Maryland employers are required to provide workers' compensation coverage for their employees. Workers' compensation may be provided by the employer in one of three ways:
· Insure with any company authorized to provide coverage in Maryland;
· Insure with the Chesapeake Employers' Insurance Company; or
· Self-insure - this entails furnishing the Workers' Compensation Commission with proof of the financial ability to pay compensation, plus furnishing the required bond, excess insurance and a safety plan.
Chesapeake Employers' Insurance Company Rates (As of January 1, 2013)
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* Discounted "preferred tier" rates are available for businesses meeting certain criteria. Rates earned in other states by companies relocating to Maryland are not transferable when insurance is to be carried with the IWIF. Private insurance companies, however, permit the transfer of ratings earned in other states.
Source: Chesapeake Employers' Insurance Company.