Maryland Workers Compensation Coverage
In Maryland, businesses with employees are required to carry workers comp insurance. Failure to comply with this requirement is a misdemeanor punishable with fines of up to $5000 and up to one year in prison. At Balderson Insurance, we are an independent insurance agency working with several of the top carriers in the state offering Maryland workers compensation coverage. If you have employees and need a workers compensation policy, we can do the shopping for you to find the right coverage and the best rates for your industry. Call us today at (301) 874-0772 for more information and a free quote.
What Does Workers Comp Insurance Cover?
Workers compensation insurance is essentially a compromise between the employee and employer with regard to covered injuries or illnesses on the job. The employee relinquishes the right to sue the employer (for covered incidents) in exchange for receiving no fault coverage and a guaranteed payout set by state statute.
Incidents covered by workers compensation include:
- On-the-job accidents/injuries (whether they occur on or off premises)
- Work-related illnesses
- Work-related auto accidents
Workers comp policies provide coverage even when an injury or illness is the result of the carelessness of the employee or employee.
There are limitations to the carelessness, however; and there are instances in which coverage may be denied, including:
- Injuries that occur as a result of employee intoxication.
- Injuries sustained while committing a serious crime.
- Self-inflicted injuries.
- Injuries resulting from a violation of company policy.
Workers Compensation Benefits
Workers comp insurance pays for medical and rehabilitation expenses related to a covered injury. It also pays disability/ loss wages for time lost from work (usually about two thirds of the regular wages of the employee) and death benefits to surviving spouses and dependents. In some instances, workers compensation may pay for retraining the employee for a new position. For example, employees who sustain a serious back injury may no longer be able to lift items up to a certain weight. This could necessitate moving them to a new role within the company.
Workers compensation is a legal requirement in Maryland if you have employees and it protects your business from lawsuits should any of your employees become ill or injured on the job. Rates vary by carrier and industry. To find the right workers comp insurance for your business, give us a call today and let us find the right policy to fit your needs and budget.