NEXT is Maine’s best workers' compensation insurance provider, scoring 98 out of 100. The company offers reliable customer service, competitive workers' comp rates and an extensive coverage selection. Thimble and biBerk are strong runners-up you should also consider.
Cheapest Workers' Comp Insurance in Maine
Updated: June 5, 2025
Advertising & Editorial Disclosure
Key Takeaways
NEXT, Thimble, biBerk, The Hartford and Nationwide are the best cheap workers' comp insurance providers in Maine.
For most small businesses in Maine, workers' compensation coverage costs around $890 per year or $77 per month.
Workers' comp insurance is required in Maine for all companies with employees to cover expenses when employees sustain injuries or illnesses during business activities.
Best Cheap Workers’ Comp Insurance Companies in Maine
| Next | 98 | $193 |
| Thimble | 90 | $291 |
| biBERK | 87 | $400 |
| The Hartford | 87 | $414 |
| Nationwide | 86 | $470 |
*Rates and scores are for software development businesses with small (five employees), medium (20 employees) and large (100 employees) operations.
NEXT: Best Overall
pros
Cheapest rates for workers' comp insurance
Smooth claims process
cons
Higher claim rate
COMPANY HIGHLIGHTS
NEXT provides workers' comp starting at $193 per month. The company has a 4.7 out of 5 rating for customer service and an A- financial strength rating from AM Best. Customers can request quotes online and file claims through NEXT's mobile app.
How Much Is Workers' Comp Insurance in Maine?
Depending on the size of your business in Maine, workers' comp rates range from $890 to $11,080 per year. However, this only represents software development companies. Your rates will vary widely depending on the number of employees, your industry's risk level, the work your employees do individually and your claims history.
| Businesses with five or less employees | $77 | $890 |
| Medium-size small businesses | $241 | $2,839 |
| Larger small businesses | $944 | $11,080 |
Factors That Impact Workers’ Compensation Costs in Maine
The cost of workers' compensation insurance varies for each business, depending on several factors that influence coverage costs, including business size, industry risk, claims history and location.
Payroll costs
Businesses typically pay workers' compensation rates based on each $100 of payroll. A business with higher payroll costs pays a higher premium than one with lower payroll costs.
Number of employees
Companies with more employees face a higher risk of employee injury, which can increase insurance premiums.
Employee class code
A class code identifies the type of work employees do. This code sets the rate charged for every $100 of payroll. High-risk industries like construction, mining and manufacturing typically have higher rates than lower-risk fields such as consulting, accounting and software development.
Previous claims
A history of workers' compensation claims can increase your premium. According to the U.S. Bureau of Labor Statistics, there were over 2.6 million recordable nonfatal cases in private industry nationwide.
Maine Workers' Comp Insurance: Buyer's Guide
Navigating business insurance is often a complicated task. We've broken down how to get the best workers' comp coverage, who needs it and what this type of policy covers to guide you.
How to Get the Best Workers' Comp Insurance in Maine
Below are the best steps to help you get the best workers' comp policy for your organization.
- 1
Learn about required coverages and options
Research your state's regulations first, as requirements and options vary widely. The coverage you need depends on your industry, organization size and claims history. Talk to a business insurance agent about what's right for your company before buying to avoid getting too much or too little workers' comp insurance.
- 2
Research costs and providers
Research average costs and providers for your specific business to determine which companies to get quotes from. Also, consider state-provided options and whether self-insurance is possible in your state.
- 3
Consult similar businesses
Talk to other businesses in your community, especially those similar to yours. Ask about their experiences, needs and coverage choices to help make your decision.
- 4
Compare multiple providers through different means
Get multiple quotes and compare providers on equal terms to find the best deal. Prices vary depending on how you get quotes: by using online comparison sites or by speaking with an agent. Use different methods and contact various companies to gain a balanced view of what's best for your business.
Do You Need Workers’ Compensation Insurance in Maine?
All businesses in Maine must carry workers’ compensation insurance. Sole proprietors, partners and corporate officers who fully own a corporation can choose to be excluded from this insurance.
WORKERS’ COMP PENALTIES IN MAINE
Employers in Maine must follow the rules for workers' comp insurance. If they don't, they could face serious penalties, such as:
- Civil Penalties:
- Up to $10,000 or 108% of the premium that would have been paid for proper coverage, whichever is larger
- Up to $200 fine for each day of non-compliance when failing to pay compensation
- Criminal Penalties:
- Class D crime for knowing violations of failure to secure workers' compensation payment
- Business Operations:
- Loss of corporate charter and/or business license
- Potential criminal charges for operating without coverage
- Financial Liability:
- Full responsibility for all medical costs and lost wages if workplace injury occurs during non-compliance
- Liability for workers' compensation medical and death benefits out of pocket
- Employees can sue for work-related injuries or illnesses if no coverage exists
What Does Workers’ Compensation Insurance Cover in Maine?
Workers' compensation insurance provides vital benefits to employees experiencing work-related injuries or illnesses. This coverage usually encompasses medical care, disability benefits and lost wages for affected workers, paying out 66% of weekly wages for injuries occurring after 2013 and 80% for injuries occurring before 2013 according to Maine law. This not only safeguards employees but also protects the business against potential legal claims associated with workplace injuries or illnesses.
Best Workers' Compensation Insurance Maine: Bottom Line
In Maine, the top three workers' comp insurance providers are NEXT, Thimble and biBerk. While these companies are our recommendations, compare rates yourself and consult similar businesses in your industry to get the best deal.
Workers' Comp Insurance in Maine: FAQ
Below are answers to frequently asked questions about Maine workers' comp insurance from our MoneyGeek experts.
Which company has the best workers’ compensation insurance in Maine?
In Maine, NEXT provides the best workers’ compensation insurance, with competitive pricing (around $193 per month) and a low complaint index. However, selecting the best insurance for your needs will depend on various factors, including your industry, size of your workforce and specific state requirements.
Does Maine require businesses to have workers’ compensation insurance?
In Maine, all businesses are required to carry workers' compensation insurance. However, sole proprietors, partners and corporate officers who hold complete ownership can decide not to participate.
How much does workers’ compensation insurance cost in Maine?
In Maine, small businesses with roughly 20 employees typically pay a monthly cost of $241 for workers' compensation insurance.
How We Rated Workers' Comp Insurance Companies in Maine
MoneyGeek calculated workers' compensation insurance rates using a software development business with five, 20 and 100 employees to represent various organization sizes.
Our scoring methodology included:
- Affordability (60%): Overall cost compared to other providers and different business profiles
- Customer experience (30%): Ratings from actual customers, J.D. Power studies, AM Best financial stability ratings and our team's experience with quote processes
- Coverage (10%): Additional options beyond standard offerings and breadth of industries served
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- NEXT. "Customer Reviews." Accessed June 5, 2025.
- U.S. Bureau of Labor Statistics. "Employer-Reported Workplace Injuries and Illnesses – 2023." Accessed June 5, 2025.