Best Workers' Compensation Insurance in Maryland (2023)

MoneyGeek found the best provider of workers' compensation insurance in Maryland by assessing insurers based on cost, financial stability, customer service and online quote accessibility. For its exceptional performance in all these areas, we identified The Hartford as the state's best workers' compensation insurance company.

In Maryland, businesses with one or more workers are legally obligated to buy workers' compensation insurance to safeguard themselves from potential financial and legal liabilities. This insurance covers medical expenses, lost wages and potential lawsuits that may arise if an employee becomes ill or injured while on the job.

With an impressive MoneyGeek score of 96 out of 100, The Hartford is the best workers' compensation insurance provider in Maryland. Boasting exceptional ratings for customer satisfaction, financial stability and quote processing, The Hartford outshines our runner-up, Thimble.

On average, workers' compensation insurance from The Hartford is priced at $141 monthly. But this cost may vary depending on your company's unique circumstances.

Pie carries the cheapest workers' compensation insurance in Maryland, with average monthly rates of $122. For companies with 20 employees and annual payrolls of $1,250,000, Pie offers the best value for their insurance needs. Insurance prices are notably influenced by factors such as the number of employees and payroll.

To determine the most affordable choice, refer to the table below that ranks insurance companies based on their average monthly rates. However, note that other factors may come into play when selecting the optimal option for your business.

For companies with five employees, The Hartford offers the best workers' compensation insurance in Maryland at an average monthly rate of $58.

While the number of employees a business has can influence the cost of worker's compensation insurance, payroll expenses are the primary contributing factor. To identify the best option for micro businesses in Maryland (those with fewer than 10 workers), we collected estimates based on a company with a staff of five and annual payroll expenses totaling $312,500.

The Hartford offers the best workers' comp insurance in Maryland for companies with around 100 employees, offering a monthly rate of $600.

In addition to the number of employees, a company's payroll amount is crucial in determining workers' compensation insurance costs. To identify the optimal provider for midsize businesses in Maryland, we gathered estimates based on a business with 100 staff members and a yearly payroll of $6,250,000.

For businesses in Maryland with 20 employees, the average monthly cost of workers' compensation insurance amounts to $157, slightly more affordable than the national average of $168 per month. Below are our sample policy limits:

• $1 million total policy limit
• $1 million per employee limit
• $1 million per accident limit

The insurance policy offers coverage of up to $1 million for any accident and $1 million for each employee, with a total policy limit of $1 million. However, it's important to note that any additional wages lost or medical costs exceeding the policy limit must be covered separately.

The number of employees and annual payroll are key factors that significantly impact insurance premiums. The chart below illustrates how the cost of workers' compensation insurance in Maryland varies based on the number of people a business employs.

The cost of workers' compensation insurance can vary significantly between businesses. Several factors come into play, including the number of workers, payroll expenses, prior claims histories, employee class codes and specific state restrictions.

In Maryland, it's mandatory for businesses to purchase workers' compensation insurance if they hire one or more workers. Employers in Maryland must buy a policy from an insurance company licensed to provide such coverage in the state.

However, certain companies, such as agricultural businesses with fewer than three employees and businesses with less than $15,000 in annual income, are exempt from this requirement.

While exemptions exist, obtaining workers' compensation insurance in Maryland is crucial for ensuring financial security. If you choose not to buy workers' comp insurance, you assume full financial responsibility for any work-related damages. This can result in significant costs and may lead to legal action from the affected employee.

In workers' compensation insurance, it is essential to understand that the employer is the policyholder. Workers' compensation insurance in Maryland typically provides coverage for various costs and benefits related to work-related accidents or illnesses. Here are some of the key areas that are usually covered by it:

• Medical expenses: This includes coverage for medical treatments, doctor visits, hospital admissions and other necessary healthcare services for illnesses or injuries sustained at work.
• Lost wages: Workers' compensation insurance offers wage replacement benefits to compensate employees who cannot work due to a work-related illness or injury.
• Vocational rehabilitation: It can involve funding for work retraining, skill development, job placement assistance and other forms of support to help injured workers regain employment or find suitable alternative employment.

It is important to note that the specifics of workers' compensation coverage may vary depending on the specific insurance plan, the nature of the accident or illness and other relevant variables.

The Workers' Compensation Commission manages workers’ comp insurance in Maryland. To submit a claim and receive benefits, you can follow these steps:

• Go to the Employee Claim Form.
• Complete the form either online or by downloading and printing a paper copy.
• Submit directly through the website or mail the completed form to the Workers' Compensation Commission.
• Employers are required to have the claim form readily available for employees at all times.

Please be aware that the process and regulations for making a claim in Maryland may vary depending on the nature of the incident and the type of accident or illness involved.

Before selecting the best workers' compensation insurance in Maryland, it is essential to consider several factors. We have answered some commonly asked questions for your assistance.