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All companies who employ one or more full or part-time employees are required by law to purchase workers compensation insurance in the state of Maine.
Sole-Proprietors, Partners and LLC Members are excluded from coverage, but can elect to be included for coverage.
Corporate Officers are automatically included in coverage, but they may elect to be excluded. To be excluded from coverage the officer must own at least 20 percent of the outstanding stock of a corporation.
Employers not required to carry coverage are those employers who have employees engaged in agriculture or aquaculture as seasonal or casual laborers, if the employer maintains at least $25,000 in employers liability insurance, with at least $5,000 in medical payments coverage.
Employers of six or fewer agricultural or aqua-cultural laborers are not required to carry coverage, if the employer maintains employers' liability insurance of at least $100,000 multiplied by the number of full time employees and has at least $5,000 in medical payments coverage.
Employers of domestic servants in a private home are not required to carry coverage.
Sole-Proprietors and Partners who include themselves on workers compensation coverage must use a payroll amount of $41,800 for rating their overall workers' compensation cost.
Corporate Officers and LLC Members who are included in coverage must utilize a minimum payroll of $41,600 annually and a maximum payroll of $166,400 per year for the purpose of rating workers comp premiums.
The state of Maine provides a free online tool for verifying workers' compensation insurance coverage. Anyone can search by business name or FEIN. The results will only show the business name and policy number for employers who have coverage in the state being searched. The information is managed by the Maine Workers Compensation Board.
Maine workers' compensation verification tool
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Workers' compensation is a commercial insurance product categorized as Property & Casualty insurance (P&C Insurance). Even though workers comp is calculated using estimated payroll wages and class codes, premium is still a separate business expense from the cost of payroll. Business owners may treat the cost of coverage as an expense on their taxes.
Work comp rates for all job classification codes are always expressed as a percentage of $100 in wages. An annual policy is always subject to an audit because it was based on estimated wages and not actual wages.
Here is an example using two class codes with different estimated payroll for each class code:
In order to calculate the cost of the policy you only need to multiply each rate with its divided payroll. It benefits employers to re-calculate their premium as their payroll becomes larger than originally anticipated.
Every state has their own rules for how employees must be covered and how they must be classified for rating premium. A lot of states use state specific class codes and have different requirements for who is obligated to carry workers' compensation insurance coverage.
If you have employees that travel out of state for work, or they work in multiple states throughout the year, you may need to purchase insurance for all the states where your workers are located and working. In most cases, you can add multiple states to one policy.
Workers' Compensation Insurance in Maine can be purchased from private insurance companies authorized by the state to provide coverage. The Assigned Risk Pool, or State Insurance Fund, is available for employers who are unable to find coverage from a private company. WorkersCompensationShop.com can help you navigate your best options.
Policy premium is based on numerous factors including: class codes assigned to your business and employees, estimated payroll, covered states, prior policies, owner experience and previous insurance claims.
See Maine workers' comp insurance rules
Maine workers' compensation insurance helps pay claim expenses when an employee, or a covered sub-contractor, is injured while working for your business. It also shields your business from other legal liabilities associated with injured employees. Work comp coverage includes:
Workers' comp insurance pays for the medical expenses associated with claims or injured workers. The cost of an ER visit, required surgeries and drug prescriptions are some of the covered expenses included under a policy. An employee injured due to a slip and fall would be covered, for example. Covered medical costs can also include longer term expenses such as physical therapy or rehabilitation.
Most business owners can't afford to continue paying employees if they are unable to work while they are injured. Workers' compensation in Maine will replace most of your employees missing income if they are away from work due to an injury or illness. For example, if a construction employee broke his arm and could not perform the job for 8 weeks, the coverage would make payments to the employee to help replace the lost wages.
Short-Term and Long-Term Disabilities
Sometimes an injury can cause a partial disability or a more permanent disability. Workers' compensation insurance steps in to help pay the cost of ongoing medical bills and may even replace a portion of wages lost due to the disability. If an employee had a finger amputated due to a work-related injury. The employee could be paid a sum for the loss of the finger for permanent disability as well as some temporary disability coverage while recuperating.
Some types of work environments can include occupational exposures that have unforeseen circumstances. A chemical mixing operation, for example, may expose employees to chemical irritants and cause harmful reactions that make them sick. A workers' comp policy would cover the cost of treating an illness caused while performing the job.
Nearly 50,000 deaths happen at work each year. Many of these are in the construction and trucking industries. A workers' compensation policy is designed to cover the cost of these funerals and to provide death benefits to the employees family. State guidelines often determine the dollar amount of coverage.
Workers compensation coverage is a No-Fault system designed to prevent costly employee lawsuits related to on-the-job-injuries. Many state provisions include Exclusive Remedy rules that protect covered businesses from these lawsuits in exchange for providing workers' comp coverage for their employees.
Enjoy the benefits of our Pay As You Go Workers' Comp Options in Maine.
$O Deposit or Minimum Down
We've developed Pay As You Go workers compensation programs that reduce or eliminate premium deposits and allow Maine employers to report and pay premium based on actual payroll wages. Protect your business from audits.
Lower Monthly Payments
We've negotiated special deals with many of our insurance partners. We offer more flexible payment options, like 12 equal installments plans and monthly reporting programs, to help improve cash flow for our business owners.
Complete Coverage, Low Rates
At Workers Compensation Shop.com, we help Maine employers find the best deal on Workmen's Comp Coverage. Whether you are looking for Pay as You go Coverage or an installment plan, we can help you find lower rates.
ME Workers' Comp Specialists
Rates on Workers' Compensation Insurance in Maine are more than the national average. Businesses pay 16 percent more for their Workers Comp Coverage in the state of Maine. This makes it very important for employers to make sure they are taking advantage of every opportunity to save on their work comp coverage.
Help with ME Class Codes
Insurance rates vary significantly between NCCI classification codes. Let our Maine Workers Compensation Specialists help you determine your correct workers compensation class codes before you buy a policy. We'll help make sure your business is properly classified in a manner that maximizes your savings on workers comp insurance.
Fast Workers' Comp Quotes
We make the process of getting workers compensation quotes fast and easy. We know your time is valuable. That's why we work harder to streamline the quote process, compare your rates and coverages, and present your best options as quickly as possible. We often have your insurance quotes ready in less than 24 hours.
Compare Rates With More Carriers
We're a National Agency, and we have tons of carriers offering work comp in Maine. We have access to over 35 insurance companies with a diverse appetite and competitive rates. Our markets know we expect the lowest rates, bigger discounts, and more policy credits when we request a quote.
THE RIGHT QUOTE MAKES A DIFFERENCE.
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Get more information about workers' compensation in Maine:
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