If you run a small business with employees in Georgia, you are going to need workers’ compensation insurance. This essential protection ensures your staff will receive regular paychecks even if they can’t work. It also pays for their medical bills if they get injured at work. The only problem is finding a quality insurance provider for your workers’ compensation policy.
We researched six of the top providers of workers’ compensation insurance in Georgia. In the process, we also attempted to pull quotes from several of these insurers for a landscaping company with four employees and an annual revenue of about $400,000.
- Top 6 Providers of Workers Compensation Insurance in Georgia
- Is Workers Compensation Required in Georgia?
- Factors Affecting How Much You’ll Pay for Workers Compensation Insurance
- How Much does Workers Compensation Insurance Cost in Georgia?
- How to Save Money on Workers Compensation Insurance
- How to Find Cheap Worker Compensation Insurance in Georgia?
- What does Workers Compensation Insurance Cover?
- How is Workers Compensation Insurance Different from General Liability Insurance?
Top 6 Providers of Workers Compensation Insurance in Georgia
We research more than 15 companies offering workers compensation insurance in Georgia and here are our recommendation of the 6 best providers for your consideration:
- CoverWallet: Best for Comparing Quotes
- Pie: Best for Discounts
- Cerity: Best for Business Support
- Huckleberry: Best for Restaurants
- The Hartford: Best Established Company
- biBerk: Best Financial Foundation
CoverWallet: Best for Comparing Quotes
If you want to compare multiple quotes for many kinds of business insurance, check out CoverWallet. This online broker compiles and presents quotes from several insurers that they work with. The quoting process is very quick and easy. Within minutes, you will be able to compare several quotes from the leading providers.
Using our imaginary landscaping business with 4 full-time employees and $400,000 annual revenue, we were able to obtain multiple quotes from CoverWallet for Workers’ Comp. These were initial quotes pending verification, but ranged between $1,512 and $2,180 per month.
The three workers compensation quotes we received from CoverWallet come from:
- Guard, a Berkshire Hathaway company: $1,512 a month
- AmTrust: $1,880 a month
- Chubb: $2,180 a month
Guard appears to offer the cheapest workers compensation insurance for this hypothetical company. However, it does not guarantee that Guard will also offer the cheapest quote for your own company, so make sure to shop around with a few companies or get several quotes from CoverWallet to compare and select the cheapest one for your company.
Pie Insurance: Best for Discounts
This company is dedicated solely to providing workers’ compensation insurance for small businesses. Thanks to their narrow focus, they are able to give greater discounts on this type of insurance for customers. Pie claims to be able to offer insurance premiums that are 30% lower than the rest of the insurance industry.
The process to apply for a quote from Pie was also considerably shorter and easier than other insurance websites. We were able to get a quote for $1,070 per month for our small landscaping business.
Again, Pie provides a cheaper quote for our hypothetical landscaping company. It doesn’t mean their quote for your company will also be the cheapest. Make sure you shop around to get the cheapest quote for your company.
Cerity: Best for Business Support
Cerity also focuses solely on workers’ compensation for small businesses. They claim to offer insurance without additional fees for maintenance or cancellation. Their team also includes a 24/7 helpline staffed by nurses who can help you determine the best medical care options for injured employees.
We found that Cerity also offers affordable rates. We were able to get an instant quote for workers’ compensation of about $968 per month.
Huckleberry: Best for Restaurants
Another insurance company that is primarily online, Huckleberry offers a selection of options for small businesses. Besides workers’ compensation, they have general liability, property insurance, and a few coverages that are ideal for restaurants. These include, spoilage coverage, liquor liability insurance, and restaurant endorsements.
We chose to use the same landscaping business for consistency when getting a quote. However, Huckleberry wasn’t able to provide an online quote. The website stated that they would email us quotes.
The Hartford: Best Established Company
Business owners who want an insurance company that has years of history and a great reputation behind it can turn to The Hartford. Established in 1810, they have a lot of experience within the insurance industry. The Hartford also offers a much wider range of insurance for companies. You’ll be able to find everything from cyber insurance to product liability insurance, professional liability insurance, or workers’ compensation coverage.
biBerk: Best Financial Foundation
Founded by Berkshire Hathaway in 2012, biBerk is a relatively young insurance company that boasts a lot of financial backing. If you are concerned about finding a company that won’t fold anytime soon, biBerk is a good choice. They also claim to offer up to 20% savings on insurance by cutting out the middleman.
We filled out an online quote for our landscaping company and received a policy premium of $9,364.00 with an initial down payment of $1,404.60. Although, we’re not sure what the remaining premium payments would be or for how long the policy runs at that rate.
Again, different companies will provide you with different quotes. Be sure to compare several quotes with a digital broker like CoverWallet to select the cheapest one for your company.
Is Workers Compensation Insurance Required in Georgia?
