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10 best workers compensation carriers ranked by AM Best and market share (2025)

Top workers compensation carriers ranked by AM Best financial strength rating and market share. Travelers, Hartford, Liberty Mutual, Chubb, AmTrust, plus state-fund options. PAYG and minimum-premium details.

Published January 14, 2025 · 10 min read

The “best” workers compensation carrier depends on your industry, your account size, and your operational needs. The list below covers the largest national carriers ranked by 2024 NAIC market share, plus the most relevant state-fund and specialty carriers for specific use cases. All data is drawn from our 14-carrier dataset [carriers/carriers.json].

Ratings: AM Best is the credit-rating agency for insurance carriers. A++ is the highest rating; A+ and A are also strong. Below A, financial-strength concerns become material for high-severity classes like workers compensation.

1. The Travelers Companies (TRV)

AM Best: A++ (Stable). 2024 market rank: 1. Market share: approximately 7.5%. States: all 50 plus DC.

Travelers is the largest single workers compensation carrier in the US market. The company writes across all major industries and offers strong loss-control services through its Travelers IndustryEdge programs. Minimum premium is $250, with online quoting available for many small-account submissions.

Strengths: scale, financial stability (A++ is the top tier), loss-control infrastructure, claims-handling reputation. Weaknesses: less competitive in specialty programs and high-hazard classes; pricing tends toward standard-market rather than aggressive.

Pay-as-you-go: yes. Audit self-service: yes.

2. The Hartford (HIG)

AM Best: A+ (Stable). 2024 market rank: 2. Market share: approximately 5.8%. States: all 50 plus DC.

The Hartford is the second-largest WC carrier and a leader in small-business and mid-market accounts. The EZ Apply program targets businesses up to $25M in payroll with simplified underwriting. Minimum premium is $200, the lowest among the top-five carriers.

Strengths: digital experience (one of the strongest in the industry), small-business focus, broad state availability. Weaknesses: less competitive in heavy construction and high-hazard manufacturing.

Pay-as-you-go: yes. Online quote: yes.

3. Liberty Mutual

AM Best: A (Stable). 2024 market rank: 3. Market share: approximately 5.2%. States: all 50 plus DC.

Liberty Mutual is a mutual holding company that writes broadly across mid-market and large commercial workers compensation. Helmsman Management Services is the company’s TPA arm for self-insured and large-deductible programs. Minimum premium is $500.

Strengths: strong industry-specific underwriting (manufacturing, transportation, construction), claims-handling depth, multi-line account integration. Weaknesses: less competitive for very small accounts (the $500 minimum filters out micro-businesses).

Pay-as-you-go: yes. Audit self-service: yes.

4. Chubb

AM Best: A++ (Stable). 2024 market rank: 4. Market share: approximately 4%. States: all 50 plus DC.

Chubb is a premium-tier carrier focused on mid-market and high-net-worth commercial accounts. The 2016 merger with the legacy ACE Group expanded the company’s WC capabilities. Minimum premium is $1,000.

Strengths: premium claims-handling, strong loss-control, integrated coverage across multiple commercial lines. Weaknesses: not a small-business carrier (the $1,000 minimum and underwriting orientation target larger accounts).

Pay-as-you-go: yes. Online quote: no.

5. AmTrust Financial

AM Best: A- (Stable). 2024 market rank: 5. Market share: approximately 3.5%. States: all 50 plus DC.

AmTrust is a specialty workers compensation carrier focused heavily on small-business volume. The company processes high volumes through PEO partnerships and agency channels. Minimum premium is $200.

Strengths: small-business focus, fast quoting, broad class-code appetite, strong PEO-channel presence. Weaknesses: A- rating is acceptable but not in the top tier; some brokers prefer A or higher carriers for high-severity classes.

Pay-as-you-go: yes. Online quote: yes.

6. Zurich North America

AM Best: A+ (Stable). 2024 market rank: 6. Market share: approximately 3.2%. States: all 50 plus DC.

