EMPLOYERS vs Pie Insurance

Verdict

EMPLOYERS and Pie Insurance chase the same customer: a small employer with a handful of employees who wants workers' comp quoted fast. Both sell through independent agents and through a direct online channel, and both offer payroll-linked billing. They differ in age, size and rating. EMPLOYERS is a public company (NYSE: EIG) that ranked No. 89 by 2025 commercial lines direct premiums at $747.5 million, all comp. Pie, a venture-backed insurtech founded in 2017, is private and has no rank here. At the start of 2026 Pie reported more than 55,000 policies in force.

Ratings favor EMPLOYERS. AM Best affirmed it at A (Excellent) with a stable outlook in January 2026, rating its balance sheet strongest. AM Best affirmed Pie at A- (Excellent), stable, in March 2025, with a balance sheet it called very strong but operating performance only adequate and a limited business profile. The trigger for Pie's review in 2024 was adverse reserve development on New York business. EMPLOYERS has its own wrinkle: a $38.2 million reserve charge in 2025 tied to California cumulative trauma claims, and shrinking premium in 2026 while it re-underwrites.

Geography matters. EMPLOYERS writes in 46 states and D.C. Pie writes comp in 39 states and D.C., not New York or Massachusetts, and several smaller states are missing too. Neither writes in the four monopolistic state-fund states. Pie also sells a BOP, general liability, auto and professional policies, but these are placed with unaffiliated insurers, while EMPLOYERS sells no other lines. Price turns on class codes and payroll, so quote both.

Choose EMPLOYERS if

• You are in a lower-hazard class such as a restaurant, hotel, office, retail shop or light trade.
• You want the higher AM Best rating, A against A-.
• You operate in a state outside Pie's 39, or New York or Massachusetts is in the mix.
• Your trade association recommends EMPLOYERS as its comp carrier.
• You want an agent-quoted and carrier-written pure comp policy, or the Cerity direct option.

Choose Pie if

• You want an online quote in about three minutes and instant decisions on 73% of class codes, per Pie.
• You want monthly premium based on actual payroll with no upfront deposit, to reduce audit surprises.
• Your agent quotes through a comparative rater such as Bold Penguin, Tarmika or Appulate.
• You are in a state Pie covers and a tech-first service model is appealing.
• You also want your BOP or GL arranged through the same agency, knowing another insurer writes it.

Key differences

Before you choose, check the issuing company on every line. Pie's non-comp policies are underwritten by insurers its site does not name. Verify your class code and payroll, since wrong classifications come back as additional premium at audit, and ask how payroll-based billing handles audits. Pie says its savings claims of up to 30% are its own marketing and vary by business. See workers' comp for small businesses, pay-as-you-go workers' comp: how it works and who it suits, AM Best rating and the business insurance quote comparison worksheet.