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In Maryland any business who employs workers must purchase Workers' Compensation Insurance.
A Sole Proprietor or Partner is excluded from coverage, but can elect to be included.
Corporate officers are included for coverage, but can elect to be exempt.
LLC Members who provide a service for monetary compensation are statutorily covered. Those covered, but owning more than 20% or more interest in the LLC may elect to be exempt.
If Sole Proprietors and Partners elect to be covered they must do so at a rate of $56,900 (As of 1/1/2019).
Corporate Officers or LLC members who are covered must do so at a minimum annual wage of $57,200.00 and a maximum annual wage of $228,800. (Accurate as of 3/1/2019, last updated by the state on 1/1/20119).
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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 Maryland 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.
We've developed Pay As You Go workers compensation programs that reduce or eliminate premium deposits and allow Maryland employers to report and pay premium based on actual payroll wages. Protect your business from audits.
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.
We're an agency that specializes in Workers' Compensation. We are the best at helping business owners buy the most affordable coverage for their companies. Don't pay too much for your workers' compensation policy.
MD Workers' Comp Specialists
Workers Comp Rates in Maryland are 12% cheaper than the national average, but pricing is only one factor in your Workers Comp purchase decision. You should be shopping multiple carriers because Service, Type of Coverage and Pricing are very competitive. We have the knowledge and expertise to find the best value for your Workers' Compensation Policy.
Help with MD Class Codes
Insurance rates vary significantly between NCCI classification codes. Let our Maryland 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 the most affordable manner and shop your coverage to ensure you get the very best deal.
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 Maryland. 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.
Get more information about workers' compensation in Maryland:
Workers Compensation Info
Workers Comp Programs
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