Zurich North America is a large-commercial-focused carrier with strong international operations. Risk Engineering services are an integral part of the value proposition for large accounts. Minimum premium is $5,000, the highest in our dataset.

Strengths: large-commercial expertise, international capabilities, sophisticated risk-management services. Weaknesses: not a small-business carrier (the $5,000 minimum effectively excludes most small accounts).

Pay-as-you-go: yes. Online quote: no.

7. W.R. Berkley (WRB)

AM Best: A+ (Stable). 2024 market rank: 7. Market share: approximately 2.7%. States: all 50.

W.R. Berkley operates through a decentralized structure of specialty subsidiaries. Multiple WC operating companies write specialty programs and middle-market accounts. Minimum premium is $2,500.

Strengths: specialty-program depth (high-hazard classes, niche industries), agile underwriting through operating companies. Weaknesses: agent-only distribution; PAYG is not standard; audit self-service is not standard.

Pay-as-you-go: no (varies by operating company). Online quote: no.

8. Cincinnati Insurance (CINF)

AM Best: A+ (Stable). 2024 market rank: 8. Market share: approximately 2.4%. States: all 50.

Cincinnati Insurance writes mid-market commercial through independent agents. The company has a strong reputation for financial stability and consistent claim handling. Minimum premium is $1,000. Distribution is independent-agent only.

Strengths: financial stability, consistent claim handling, mid-market focus. Weaknesses: agent-only distribution; no online quote; no PAYG.

Pay-as-you-go: no. Online quote: no.

9. Employers Holdings (EIG)

AM Best: A (Stable). 2024 market rank: 11. Market share: approximately 1.8%. States: 46 states.

Employers Holdings is a workers-compensation-only carrier focused on small businesses (under 50 employees). Cerity is the company’s direct/digital subsidiary targeting micro-businesses. Minimum premium is $250.

Strengths: WC specialization (no distractions from other commercial lines), strong small-business focus, digital quoting. Weaknesses: limited large-account capability; not in all 50 states.

Pay-as-you-go: yes. Online quote: yes.

10. AmeriSure

AM Best: A (Stable). 2024 market rank: 12. Market share: approximately 1.4%. States: 24 states (mostly Midwest and South).

AmeriSure is a mid-market specialist with strong loss-control services. The company focuses on manufacturing, construction, and transportation accounts. Minimum premium is $1,500.

Strengths: industry-specific expertise, loss-control depth, mid-market focus. Weaknesses: limited geographic footprint (24 states); not a small-business carrier.

Pay-as-you-go: yes. Online quote: no.

State-fund options

Several states have quasi-public state-fund carriers that compete in the private market or serve as the carrier of last resort. Notable options:

State Compensation Insurance Fund (CA) [carriers/carriers.json]: California’s quasi-public state fund. Largest CA WC carrier with over 20% market share in California alone. Public benefit corporation structure. Minimum premium $200. Online quote available. Strong for California-only operations and harder-to-place California accounts.

Texas Mutual Insurance Company (TX) [state-facts/TX.json]: Texas’s nonprofit state-fund-equivalent carrier. The largest single carrier in the Texas WC market. Created by the state legislature; operates as a private nonprofit insurance company.

Pinnacol Assurance (CO) [carriers/carriers.json]: Colorado’s quasi-public state fund (political subdivision). Largest CO WC carrier with approximately 55% market share. Offers PAYG, online quoting, $250 minimum premium.

New York State Insurance Fund (NY) [state-facts/NY.json]: New York’s state fund. Available alongside private-market carriers. Eligibility extends to most New York employers.

The four monopolistic state agencies (Ohio BWC, North Dakota WSI, Washington L&I, Wyoming DWS) are the only legal WC providers in their states. Private employers in those four states have no carrier choice [state-facts/OH.json, state-facts/ND.json, state-facts/WA.json, state-facts/WY.json].

How to choose a carrier

Five criteria, in order:

1. Class-code appetite. The first filter. A carrier that does not write your industry will not quote. Brokers know which carriers want which classes. Ask before requesting quotes.

