minute and 27 seconds.

Pie

Score:92

5/5

Affordability

1/5

Customer Satisfaction

2/5

Financial Stability

5/5

Online Quote Process

Geek Quick Take

Offers the lowest rates at $83 per month
Provides the fastest quotes online

More About Pie

Pie is an insurance company specializing in workers' compensation. With rates as low as $83 per month, it provides the most affordable options in West Virginia, appealing to cost-conscious business owners.

However, Pie has a subpar customer service record, with a higher-than-average number of complaints reported to the NAIC. Additionally, it has an A- rating for financial stability from AM Best, which is lower than its competitors.

Nonetheless, Pie's policies are praised for their affordability, and the company offers the quickest online quote process in the state at 27 seconds.

biBERK

Score:91

Thimble

Score:91

Score:89

Nationwide

Score:87

Cheapest Workers’ Compensation Insurance in West Virginia

Pie is the most affordable option for workers' compensation insurance in West Virginia for businesses with 20 employees and an annual payroll cost of $1.25 million. On average, its premiums cost $83 per month.

Employee count and payroll impact insurance costs since larger organizations are usually riskier to insure.

MoneyGeek Top Pick

Pie

If affordability is your priority, Pie is MoneyGeek's top choice for affordable workers' compensation insurance in West Virginia.

With policies priced around $83 per month for businesses with 20 employees and $1.25 million in annual payroll costs, it's ideal for cost-conscious business owners. In addition, Pie's quick quoting system enables easy rate comparisons.

However, Pie has a mediocre financial stability rating of A- from AM Best and a higher complaints ratio from the NAIC, indicating potential customer service issues. Prioritizing affordability may come with some trade-offs in terms of customer experience.

We ranked West Virginia workers’ compensation insurance companies based on average monthly costs to identify the cheapest provider. However, the most affordable option for your small business may vary depending on other factors.

The table below breaks down the annual and monthly costs for insuring a business with 20 employees. It ranks providers based on their monthly prices.


Pie	$83	$993
Thimble	$115	$1,258
The Hartford	$130	$1,563
biBERK	$146	$1,637
Next	$148	$1,780
Nationwide	$187	$2,238

Best Workers’ Compensation Insurance for Micro Businesses in West Virginia

MoneyGeek finds The Hartford is the best choice for workers' compensation insurance in West Virginia for businesses with five employees. If your annual payroll amounts to $312,500, its policies cost about $61 per month.

A business with one to nine employees is commonly categorized as a micro business. Although employee count affects the cost of workers' compensation insurance, payroll usually has a greater impact on determining premiums.

MoneyGeek Top Pick

The Hartford

The Hartford is MoneyGeek’s top choice for workers’ compensation for micro businesses in West Virginia. On average, its policies cost $61 per month for businesses with five employees and annual payroll costs of $312,500.

Although it’s pricier, you can expect a top-notch customer experience from The Hartford. This is crucial for small business owners who may not have the time to go through a tedious claims process.

Moreover, The Hartford has a speedy quote process that lets you compare its rates with other providers.

Best Workers’ Compensation Insurance for Midsize Businesses in West Virginia

The Hartford provides the best workers' compensation insurance for midsize businesses in West Virginia, offering a monthly premium of around $506 for companies with an annual payroll of $6.25 million.

The company's employee count affects the cost of workers' compensation insurance, and its payroll amount often impacts its premiums.

MoneyGeek Top Pick

The Hartford

According to MoneyGeek's research, The Hartford is the top choice for workers' compensation insurance for midsize businesses in West Virginia.

The Hartford has a stellar track record of customer service compared to other insurers in the state, ensuring a seamless experience when filing claims.

Furthermore, The Hartford holds an A+ rating for financial stability from AM Best, signifying solid finances and a robust ability to meet obligations.

While The Hartford may have a higher price point than other insurers, its quick online quote system allows for easy rate comparisons with other providers.

How Much Is Workers’ Compensation Insurance in West Virginia?

The average cost of workers' compensation insurance in West Virginia for businesses with 20 employees is $135 per month, which is lower than the national average of $168 per month.

Our sample policy limits are as follows:

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

The total policy limit represents the maximum coverage for all claims combined. So if multiple accidents or claims occur, the total payout from the insurer won't exceed $1 million.

The per-accident limit ensures insurance coverage can extend up to $1 million for a specific workplace incident.

Meanwhile, the per-employee limit indicates the maximum coverage available for each individual employee, providing up to $1 million for any injuries or medical expenses related to their work.

If expenses exceed these limits, the business owner would be responsible for paying those costs out of pocket. The table below breaks down the average cost of workers’ compensation insurance in West Virginia for various company sizes.

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:

An LLC with five years in business, five employees, $1,250,000 in annual revenue and $312,500 in annual payroll costs.
An LLC with five years in business, 20 employees, $5 million in annual revenue and $1,250,000 in annual payroll costs.
An LLC with five years in business, 100 employees, $25 million in annual revenue and $6,250,000 in annual payroll costs.


