July 1, 2019
The short answer is yes. You always need workers’ comp insurance for your business. While the specific plan you might get and exact benefits under workers’ comp insurance are likely to be different in different lines of work, you’ll need some type of business insurance in Maryland.
This post will help you understand the ins and outs of workers’ comp insurance in Maryland and give you the need-to-know to make sure your business and employees are appropriately covered.
Workers’ Comp and Maryland Law
Workers’ compensation—or worker’s comp—is a type of insurance that provides benefits to employees who are accidentally injured while working on the job. The specifics of each policy and what types of injuries are covered can change, so both employers and employees should take the time to understand what is covered and how they may receive payouts for things like medical bills.
Maryland law dictates that businesses which operate within the state that have one or more employees must carry workers’ compensation insurance. An official notice of this policy must also be visibly posted at the place of work. Accidents should be reported to employers as immediately as possible so as to not adversely affect your claim.
Deciding What You Need in a Policy
Each industry is different and each company within an industry can be different from the next, so there’s no catch-all policy for every employer to buy into. Rather, it’s important to understand the nature of your work and carefully determine what you need in a policy to best protect your business and your employees.
To do this, consider the risks associated with the types of jobs you employ people to do, calculate the amount and type of coverage this may lead to, and understand the safety of your employees. With this information in hand, you’ll be able to begin looking for policies that will fit your needs.
What to Look for in a Workers’ Comp Policy
True to all insurance policies, different workers’ comp policies come with different benefits and expenses. We’ve compiled a short list of things that we think you should look for in a workers’ comp policy.
- Employee safety and health training
- Industry-specific training and coverage
- Dividend plans
- 24-hour injury reporting hotline
- Fraud detection and prevention
- Early return-to-work program
Ensure Insurance with American Heritage
American Heritage Insurance Agency understands business insurance in Maryland and can help you select the right plan for your business and your employees to keep everyone and everything safe. American Heritage is here to help you every step of the way to get the best coverage for the best price, all while understanding the oddities and specifics of whatever industry you operate in. Contact us today to begin talking about workers’ comp business insurance in Maryland.