2. AM Best rating. A or higher is the standard threshold. A- is acceptable for most classes but raises questions for high-severity work. Below A-, the financial-strength question becomes material.

3. State availability. Multi-state operations need a carrier that writes in all your states. Some carriers (Travelers, Hartford, Liberty Mutual, Chubb) write all 50 states; others have geographic limits.

4. Minimum premium. Filters out the smallest accounts. Carriers with $200 to $250 minimums (Hartford, AmTrust, Travelers, Employers Holdings, Pinnacol) are the right fit for small businesses. Carriers with $1,000+ minimums target larger accounts.

5. Pay-as-you-go availability. PAYG is the structural fix for small-business audit shock. 10 of 14 carriers in our dataset offer it. If your operation has variable payroll (seasonal, project-based), PAYG materially improves cash flow.

Service features that matter

Beyond pricing, several service features differentiate carriers:

Audit self-service. 12 of 14 carriers in our dataset offer self-service audit portals where you can upload payroll, contractor records, and other documentation directly. The portal simplifies the audit process and reduces back-and-forth with the auditor.

Online quoting. 6 of 14 carriers offer online or near-online quoting for small accounts (Hartford, AmTrust, Employers, Travelers for some accounts, State Fund CA, Pinnacol). Online quotes accelerate the placement timeline from days to hours.

Claims-handling reputation. Difficult to rank objectively, but Chubb, Travelers, and Liberty Mutual consistently rate well in industry surveys for claim-handling quality.

Loss-control services. Travelers (IndustryEdge), Liberty Mutual (Helmsman), Zurich (Risk Engineering), and AmeriSure all maintain dedicated loss-control infrastructure. For mid-size and large accounts, the loss-control offering can produce meaningful EMR improvements over time.

This is general information, not insurance advice. Carrier appetite, ratings, and service offerings change over time. Verify current ratings at ambest.com before relying on them for placement decisions. Consult a licensed broker for your specific situation.

Frequently asked questions

Who is the largest workers comp carrier in the US?

The Travelers Companies, with approximately 7.5% of the US market share in 2024 [carriers/carriers.json]. Travelers writes workers compensation in all 50 states plus DC and carries an AM Best rating of A++ (Stable). The Hartford is second at 5.8% market share, and Liberty Mutual is third at 5.2%.

Which carrier offers pay-as-you-go workers comp?

10 of the 14 carriers in our dataset offer pay-as-you-go (PAYG): Travelers, Hartford, Liberty Mutual, Chubb, AmTrust, Zurich, AmeriSure, Employers Holdings, ICW Group, and Pinnacol Assurance (CO state fund). PAYG integrates with payroll software and eliminates the year-end audit shock.

What's the lowest minimum premium for workers comp?

The Hartford and AmTrust both write at minimum premiums of $200. Travelers, Employers Holdings, and Pinnacol write at $250. Higher-tier carriers (Zurich at $5,000, Chubb at $1,000) target larger accounts. The minimum premium is the floor below which the carrier will not write the policy.

What does AM Best rating mean?

AM Best is a credit-rating agency specializing in insurance. The rating reflects financial strength and ability to pay claims. A++ is the highest, then A+, A, A-, B++, and so on. For workers comp, an A or higher rating is the standard market-acceptable threshold. Below A, claims-paying ability becomes a real underwriting concern.

Which carriers specialize in small business?

AmTrust, Employers Holdings, and The Hartford specifically target small accounts. AmTrust writes at $200 minimum and processes high volumes through PEO and agency channels. Employers Holdings (parent of Cerity) is a WC-only carrier specializing in businesses under 50 employees [carriers/carriers.json].

Which state-fund carriers can I use?

Several states have quasi-public state-fund carriers. State Compensation Insurance Fund (CA), Texas Mutual Insurance Company (TX), Pinnacol Assurance (CO), New York State Insurance Fund, and the four monopolistic state agencies (Ohio BWC, North Dakota WSI, Washington L&I, Wyoming DWS) [state-facts files]. Eligibility and rates vary by state.