MoneyGeek rated workers' compensation insurance providers in Maine based on their customer experience, affordability, financial stability and ease of getting quotes. biBERK took the top spot with strong scores across various metrics.
Workers' compensation insurance can safeguard small business owners against potential financial and legal liabilities. You and your employees will have fewer worries thanks to this insurance, which pays for medical bills, legal expenses and missed income in the event of an employee's illness or injury on the job.
Best Workers’ Compensation Insurance in Maine
Best Workers’ Compensation Insurance in Maine
According to our analysis, biBERK is the best option for purchasing workers' compensation insurance in Maine. It earned a score of 94 out of 100 and costs around $203 per month. The company scored well in terms of affordability, customer satisfaction and financial stability.
How was this MoneyGeek score calculated?
- Average monthly cost of $203
- High customer satisfaction
- Financially stable
- Fast quote processing
biBERK is the top option for workers’ compensation insurance in Maine. The company's A++ grade from AM Best attests to its exceptional financial capabilities.
As per the NAIC, the company has a better complaint ratio, indicating a commendable level of customer service. In Maine, the company's average monthly rate is $203 ($2,283 annually), and obtaining a quote online could take around a minute, which is the second-fastest time compared to the other insurers we evaluated.
- Costs an average of $158 per month
- Fairly faster quote processing
- Strong financial stability rating by AM Best
Thimble offers the second-best workers' compensation insurance in the state of Maine. At only $158 per month or $1,775 per year, it is also the most affordable for Maine's businesses. Thimble is known for having the third-quickest turnaround time for online insurance estimates.
According to the NAIC's complaint index, the insurer has more than the usual number of complaints from clients. This means that its customer service isn't as good as the other companies we researched. In terms of financial strength, the company ranks well.
- Costs an average of $223 per month
- Strong financial stability score from AM Best
- Has the highest customer satisfaction rating
The Hartford is an industry-leading insurance provider. AM Best has given the company an excellent grade for its financial health, indicating the company can pay eligible claims.
This insurer’s online quotes could be available in around a minute and 26 seconds, which is the fastest of all the insurers we evaluated. Its low complaint rate is evidence of the superior level of customer service it provides. However, it charges a somewhat higher average monthly premium of $223 ($2,681 annually) in Maine.
- Average monthly premiums of $277 per month
- High customer satisfaction
- Reasonably fast quotes
Next, the fourth-best provider of workers' compensation insurance in Maine, has a low rate of client complaints in contrast to other insurers. This points to its high degree of customer service. It has an A- grade from AM Best, and it is not the most financially sound provider that we analyzed in Maine.
Next’s average premium for workers' compensation insurance is $277 per month, the second-highest in the state. Obtaining a quote from Next takes about two minutes.
- Costs an average of $288 per month
- High financial stability
- Good customer satisfaction rating
Nationwide is a well-known insurer that has excellent financial stability, allowing customers to be confident that their eligible claims will be paid. According to the NAIC, Nationwide has received favorable ratings due to a lower incidence of customer complaints.
However, Nationwide’s insurance rate is the highest in the state, at an average of $288 per month. In addition, getting a quote from Nationwide can take as long as three minutes, which is much longer than the average quote time we found for other insurers.
Cheapest Workers’ Compensation Insurance in Maine
Thimble provides the cheapest workers' compensation insurance in Maine, offering an average monthly premium of $158. This rate is for businesses with a workforce of 20 employees and yearly payments towards employee salaries amounting to $1,250,000. Workers' compensation premiums are dependent on factors like the number of employees and the company's payroll.
We found that Thimble, with an average cost of $158 per month ($1,775 annually), had the cheapest workers' compensation insurance in all of Maine. Thimble's insurance is well-suited for startups and small businesses that prioritize cost-effectiveness and seek to minimize operational expenses. In addition, the company gets an excellent financial stability rating of A from AM Best.
Best Workers’ Compensation Insurance for Micro Businesses in Maine
Nationwide provides the best workers' compensation insurance in Maine for an average monthly premium of $47 to businesses with five employees.
The cost of workers' compensation insurance is impacted by the number of employees, but the primary factor driving expenses is typically the total value of payroll. To find the best workers' compensation for micro firms (companies employing 10 workers or less) in Maine, we gathered data for a company with five employees and annual payroll expenses of $312,500.
In Maine, MoneyGeek highly recommends Nationwide for workers' compensation insurance for owners of micro businesses. Its workers' compensation insurance could cost approximately $47 per month or $563 annually.
Nationwide's financial robustness and customer satisfaction are superb, and it also happens to be the most cost-effective option for micro businesses among the companies we evaluated in Maine. On the other hand, the time it takes to get an online quote from Nationwide is significantly longer than the average insurance company.
Best Workers’ Compensation Insurance for Midsize Businesses in Maine
Thimble offers the best workers' compensation insurance in Maine for businesses with 100 employees at an average monthly cost of $646.
Along with the company's staff size, payroll has a sizable impact on workers' compensation insurance premiums. We studied companies in Maine to determine which one offers the most competitive workers' compensation insurance for businesses employing 100 workers and $6,250,000 in annual payroll.
Thimble offers the best workers' compensation insurance for Maine's medium-sized businesses. For companies with 100 workers and $6,250,000 in annual payroll costs, the premium is $646 per month ($7,631 per year).
Thimble received the highest affordability rating and is the most cost-effective alternative for Maine's midsize enterprises. The speed of the company's quote processing time also played a significant role in it being the number one choice. In spite of its robust financial capability, Thimble’s customer service ratings are comparatively lower than those of other companies included in our list.
How Much Is Workers’ Compensation Insurance in Maine?
