Most states require businesses carry workers' comp insurance and 74% of states require it for employers regardless of size, meaning most commercial insureds incur costs to cover potential worker injuries. A range of factors, including location, business type, claims history and payroll size, affect how much workers' comp insurance costs a business. Additionally, the type of business can have a major impact on workers' comp premiums, according to Trusted Choice. For example, hotels have an average cost (per employee, per hour) of $1.02, which works out to an average annual cost of $2,141 per full-time worker. For construction firms, which see the highest average workers' comp costs, the average annual per-employee cost is $5,544. Even small construction companies see an average annual cost of more than $3,200. On average, small businesses pay about $47 a month for workers' comp coverage, working out to an annual cost of around $560. The above slideshow details the top-rated workers' comp insurance companies of 2022, according to Forbes Advisor. The ratings are based on financial strength ratings and level of complaints, based on upheld complaints by state insurance departments and collected by the NAIC. Related: |

• Employee compensation: Increase transparency, even if you can't increase pay
• More states considering workers' comp COVID legislation
• Is working from home a blessing or a burden? Weighing the pros and cons