Georgia does require employers to carry workers’ compensation. It doesn’t matter if you have part-time or full-time staff, you’ll be required to carry this kind of insurance if you have three or more employees.
If you incorporate or form an LLC, company officers will be counted as employees of your company too. But, you may be able to get around this requirement if you remain a sole proprietor.
How to buy workers comp insurance in Georgia?
You can choose to buy workers comp insurance in Georgia from digital brokers, traditional insurance companies, or insuretech startups. Although many traditional insurance companies still require you to buy workers comp insurance through their agents, you have many options to buy online from each purchase option.
Buying online makes it easy to compare several quotes so that you can choose the cheapest one. Learn more at Georgia Workers Comp Insurance: How to Compare Quotes and Buy Online.
Factors Affecting How Much You’ll Pay for Workers’ Compensation Insurance
There are some additional factors that can affect how much your company will pay for workers’ compensation insurance. These factors can increase your premiums and even affect your ability to get coverage.
- Previous workers’ compensation claims
- Amount of risk involved in the work
- Cost of living in your area
By far, the industry you work in has the biggest impact on workers’ compensation rates. Nursing homes pay a lot for this insurance because staff are at a high risk of pulling a muscle, hurting their back, or even being attacked by a resident. However, accounting and financing companies pay lower rates due to the low risk of injury on the job.
How Much does Workers’ Compensation Insurance Cost in Georgia?
Workers’ compensation costs in Georgia run about $1.08 per $100 in payroll. This is an average for all small businesses in Georgia, and can vary depending on the industry, claims, and your own company’s payroll costs. The premium may also vary more from the average if your company has staff in a wide range of roles, some more risky and some less risky.
If you need to get workers’ comp insurance, you’ll need to pull multiple quotes from different providers to see what the average is for your particular business. One of the convenient ways to compare several quotes is to shop with a digital broker like CoverWallet.
How to Save Money on Workers’ Compensation Insurance
It’s hard to save money on workers’ compensation because the premiums for this type of coverage tend to be based on a percentage of annual payroll. However, there are ways you can save when shopping for workers’ comp through different companies. Here are a few suggestions:
- Compare quotes through multiple companies, so you can see what the standard rates are and also identify who offers the most for the best price.
- Consider going with an insurer that only offers workers’ comp coverage, as these companies can provide savings of 25 – 30% by cutting out a lot of extras.
- Set up a documented safety program with training for staff on how to avoid hazards and injuries. Many insurers will view this favorably.
How to Find Cheap Workers’ Compensation Insurance in Georgia?
Finding cheap workers’ compensation insurance in Georgia really depends on your claims history and your payroll. It’s always possible to find different rates, especially if you choose an insurer that focuses solely on covering workers’ compensation, like Pie Insurance. You can also find affordable insurance through internet based insurers compared to the more traditional brick and mortar institutions.
As you see above, the cost of workers compensation insurance for the same company in Georgia varies significantly across providers. So make sure you shop around with a few companies or a digital broker like CoverWallet to compare several quotes to select the cheapest one for your company.
It can also pay to ask about any discounts on the insurance policy with an agent. Some insurance companies will provide discounts for having safety policies and return-to-work policies in place. You may also get a discount if you choose to bundle multiple insurance policies with the same insurer.
Lastly, the cost of worker compensation insurance depends on the classification codes of your employees. Construction workers have much more expensive workers compensation insurance than clerical workers, so make sure you classify your employees into the correct codes and remember to update the codes when your employees change the nature of their work.
What does Workers’ Compensation Insurance Cover?
Workers’ compensation is a form of government-mandated insurance that provides payments to injured workers and their families. When an employee is hurt while on the job, usually in an accident, they can’t earn a paycheck while they recover. So, workers’ compensation provides payments to workers to help cover their bills while on sick leave. Workers’ compensation payments equal about two-thirds the employee’s weekly salary in Georgia.
Workers’ compensation also covers many other related needs, such as:
- Medical care costs, like emergency treatment, hospital stays, prescriptions, and rehabilitation
- Ongoing payments for a permanent partial disability or permanent total disability
- A death benefit payment if the worker dies as a result of the accident
How is Workers’ Compensation Insurance Different from General Liability Insurance?
While general liability insurance also covers medical payments and settlement costs for injuries, it is very different from workers’ compensation insurance. A general liability policy is meant to cover costs associated with third-party injuries that are received on company property or at a worksite. The third-parties being any person who isn’t the business owner or an employee.
Workers’ compensation covers injuries to your employees that are received on-the-job, whether at a worksite, in travel, or on the business property.
- Workers’ compensation insurance provides payments to employees who are injured on the job.
- Most states, including Georgia, require you to carry workers’ compensation insurance.
- Many insurance companies offer workers’ comp coverage, including Pie, Cerity, and The Hartford.
- Workers’ Compensation premiums are affected by payroll costs, industry hazards, and prior claims.