For human resources professionals, choosing MEMIC is the best way to tell employees that you care. Workers’ compensation, after all, is the foundation of every benefit plan. But why choose MEMIC over others in the industry?
The MEMIC Group was named the 2018 “top workers’ compensation insurance company in America” by ACORD. MEMIC is licensed in 46 states and has offices from Maine to Florida serving more than 20,000 employers and their estimated 300,000 employees.
MEMIC is a different kind of company. Its mission is to advance workplace safety, fair treatment of all workers and a strong economy. In the quest to help employers and employees avoid injuries on the job, MEMIC often describes itself as a safety company that sells insurance.
MEMIC was founded as the cornerstone to fix Maine’s once-failing workers’ compensation insurance system and today, it’s a very different story.
But what does that success look like today?
- The number of lost time injuries have been cut by nearly a third
- The cost of workers’ compensation insurance in Maine has been reduced by nearly 60% since 1993
- MEMIC has distributed more than $285 million back to policyholders in dividends including the return of start-up capital
- In 2019, MEMIC returned a record-tying $22 million dividend to policyholders, money that went back into Maine’s economy right where it belongs
- Since 1993, MEMIC has paid more than $2.3 billion dollars for medical and rehabilitation services as well as replacement wages for lost time injuries
In addition, MEMIC offers Maine policyholders Employment Practices Liability Insurance as an endorsement to our workers’ compensation policy. This is just one more way MEMIC protects their employers by living up to MEMIC’s mission.
For employers that currently are self-insured, MEMIC offers a smooth transition to get them out of the insurance business and to free up their balance sheet liabilities. Employers also can qualify for dividends when they occur. Self-insured and group self-insured employers should talk to their independent agent to discuss becoming a MEMIC customer