Maine Employers' Mutual Insurance Co (MEMIC) (2024)

Maine's largest and leading workers' compensation insurer (rated A Excellent by A.M. Best) with products that include safety training, claims management services, flexible credit programs and an EPLI option.

Member Since: 1993

Maine Employers' Mutual Insurance Co (MEMIC) (2024)

FAQs

What is the rating of Memic insurance? ›

After a careful review of the companies, A.M. Best affirmed it's 'A' (Excellent) rating for Maine Employers' Mutual Insurance Company (MEMIC) and for The MEMIC Group while subsidiary MEMIC Indemnity Company had its 'A-' (Excellent) rating affirmed.

What kind of insurance is memic? ›

MEMIC - Workers' Compensation Insurance - Portland, Maine.

Do I need workers comp insurance in Maine? ›

The law requires almost all public and private employers to have workers' compensation coverage. The law defines employers as “private employers, the State, counties, cities, towns, water districts, other quasi‐public corporations, municipal school committees, and design professionals.”

What are the benefits of workers comp in Maine? ›

These benefits include: x Weekly compensation for lost time from work because of an injury. x Payment of medical bills, prescriptions, and related costs. x Payment for the loss of a specific body part.

Who is the most trusted insurance company? ›

Here are the best car insurance companies of 2024:

Travelers: Best insurance company overall. American Family: Best for affordability. Geico: Best for accident forgiveness. NJM: Best for having few customer complaints.

What are the top 5 insurance rating agencies? ›

Five independent agencies—A.M. Best, Fitch, Kroll Bond Rating Agency (KBRA), Moody's and Standard & Poor's—rate the financial strength of insurance companies. Each has its own rating scale, its own rating standards, its own population of rated companies, and its own distribution of companies across its scale.

Who qualifies for meemic insurance? ›

Teachers, Educators & Staff

Meemic Membership extends beyond teachers to include all educational employees, such as: Superintendents, Principals, Teacher's Aides, and Substitute Teachers. Administrators, School Secretaries, and Counselors. Custodians, Cafeteria Workers, and School Nurses.

How many employees does Memic have? ›

The MEMIC Group employs over 500 people. Rated “A” (Excellent) by A.M. Best, The MEMIC Group insures and serves more than 20,000 employers and their estimated 300,000 employees with dedicated safety and injury management service teams.

What are the core values of Memic? ›

The mission of The MEMIC Group is to make workers' comp work better with compassion, trusted partnerships, and relentless commitment to workforce safety. Safety has been our hallmark since day one.

How much does workers' comp cost in Maine? ›

The average cost of workers' compensation in Maine is $67 per month. Your workers' comp premium is calculated based on a few factors, including: Payroll.

How is workers' comp calculated in Maine? ›

Workers' comp is calculated in Maine using two important factors - your type of industry and your annual employee payroll. The process is straightforward: your business's annual payroll is divided by 100 and then multiplied by the workers' comp rate specific to your industry.

What is the waiting period for workers comp in Maine? ›

There is a 7-day "waiting period" before lost wages must be paid by Workers' Compensation. This means that an employee injured in the course of his/her work who is ordered out of work by a physician must use accrued sick and/or vacation time for the first seven days of absence.

What is memic? ›

Maine Employers' Mutual Insurance Company (MEMIC) is a private mutual insurance company celebrating its 30th anniversary in 2023.

What does workers comp pay in Massachusetts? ›

Your benefits will be 60% of your gross average weekly wage. To determine your benefits: find your actual gross earnings, including overtime, bonuses, etc. divide this number by the number of weeks you worked at your job to compute your average weekly wage.

Which federal act provides benefits to injured civilians? ›

The Federal Employees' Compensation Act (FECA) provides compensation benefits to civilian employees for disability due to personal injury or disease sustained while in the performance of duty.

How do I check the rating of an insurance company? ›

How to check an insurer's financial strength
  1. A.M. Best Company.
  2. Demotech.
  3. Fitch Ratings.
  4. Moody's Investor Service.
  5. Standard and Poor's Corporation.

What are the four main insurance rating companies? ›

Moody's, A.M. Best, Fitch, and Standard & Poor's are the best-known ratings agencies (all except A.M. Best also provide corporate credit ratings for investors). Each agency has its own rating scale that doesn't necessarily equate to another company's rating scale, even when the ratings appear similar.

What is a good insurance rating? ›

Scores above 700 are considered good, and anything above 800 is considered exceptional (and of little risk for the company).

What is the strongest insurance brand in the world? ›

Life Insurance Corporation of India (LIC) is termed as the strongest insurance brand with a steady brand value of $9.8 billion, a brand strength index score of 88.3, and an associated AAA brand strength rating, notes a report by Brand Finance Insurance 100 2024.

Top Articles
Latest Posts
Recommended Articles
Article information

Author: Eusebia Nader

Last Updated:

Views: 5585

Rating: 5 / 5 (60 voted)

Reviews: 83% of readers found this page helpful

Author information

Name: Eusebia Nader

Birthday: 1994-11-11

Address: Apt. 721 977 Ebert Meadows, Jereville, GA 73618-6603

Phone: +2316203969400

Job: International Farming Consultant

Hobby: Reading, Photography, Shooting, Singing, Magic, Kayaking, Mushroom hunting

Introduction: My name is Eusebia Nader, I am a encouraging, brainy, lively, nice, famous, healthy, clever person who loves writing and wants to share my knowledge and understanding with you.