What Is Workers’ Compensation Insurance?
Workers Compensation is an insurance program established by the State that requires employers with one or more employees to provide accidental injury coverage to their employees. Workers compensation covers an employee’s medical expenses, hospital bills and a partial income replacement, when the employee has an accidental injury that arose out of the course of employment. However, compensation is not unlimited; there are limits that are established by the Official Maryland Workers’ Compensation Medical Fee Guide.
Comp Insurance Resources
MDCompLaw provides information about workers’ compensation insurance from a potential claimants point of view. Workers’ compensation insurers in Maryland include IWIF, which is potentially going to be called Chesapeake Employers’ Insurance Co., as well as a host of other private insurance providers. Many employers self insure. We don’t provide resources about where to get a policy, who must have a policy, and other employer related topics. From an employers standpoint, Semmes or Franklin and Prokopik are good workers’ comp defense firms. There are many excellent Maryland insurance brokers who can get you comp coverage as an employer.
Have you Been Injured? Try these resources below…
Many people think IWIF is workers’ compensation in Maryland. IWIF (Injured Workers’ Insurance Fund) is an important part of the MD workers’ comp picture, but not the whole picture by a long shot. IWIF is the largest single insurer in MD. But the company only makes up 20% of the market. In 2009, IWIF had [...]
IWIF – The Injured Workers’ Insurance Fund – is the largest workers’ compensation insurer in the State of Maryland. IWIF, according to statute, is the “insurer of last resort.” They have to insure businesses who aren’t otherwise insurable. It is subsidized, to some degree, by the State of Maryland because of its status. Before 1990, [...]
Update: On May 22, 2012: Chesapeake Emploers’ Insurance Company will formally begin in October of 2013. IWIF is now (soon to be) Chesapeake Employers’ Insurance Co. Most employers, many employees, and all workers’ comp lawyers in Maryland know IWIF. The leading workers’ compensation insurance company, IWIF insures almost a quarter of all insured MD workers. [...]
Who Insures Them? Many large employers in Maryland self-insurance. That said, many large insurers still purchase outside insurance. Much depends on who they are, how big the employers is, how many employees, and whether or not the employer is headquartered in Maryland. Third-Party Administrators Some large employers use third-party admins or TPA’s to handle their [...]
RCM&D is an insurance firm that was established in Baltimore, Maryland. The company works with employers in workers’ compensation, among other insurance categories, to decrease the amount the employer pays out in claims. For example, RCMD’s website (in July 2012) says, “our claims and risk control professionals work with clients to manage the program and [...]