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Workers comp rates in Maryland are cheaper than the national average. They are about 19% lower than the national average. Employers are wise to shop multiple carriers for better service, appropriate coverage limits and the lowest rates available.
Maryland is an NCCI state like most other states. This means that NCCI manages 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 Maryland Department of Insurance. Every insurance company is required to file their rates with the state for approval each year.
Workers' compensation rates will vary for the same class codes in Maryland 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. Our agents will find your best deal. Our technology tracks carrier rates by state and compares their pricing in real-time. Find out how knowledegeable agents, better advice and more options lead to lower rates and a better price.
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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 Maryland represent the current insurance rates for 2023. Maryland is a competitive rating states and rates are regulated by the Maryland Workers' Compensation Board. Insurance companies may be able to offer discounts and credits up to 25% on workers' comp policies. We offer Pay As You Go workers' compensation insurance in Maryland. Not all businesses will qualify for the lowest rates available or maximum policy credits. Our agency helps Maryland employers shop their coverage with more carriers to ensure they get the best price.
Maryland rates vary by workers' comp class codes and insurance company underwriting standards. Employers' who have an Experience Modification Factor (EMR Rating) assigned to their business may have additional credits or debits applied to their insurance rates based on prior premiums and their workers' compensation loss experience. The Maryland State Fund is Chesapeake Employers Insurance Company (formerly called the Injured Workers Insurance Fund, or IWIF).
State Resources for Maryland
Maryland Workers' Compensation Commission
10 East Baltimore StreetBaltimore, MD 21202-1641800-492-0479 http://www.wcc.state.md.us/
Chesapeake Employers' Insurance Company
8722 Loch Raven BlvdTowson, MD 21286 - 22351-800-264-4943 Maryland Injured Workers' Insurance Fund
Maryland is under the Jurisdiction of the National Council for Compensation Insurance (NCCI) and contracts with Travelers as the state fund carrier.
Our agency helps employers find guaranteed state fund workers' comp in MD. 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 Maryland:
Workers Compensation Info
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