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Required by law in Massachusetts and often very complex, workers’ compensation insurance is the bane of many business owners' existence.
Since rates are set by the state, many business owners think it doesn’t matter who they get their workers’ comp from … that is until they experience an issue. Workers’ comp can be confusing to navigate, with many potential issues and overcharge scenarios, so for workers’ compensation especially, it’s really important you work with a reputable and experienced carrier who can help you navigate your insurance to make sure you are in compliance with state regulations, and not facing any unpaid claims.
But how do you know which insurance carriers will provide you with this type of service and expertise? That’s what we’re here for. At Berry Insurance, we’ve been in the industry for 100 years and have worked with many commercial insurance carriers, so we know what makes a good workers’ comp carrier.
In this article, we’ll go over four of our favorite workers’ comp insurance carriers, in no particular order.
Table of contents:
The Hartford
If longevity says anything about a company, then consider The Hartford very well spoken for.
Because for more than 200 years, they’ve helped more than 1 million businesses of all sizes navigate their insurance.
Their website boasts more than 18,000 reviews comprising a 4.8 star claims rating. Those reviews highlight the smooth claims process and knowledgeable claims representatives at The Hartford.
When it comes to workers’ comp, The Hartford offers some advantages including a preferred medical provider network, prescription drug features, needle stick reimbursement, nursed back to health program, and pay-as-you-go payment options.
We also love that their website takes an educational approach, answering frequently asked questions about workers’ comp and other types of business insurance.
Liberty Mutual
The most well-known name on this list, Liberty Mutual, writes personal and commercial insurance in 29 countries and economies around the world, and is the 4th largest commercial lines writer in the U.S.
We specifically like their business insurance approach, which has been around for over 100 years and involves comprehensive commercial and specialty insurance solutions, according to their website.
According to their website, the Liberty Mutual workers’ comp team “take a collaborative approach and deliver holistic strategies to address your WC challenges” They “help identify work site hazards, recommend practices to help reduce the risk of accidents, resolve claims efficiently and fairly, and support injured workers during their recovery.”
They also keep an updated Insights page with helpful business insurance articles and resources.
A.I.M. Mutual
Founded in 1988, A.I.M Mutual played a key role in introducing workers’ compensation to the state of MA and today specializes exclusively in Workers’ Compensation and employers’ liability insurance.
On their website they say, “What seems like a straightforward concept today was, in fact, once a visionary approach to a critical business need. Our company is sponsored by the Associated Industries of Massachusetts, the largest employer organization in the Commonwealth.
A.I.M. Mutual introduced workers’ compensation as a partnership, and, in short order, employers welcomed the change and saw the immediate benefits. The company has grown to one of the largest regional workers’ compensation specialists, maintaining a major share of the Massachusetts market. We are one of the top writers in New Hampshire, and we also provide coverage to employers in Connecticut, Vermont, Maine and Rhode Island.”
They also claim, “Our innovative approach leads to safer work environments, fewer claims and employees becoming stewards of their own health.”
The Hanover Insurance Group
Founded in the mid-1800s, The Hanover Insurance Group has been writing business policies for more than a century and a half, and has expertise in a wide range of industries, such as construction, manufacturing, non-profit, professional services, retail, technology and wholesale, according to their website.
Our favorite thing about Hanover is their proactive approach to risk management. They offer a variety of risk management tools and resources, including training and services and safety products all managed by consultants certified in fire protection, industrial safety, ergonomics, theft prevention and more.
On their website, they say, “We tailor our risk management approach to each organization and their industry. Our consultants connect with the policyholder to understand the business’s specific challenges and offer insight about emerging trends, experience and other factors impacting the policyholder’s industry.”
Protect your business through the right carrier for you
We know deciding who to trust with your workers’ comp insurance can feel like a stressful decision, but fortunately, you have options.
Chances are, many of the carriers above could have a policy that is right for your business!
Like we said, we actually work with several of the carriers above, so if you’d like to talk to somebody about insurance solutions for your Massachusetts business, feel free to contact us!
But before you reach out for a quote, you probably want to be prepared, right? To know what to expect when buying workers’ compensation insurance, check out this article: Massachusetts Workers' Compensation Requirements for Businesses.
