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Every business that employs at least one person in the state of Maryland is required to carry workers’ compensation insurance. The state does not discriminate between full-time and part-time employees, either. However, there are exceptions you should know about.
While workers’ compensation insurance will come at a cost, it does not have to be exorbitant. The average workers’ comp rate in Maryland is $3.25 per $100 of payroll.
You can learn more about Maryland workers’ comp rates here.
There’s good news for business owners who realize the importance of carrying workers’ comp insurance but are concerned about their overhead. You can save money on your policy in a few ways, including:
Employers must understand how workers’ comp operates in Maryland. The process is relatively simple.
First, you’ll need to purchase a policy. It will be based on your estimated annual payroll.
Next, you pay the premium, which begins your coverage. You and your employees get protection for one year.
At the end of the year, you’ll go through an audit to see if you overpaid or underpaid. Depending on the results of that audit, you’ll either get a bill or a reimbursement check.
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.
You have three options to purchase workers’ comp insurance in Maryland.
Like several other states, Maryland has stiff penalties for employers who decide to flout workers’ compensation laws. If you fail to maintain your insurance, your business could face fines of up to $10,000.
Corporate officers can also be held personally liable for the cost of those fines. Employers that try to deduct any portion of workers’ comp insurance costs from employee pay could be charged with a crime.
Workers’ comp insurance is designed to pay death benefits to the surviving family members if an employee dies of a work-related injury or disease. Maryland requires that any family member who was dependent on the employee’s income to have a claim on those rights.
Each dependent has a right to two-thirds of the employee’s average weekly income based on the percentage of that income’s contribution to the household’s entire income. So, if an employee’s earnings paid for 50% of a household’s bills, then a survivor could receive 50% of two-thirds of the average earnings.
Death benefits can last a maximum of 12 years (and a minimum of five) and will pay up to $7,000 in funeral costs.
Workers’ comp settlements are mutual agreements between the employee, employer, and insurance company. In Maryland, it is a full and final resolution to the claim.
All workers’ compensation settlement agreements must be approved by the Maryland Workers’ Compensation Commission.
Employees are required to report their injury to their employer within 10 days and claims must be filed within 60 days of the injury or discovery of an illness.
However, employees have two years from the date of the injury under state law.
While workers’ compensation works to protect employees, it also safeguards employers.
Without workers’ compensation insurance, employees injured on the job or who developed a work-related illness could sue the employer directly for the costs of their medical care, rehabilitation, prescription medications, and other costs.
With workers’ compensation insurance, the insurance company pays those costs.
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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