Best Workers' Compensation Insurance in Maine (2024)

MoneyGeek rated workers' compensation insurance providers in Maine based on their customer experience, affordability, financial stability and ease of getting quotes. biBERK took the top spot with strong scores across various metrics.

Workers' compensation insurance can safeguard small business owners against potential financial and legal liabilities. You and your employees will have fewer worries thanks to this insurance, which pays for medical bills, legal expenses and missed income in the event of an employee's illness or injury on the job.

According to our analysis, biBERK is the best option for purchasing workers' compensation insurance in Maine. It earned a score of 94 out of 100 and costs around $203 per month. The company scored well in terms of affordability, customer satisfaction and financial stability.

Thimble provides the cheapest workers' compensation insurance in Maine, offering an average monthly premium of $158. This rate is for businesses with a workforce of 20 employees and yearly payments towards employee salaries amounting to $1,250,000. Workers' compensation premiums are dependent on factors like the number of employees and the company's payroll.

Nationwide provides the best workers' compensation insurance in Maine for an average monthly premium of $47 to businesses with five employees.

The cost of workers' compensation insurance is impacted by the number of employees, but the primary factor driving expenses is typically the total value of payroll. To find the best workers' compensation for micro firms (companies employing 10 workers or less) in Maine, we gathered data for a company with five employees and annual payroll expenses of $312,500.

Thimble offers the best workers' compensation insurance in Maine for businesses with 100 employees at an average monthly cost of $646.

Along with the company's staff size, payroll has a sizable impact on workers' compensation insurance premiums. We studied companies in Maine to determine which one offers the most competitive workers' compensation insurance for businesses employing 100 workers and $6,250,000 in annual payroll.

Businesses with 20 employees in Maine spend an average of $230 per month for workers' compensation insurance, far more than the $168 average paid nationwide. The following insurance limits are included in the sample policy that we used in this review:

• $1 million total policy limit
• $1 million per accident limit
• $1 million per employee limit

The policy mentioned above offers a coverage limit of up to $1 million per accident and $1 million per employee, with a total policy limit of $1 million. As an employer, it is important to note that you bear the responsibility of covering any lost wages or excess medical costs that your employee might have to pay.

Workers' compensation insurance premiums are influenced by two important factors, including the total annual payroll and the employee count. The table presents a detailed analysis of the workers' compensation premiums in Maine, categorized by the number of employees.

The price of workers' compensation insurance varies significantly between businesses. Factors impacting costs include staff size, payroll expenses, employee code or classification, claims history and applicable laws.

Maine's legislation mandates that the vast majority of companies, both public and private, have workers' compensation insurance. This generally applies to any company with any number of employees.

However, the following types of employers are exempt from having workers’ compensation insurance:

• Employers who hire seasonal or temporary workers in agriculture or aquaculture and who have at least $25,000 coverage in employers' liability insurance and $5,000 in medical payments coverage.
• Employers who have six or fewer agricultural or aquacultural workers are exempted from certain regulations if they possess employers' liability insurance of a minimum of $100,000 multiplied by the number of full-time equivalent employees, along with medical payments coverage of at least $5,000.
• Employers who hire domestic servants to work in a residential setting.
• Individual proprietors, a bona fide owner of at least 20% of a corporation's outstanding voting stock, limited liability companies, charitable and religious organizations, educational institutions, nonprofit corporations and contractors/subcontractors are exempt.
• The exemption applies to family members of sole proprietors or bona fide stakeholders of at least 20% of the voting stock.

Having workers' compensation insurance in Maine is beneficial for both business owners and their employees. Employees who become ill or hurt at work may be entitled to financial aid to help pay for necessary medical care.

In addition, workers' compensation insurance may compensate for lost wages if an employee is unable to work due to illness or an injury. The insurance may even cover loss of income, fatality benefits and vocational rehabilitation if an employee dies as a result of an employment-related incident.

Employers are the policyholder when it comes to workers’ comp insurance. In the event of an employee sustaining an injury while on duty, workers' compensation insurance serves as a financial safeguard for the company. The rapid accumulation of medical expenses, lost income and other related costs can be a significant financial burden. If an enterprise has workers' compensation insurance, it will not be held responsible for covering these costs.

In Maine, the Workers' Compensation Board is in charge of workers’ compensation insurance claims. Before filing a claim, you must notify your employer of your injuries within 60 days under the following conditions:

• The first 10 days of treatment must be with your employer's health care provider, if any.
• To change health care providers after ten days, submit the new provider's information to the employer.

After this, your employer must:

• Complete a First Report of Injury and provide a copy to you.
• Submit your lost time claim within 14 days.

However, if your employer refuses to pay, send yourself and the Workers' Compensation Board a Notice of Controversy.

Before choosing a Maine workers' compensation insurance provider, it’s important to consider a number of factors. Read through our commonly asked questions to find out more about the best workers' compensation insurance in Maine.