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Maine’s workers’ compensation rules state that every business in Maine with at least one employee is required to carry workers’ compensation insurance. This insurance protects workers in the event they suffer from a work-related injury or illness but also protects the business from paying for those costs out of pocket.
Paying for workers’ comp insurance in Maine doesn’t have to mean blowing your budget. Small business owners can save on their premiums in many ways, including the following:
The process is relatively simple. First, you’ll need to have your annual payroll estimated. This creates the basis for your premium. Pay your premium and your employees will be protected for a year.
When the term ends, your insurance company will conduct an audit. If the payroll estimate was high, you’ll receive a refund. If it was low, you’ll receive a bill.
Workers' comp coverage also protects employers from legal action. This means that if an employee sues your business because of a workplace injury, the insurance will cover the legal costs of the case.
Maine business owners have three options for purchasing workers’ compensation insurance.
Insurance Company: The most common method is to purchase coverage through an insurance company. Kickstand Insurance can give you an online quote in just seconds.
State Fund: High-risk businesses that cannot obtain insurance through a private insurance company can purchase a workers’ comp policy through Maine’s state fund.
Self-Insure: Finally, large businesses with the capital required can choose to self-insure. You will need to meet all the state’s requirements and submit an application with Maine’s Bureau of Insurance Self-Insurance Division.
Businesses that are required to carry workers’ compensation insurance in Maine but fail to do so can face a wide range of penalties.
For instance, business owners and decision-makers could be charged with a Class D crime and face up to $10,000 in fines or 108% of the insurance premium they would have paid, whichever is higher. In severe cases, the state may revoke the business’s license or corporate charter.
Spouses and wholly dependent survivors can receive up to two-thirds of the employee’s average weekly wage for up to 500 weeks. Partially dependent survivors can receive benefits based on the amount the employee provided for them.
The family can get up to $4,000 for burial costs and Incidental cost coverage of up to $3,000.
Maine allows employees to settle their workers’ comp claims. In this situation, employees waive the right to pursue the claim any further in exchange for a lump sum or structured payment agreement.
All workers’ comp settlements must be approved by a judge on the Workers’ Compensation Board.
Workers in Maine have two years to file a claim from the date the employer files a First Report of Injury form or from the date of the injury if no report was required.
Start by filling out a short online form about your business. We’ll use that info to get you an estimated quote. Then, one of our experienced agents will contact you to review the quote and make sure you are getting the absolutely lowest rate possible for your business. Once the quote is finalized, you’re ready to buy the policy - often with coverage starting that day!
Unlike other online insta-quote systems,
here your quote is reviewed by experts
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