Comparison
Pie Insurance vs. EMPLOYERS for Workers' Comp
Pie Insurance is a 2017-founded insurtech built around pay-as-you-go billing, rated A- (Excellent) by AM Best. EMPLOYERS is a single-line workers' comp specialist tracing to a 1913 Nevada state fund, now rated A (Excellent). Both are quoted through our agency for small-business accounts.
Pie Insurance and EMPLOYERS both focus heavily on small-business workers' comp, but they arrived there from very different starting points. Pie was founded in 2017 in Washington, D.C., and built its product around pay-as-you-go billing synced to payroll from the outset; it became a rated, full-stack carrier underwriting its own policies in February 2023, when it secured an AM Best Financial Strength Rating of A- (Excellent). Pie emphasizes a digital application process and works with independent agents as well as directly online.
EMPLOYERS traces its history to 1913, when it began as a Nevada state workers' compensation fund; it was later privatized, and its holding company, Employers Holdings, Inc., has been publicly traded (NYSE: EIG) since 2007. Unlike Pie, EMPLOYERS focuses exclusively on workers' compensation as its only line of business, and AM Best upgraded its Financial Strength Rating to A (Excellent) on January 8, 2025. Both companies' programs can be compared side by side through our agency.
The options
Pie Insurance
Founded 2017; pay-as-you-go billing built into the product; AM Best A- (Excellent).
Pros
- Pay-as-you-go billing synced to payroll, built in from the start
- Digital-first application process
- Became a rated, full-stack carrier in 2023
- Works with independent agents in addition to direct online
Cons
- AM Best rating one category below EMPLOYERS' current rating
- Newer company relative to EMPLOYERS' much longer operating history
- As a multi-line insurer, its underwriting focus is split across several products rather than workers' comp alone
Best for
- Small businesses wanting payroll-synced billing
- Newer or growing businesses without extensive claims history
EMPLOYERS
Traces to a 1913 Nevada state fund; single-line workers' comp specialist; AM Best A (Excellent).
Pros
- Decades of claims and underwriting data focused solely on workers' comp
- AM Best upgraded to A (Excellent) in January 2025
- Publicly traded holding company (NYSE: EIG)
- Online policy servicing built for small employers
Cons
- Does not offer pay-as-you-go the way Pie does as a core feature
- Single-line focus means no bundled package options from EMPLOYERS itself
- Digital application experience is less central to its model than for a newer insurtech carrier
Best for
- Small businesses whose primary insurance need is workers' comp specifically
- Employers who want a carrier with a long history in the workers' comp line alone
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Side by side
| Feature | Pie Insurance | EMPLOYERS |
|---|---|---|
| Founded / origin | 2017, Washington, D.C. | 1913, as a Nevada state fund |
| AM Best rating | A- (Excellent) | A (Excellent) |
| Rating as of | 2023-02-02 | 2025-01-08 |
| Pay-as-you-go billing | Core feature, payroll-synced | Not a core feature |
| Line of business | Multi-line small-business insurer | Workers' comp exclusively |
| Publicly traded | No | Yes (NYSE: EIG) |
| How quoted | Through our agency | Through our agency |
The bottom line
Pie and EMPLOYERS both serve small-business workers' comp well, but from different angles: Pie leads with payroll-synced, pay-as-you-go billing and a digital application, while EMPLOYERS brings decades of workers'-comp-only underwriting experience and a slightly higher current AM Best rating. Neither is automatically the better choice; a business that wants payroll-synced billing may prefer Pie, while one that values a long-tenured single-line specialist may prefer EMPLOYERS. Comparing quotes from both, alongside other carriers, is the most reliable way to decide.
Frequently asked questions
Which has the higher AM Best rating, Pie or EMPLOYERS?
EMPLOYERS currently carries an A (Excellent) rating, one category above Pie's A- (Excellent) rating.
Does EMPLOYERS offer pay-as-you-go billing like Pie?
Pay-as-you-go is a core feature of Pie's product; it is not a defining feature of EMPLOYERS' program in the same way.
Is EMPLOYERS a state fund?
EMPLOYERS began in 1913 as a Nevada state workers' compensation fund but has since been privatized, and its holding company has been publicly traded since 2007.
Does Pie only sell workers' comp?
No, Pie offers other small-business coverage lines in addition to workers' comp, while EMPLOYERS focuses exclusively on workers' comp.
Can I get quotes from both through your agency?
Yes, both Pie and EMPLOYERS are quoted through our agency alongside other carrier options.
Last reviewed · Reviewed by Provident Financial Group licensed agents
Compare up to 10 carriers in minutes.
One application goes out to every carrier we can access for your class of business. You get a ranked comparison you can review and purchase online — with a licensed agent available whenever you want one.
Mon–Fri, 8:00am–6:00pm ET · Independent agency licensed in 23 states