Maryland Workers Compensation Market Healthy According to Study
Employers in Maryland can look forward to decreased workers compensation insurance premiums as well as more insurance provider choices, according to an in-state study. Compared to workers comp insurance trends that were apparent through 2015, the tides have turned in favor of employers looking to secure better coverage terms for their employees. While approximately 10 workers compensation insurance providers dominate more than 60 percent of the market in Maryland, nearly 100 different companies offer workers comp coverage in the state. These facts combined make Maryland home to a highly competitive workers compensation insurance market, which may lead to a positive shift for other markets in the region. Workers compensation lawyers NJ will be following market trends closely to better gauge future changes.
Smaller Workers Compensation Insurance Companies Looking to Expand Their Reach
Lesser known insurance providers will be boosting their outreach efforts to employers in Maryland in an effort to gain a larger share of the market. Since it is already apparent that employers in Maryland are most interested in paying lower premiums while gaining better benefits on behalf of their workers, insurance providers have to be certain that their rates are in line with those of their competitors. Eventually, workers comp insurance companies will reach a point in which they are no longer able to offer the lowest premiums in the market, and they will have to focus on increased member benefits. It is likely that insurers in the Maryland workers compensation market will increasingly reach out to large-scale employers personally in an effort to win them over.
Lower Maryland Workers Comp Premium Gives Employers the Advantage
While the workers compensation insurance market in Maryland is competitive among providers, policyholders have all the advantage. Maryland employers have little reason to fear increased premiums, and they have so many insurance companies to choose from that they can easily change providers if they ever become dissatisfied. Overall, the market is ensuring that employers get affordable coverage that can lead to further growth down the line. As legislation in Maryland is slated to change in 2016, more employers are expected to purchase additional coverage for workers. Ultimately, the strength of the workers comp insurance market in Maryland will better allow employers to absorb costs associated with providing coverage for additional employees.
Maryland Workers Compensation Trends and Their Impact Regionally
When comparing the state of the workers compensation market in Maryland to states like New Jersey, trends are likely to catch on across state lines. Although market statistics for the current year are not yet available for NJ, it appears that their market has not faired as well as others nearby. If more workers compensation insurance providers with a solid standing in Maryland decide to branch out, employees and employers alike in other states may soon benefit from a turnaround in their local marketplaces. The more insurance providers there are available in a market, the better premiums rates and coverage benefits tend to be.
At present, Maryland employers have some of the best workers compensation plans available to them in the US. The setting is attractive enough that more insurance providers continue to extend coverage in the Maryland area. The market in Maryland is big enough to encourage friendly competition without resulting in companies being driven out.
