Small Business Coverage and Peace of Mind
With its close proximity to Washington, D.C., Maryland’s economy is strongly influenced by the federal government and is strongly driven by bioresearch, the defense and aerospace industries, and federal administrative work. The Chesapeake Bay State is also famous for its seafood; Maryland’s commercial fishing industry delivers Chesapeake blue crab, striped bass, and oysters to diners across the globe. Maryland’s fertile landscape supports a thriving farming sector which provides vegetables such as sweet corn, tomatoes, and cucumbers to accompany those seafood plates.
From tractors to fishing boats and more, Maryland supports more than 109,000 small businesses which provide work to over 1.1 million employees. Together, Maryland’s small businesses have an annual payroll of $45.7 billion—a figure equal to 47% of the Maryland’s total payroll.1 Maryland classifies 88% of its independent firms as “microenterprises,” businesses with a net worth under $100,000 which employ five or fewer workers.
What are the Maryland Workers’ Compensation Insurance Requirements
In the state of Maryland, all employers that have one or more employees are required to carry workers’ compensation insurance, with few exceptions.2 An employer or employee cannot waive provisions of the state’s workers’ compensation law. Employers who fail to secure workers’ compensation insurance could be subject to fines not exceeding $10,000. If the employer is a corporation, the officers of the corporation are responsible for general management of the corporation in the state and are liable for fines.3
Getting Workers’ Compensation Insurance in Maryland
EMPLOYERS is America’s Workers’ Comp Specialist®, and it provides Maryland-based businesses with workers’ compensation insurance that is cost-effective and affordable. The value added services that EMPLOYERS offers its policyholders include Loss Control Services, Anti-Fraud Programs, and Managed Care Services.
Workmans’ Comp Coverage You Need
Interested in learning more about how EMPLOYERS can help your Maryland business? Request a quote for workers’ compensation insurance from EMPLOYERS!
Thousands of small businesses trust EMPLOYERS for providing cost-effective workers’ compensation insurance for over a century. With our competitive pricing, financial stability and dependability, claims service, safety training and risk advisory programs, EMPLOYERS remains focused on keeping America’s small businesses not only working, but working safely.
1. Maryland Department of Business & Economic Development. http://commerce.maryland.gov/about
2. Maryland Workers’ Compensation Commission FAQs for Employees. https://www.wcc.state.md.us/Gen_Info/FAQ_Employees.html
3. Maryland Workers’ Compensation Commission FAQs for Employers. https://www.wcc.state.md.us/Gen_Info/FAQ_Employees.html