For human resource professionals, the choice of MEMIC is the best way to tell employees that you care. Workers’ compensation, after all, is the foundation of every benefit plan. But why MEMIC?
The MEMIC Group was named the 2018 “top workers’ compensation insurance company in the U.S.” by ACORD. We are licensed in 46 states and have 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 our quest to help both employers and employees avoid injuries on the job, we often describe ourselves as a safety company that sells insurance.
MEMIC was founded as the lynchpin to fix Maine’s once-failing workers’ compensation insurance system and today, it’s a very different story.
This year, MEMIC celebrates 26 years of success but what does that look like?
- The number of lost time injuries has 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 $243 million back to policyholders in dividends including the return of start-up capital
- In 2018, MEMIC returned a record $22 million dividend to policyholders, money that went back into Maine’s economy right where it belongs
- Last year, MEMIC’s loss control specialists travelled the equivalent of a trip to the moon and back to train people to work safely and remove hazards from the workplace
- 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. It is just one more way we protect employers in their organizations’ mission.
For employers that currently are self-insured, MEMIC offers a smooth transition to get them out of the insurance business and 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.
For more information about MEMIC, go to www.memic.com.