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In Maine, workers' compensation insurance rates are generally higher than the national average. Business owners pay an average of 25 percent more for their workers' comp insurance.
Maine is an NCCI state like most other states. This means that NCCI mnanages employers' experience modifiers and collects all data for the state including claims, class codes, premiums, and payroll. They analyze this data and make annual recommendations to carriers and to the Maine Department of Insurance. Every Insurance company is required to file their rates with the state for approval each year.
Workers' compensation rates may still vary for the same class codes in Maine because insurance companies can apply policy credits and debits up to 25% to adjust their filed rates. More discounts may also be added to a policy depending on the size of payroll and overall claims experience.
Don't pay too much for your workers' comp coverage in Maine. Our agents know how to negotiate the lowest rates for your workers' comp coverage. Find out how our knowledegeable agents, expert advice and more choices lead to the best workers' comp rates.
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What influences my workers comp insurance cost?
Insurance companies file their "base manual rates" for approval with each state for all class codes. Rate recommendations are generally made to the state and carriers annually by the
National Council on Compensation Insurance.
Employee claims are reported to NCCI and statistically compared with all other
similar type businesses using the same class code in each state. An
Experience Modification Rate may apply to your business after a few years of coverage.
Insurance company underwriters are permitted to make premium rate adjustments based
on unique factors about your business, safety practices, and management
experience in most states.
Insurance companies may apply policy credits and debits to the base
manual rates. Additional discounts can be applied to premium as the total payroll &
Smart Agents with expertise in workers' compensation insurance utilize this information to negotiate your insurance rates with underwriters. A good narrative about your business helps
insurance companies justify a better price.
Rates for State Class Codes. Select Codes Listed:
The workers' compensation rates listed below for Maine represent the current low and high insurance rates for 2023. Maine rates are set by Maine Bureau of Insurance and the Workers' Compensation Board. Insurance companies may be able to offer discounts and credits on policies. Not all employers will qualify for the lowest rates available or maximum policy credits. We offer Pay As You Go workers' compemsation coverage in Maine.
State Fund coverage is managed by Maine Employers Mutual Insurance Company (MEMIC). Maine workers' comp rates will vary by industry classification codes and insurance company underwriting standards. Employers' who have an Experience Modifier (E-MOD) assigned to their business may have additional credits or debits applied to their insurance rates based on prior premiums and workers compensation loss experience.
State Resources for Maine
Maine Bureau of Insurance
Consumer Services Division34 State House StationAugusta, ME 04333-0034800-300-5000 www.state.me.us/pfr/insurance/
Maine Workers' Comp Board
27 State House Station Map ItAugusta, ME 04333-0027888-801-9087 www.maine.gov/wcb/
Maine is under the Jurisdiction of the National Council for Compensation Insurance (NCCI) and contracts with MEMIC as the state fund carrier.
Our agency helps employers find guaranteed state fund workers' comp in Maine. If we can't find more affordable coverage with a private insurance company, we can help you buy a state fund policy.
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Get more information about workers' compensation in Maine:
Workers Compensation Info
Workers Comp Programs
National Broker Services