Do I Need to Carry Workers Compensation with My Maine Business Insurance?

Are you about to hire your first employee for your small business in Maine? Businesses in the state employing one or more workers are required to purchase workers compensation insurance in addition to any other Maine business insurance coverage they may carry.

Workers compensation protects you as a business owner from the potential cost involved in compensating employees for work-related injuries and illnesses. Workers compensation typically pays an employee’s medical expenses, lost wages and rehabilitation costs. A business that does not have this insurance may be liable for the employee’s expenses, in addition to being penalized for non-compliance with workers compensation laws. When you first start paying for workers compensation insurance the premiums are based on your payroll and industry.

Carrying workers compensation insurance as part of your Maine business insurance plan provides financial protection from the risk of workplace injury, but it is important to take steps to minimize workplace risks and reduce the chance of a worker being injured. Developing a safety policy, implementing documented safety procedures, and ensuring employees receive adequate training and supervision are all important when it comes to reducing the risk of employee injury. Others elements of your plan should include a system for reporting ‘near misses’ and injuries, and a means of ensuring that safety guidelines are consistently followed. With Cheney Insurance, you can get the coverage you need with our agency’s help. Contact us today for more information!

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