5	$63	$726
20	$135	$1,578
100	$525	$6,182

Factors That Impact Workers’ Compensation Costs in West Virginia

Workers' compensation insurance costs vary due to your number of employees, payroll costs, employee class code, past claims history and more.

Payroll costs

Insurance providers determine premiums based on a fixed rate per $100 of payroll, which is set by the state and varies by industry. Thus, businesses with higher payroll costs typically pay higher premiums compared to those with lower expenses. In 2022, West Virginia had an average rate of $0.63 per $100 of payroll, making it the second most affordable nationwide.

Number of employees

Your number of employees can impact your insurance costs. Companies with a larger workforce face an elevated risk of employee injuries or illnesses on the job, leading to higher workers' compensation insurance premiums.

Employee class code

The employee's class code identifies the nature and risk of their work and determines the rate applied per $100 of payroll. Industries with higher risks of injuries, like construction, often have higher rates than industries with lower risks.

Previous claims

Insurance providers take into account a company's past claims history when determining rates, considering businesses with a significant history of claims to be of higher risk.

In 2021, the U.S. Bureau of Labor Statistics (BLS) recorded 12,600 nonfatal workplace illnesses and injuries at private-industry businesses in West Virginia. Nationally, the BLS reported over 2 million nonfatal workplace injuries and illnesses in the private industry during the same period.

Do You Need Workers’ Compensation Insurance in West Virginia?

In West Virginia, businesses with three or more employees must have workers' compensation insurance. However, agricultural businesses (with less than five employees), domestic workers and churches are exempted from getting coverage.

Obtaining workers' compensation insurance is crucial for a business, regardless of exemptions from legal requirements. This insurance ensures financial protection and coverage for workplace injuries, reducing the risk of substantial expenses and potential legal repercussions in the event of employee injuries on the job.

WORKERS’ COMP PENALTIES IN WEST VIRGINIA

Failure to provide legally required workers' compensation insurance or comply with workers' compensation laws in West Virginia can result in the following penalties:

First offense: Typically a $500 fine
Subsequent offenses: Fines of up to $25,000
Repeat offenders: Potential stop-work orders and imprisonment
Failure to pay premiums: Late fees of 10% plus interest

What Does Workers’ Compensation Insurance Cover in West Virginia?

Workers’ compensation insurance provides essential benefits for employees who experience work-related injuries or illnesses:

Medical Care Coverage: Workers' comp insurance covers necessary medical treatments, including hospital stays, surgeries, medications, rehabilitation and therapy.
Disability Benefits: In case of temporary or permanent disability resulting from a work-related incident, workers' compensation provides disability benefits, replacing a portion of the employee's lost income during the disability period.
Lost Wages Compensation: Workers' comp insurance compensates employees for lost wages when they can't work due to work-related injuries or illnesses.
Rehabilitation Services: Workers' compensation may cover vocational rehabilitation programs to help injured employees regain skills and transition back to the workforce.
Death Benefits: In unfortunate cases where employees pass away due to work-related incidents, workers' compensation provides death benefits to dependents or beneficiaries.

By having workers' compensation insurance, business owners fulfill their responsibility to protect their employees. It also provides financial protection in case of litigation.

Workers’ Compensation Insurance Resources for Employees in West Virginia

Employees can use the West Virginia Office of the Insurance Commission to file workers' compensation insurance claims.

To receive workers' comp benefits, employees must submit a form to the state board and provide copies to their employer and the employer's insurance provider.

In certain instances, the employer may assist employees in navigating the claims process and handling the form submission. Promptly fulfilling workers' comp claims following a work-related injury or illness is crucial.

Frequently Asked Questions About Workers’ Compensation Insurance in West Virginia

MoneyGeek answered some frequently asked questions about workers’ compensation insurance in West Virginia to help you find the best provider for your needs.

Which company has the best workers’ compensation insurance in West Virginia?

The Hartford is our choice as the best workers' compensation insurance provider in West Virginia, thanks to its top-notch customer service reputation. However, the best provider for you may vary based on your industry, employee count and other unique factors.

Which company has the cheapest workers’ compensation insurance in West Virginia?

Based on our research, Pie offers the most affordable workers' compensation insurance in West Virginia, costing $83 per month. Still, the cheapest provider for you depends on factors such as your business location, payroll size and employee count.

Does West Virginia require businesses to have workers’ compensation insurance?

West Virginia law requires businesses with three or more employees to have workers' compensation insurance. There are exemptions for certain types of businesses, including agricultural businesses with fewer than five employees, domestic workers and churches.

How much does workers’ compensation insurance cost in West Virginia?

For businesses in West Virginia with 20 employees, the average monthly cost of workers' compensation insurance is $135, which is below the national average of $168 per month.

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.

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sources

U.S. Bureau of Labor Statistics. "Injuries, Illnesses and Fatalities: Latest Numbers." Accessed January 3, 2025.
U.S. Bureau of Labor Statistics. "State Occupational Injuries, Illnesses and Fatalities." Accessed January 3, 2025.
West Virginia Offices of the Insurance Commissioner. "Workers’ Compensation." Accessed January 3, 2025.