Businesses with 20 employees in Maine spend an average of $230 per month for workers' compensation insurance, far more than the $168 average paid nationwide. The following insurance limits are included in the sample policy that we used in this review:
- $1 million total policy limit
- $1 million per accident limit
- $1 million per employee limit
The policy mentioned above offers a coverage limit of up to $1 million per accident and $1 million per employee, with a total policy limit of $1 million. As an employer, it is important to note that you bear the responsibility of covering any lost wages or excess medical costs that your employee might have to pay.
Workers' compensation insurance premiums are influenced by two important factors, including the total annual payroll and the employee count. The table presents a detailed analysis of the workers' compensation premiums in Maine, categorized by the number of employees.
How was this cost calculated?
Factors That Impact Workers’ Compensation Costs in Maine
The price of workers' compensation insurance varies significantly between businesses. Factors impacting costs include staff size, payroll expenses, employee code or classification, claims history and applicable laws.
Most insurance companies have a flat rate per $100 payroll. The rate is established by each individual state and varies by industry. A higher premium is often charged to businesses with higher-than-average payroll expenses. In 2022, Maine assessed a higher average cost of $1.67 per $100 of payroll than the majority of states.
Number of employees
The cost of insurance premiums is closely linked to the number of employees. Businesses with a larger workforce are at a higher risk of experiencing workplace injuries and illnesses. This increased likelihood of risk could result in higher premiums.
Employee class code
The employee's class code identifies the primary objective of their job. The cost per $100 of payroll is determined using this code. Construction and other businesses with greater injury risks often have higher insurance premiums than do companies with lower injury risks, such as consulting.
Insurance providers consider previous claims to calculate premiums for workers' compensation insurance. Businesses that have a history of filing claims are often viewed as posing a higher level of risk. Workers' compensation claims are common in Maine. The U.S. Bureau of Labor Statistics (BLS) reported 18,500 nonfatal occupational illnesses and injuries in Maine private-sector businesses in 2021, the most recent year for which data is available. The BLS reported more than 2.6 million nonfatal occupational illnesses and injuries in the private sector nationwide in 2021.
Do You Need Workers’ Compensation Insurance in Maine?
Maine's legislation mandates that the vast majority of companies, both public and private, have workers' compensation insurance. This generally applies to any company with any number of employees.
However, the following types of employers are exempt from having workers’ compensation insurance:
- Employers who hire seasonal or temporary workers in agriculture or aquaculture and who have at least $25,000 coverage in employers' liability insurance and $5,000 in medical payments coverage.
- Employers who have six or fewer agricultural or aquacultural workers are exempted from certain regulations if they possess employers' liability insurance of a minimum of $100,000 multiplied by the number of full-time equivalent employees, along with medical payments coverage of at least $5,000.
- Employers who hire domestic servants to work in a residential setting.
- Individual proprietors, a bona fide owner of at least 20% of a corporation's outstanding voting stock, limited liability companies, charitable and religious organizations, educational institutions, nonprofit corporations and contractors/subcontractors are exempt.
- The exemption applies to family members of sole proprietors or bona fide stakeholders of at least 20% of the voting stock.
When required by law, the Workers' Compensation Board may impose these penalties on employers for lack of coverage:
- Employees can sue employers without workers' compensation insurance for work-related injuries.
- Employers can be guilty of a Class D felony, subject to a civil penalty of up to $10,000 or an amount equal to 108 percent of the premium that should have been paid during the period the employer failed to obtain coverage (whichever is greater). Additionally, they are subject to the revocation or suspension of their corporate charter and/or license.
What Does Workers’ Compensation Insurance Cover in Maine?
Having workers' compensation insurance in Maine is beneficial for both business owners and their employees. Employees who become ill or hurt at work may be entitled to financial aid to help pay for necessary medical care.
In addition, workers' compensation insurance may compensate for lost wages if an employee is unable to work due to illness or an injury. The insurance may even cover loss of income, fatality benefits and vocational rehabilitation if an employee dies as a result of an employment-related incident.
Employers are the policyholder when it comes to workers’ comp insurance. In the event of an employee sustaining an injury while on duty, workers' compensation insurance serves as a financial safeguard for the company. The rapid accumulation of medical expenses, lost income and other related costs can be a significant financial burden. If an enterprise has workers' compensation insurance, it will not be held responsible for covering these costs.
Workers’ Compensation Insurance Resources for Employees in Maine
In Maine, the Workers' Compensation Board is in charge of workers’ compensation insurance claims. Before filing a claim, you must notify your employer of your injuries within 60 days under the following conditions:
- The first 10 days of treatment must be with your employer's health care provider, if any.
- To change health care providers after ten days, submit the new provider's information to the employer.
After this, your employer must:
- Complete a First Report of Injury and provide a copy to you.
- Submit your lost time claim within 14 days.
However, if your employer refuses to pay, send yourself and the Workers' Compensation Board a Notice of Controversy.
Frequently Asked Questions About Workers’ Compensation Insurance in Maine
Before choosing a Maine workers' compensation insurance provider, it’s important to consider a number of factors. Read through our commonly asked questions to find out more about the best workers' compensation insurance in Maine.
About Melissa Wylie
- Department of Professional and Financial Regulation. "An Employer's Guide to ... Workers' Compensation Insurance in Maine." Accessed May 30, 2023.
- Oregon.gov. "2022 Workers’ Compensation Premium Index Rates." Accessed May 30, 2023.
- U.S. Bureau Of Labor Statistics. "IIF Latest Numbers." Accessed May 30, 2023.
- U.S. Bureau Of Labor Statistics. "State Occupational Injuries, Illnesses, and Fatalities." Accessed May 30, 2023.