FACT: The first workers' compensation insurance organization, the Maryland State Accident Fund, was created in 1914 ensuring workers' compensation coverage for all Maryland-based businesses. In 2014 we will celebrate 100 years of service under our new name, Chesapeake Employers' Insurance Company.
FACT: In 1988, we became an independent state agency.
FACT: The company was converted to Chesapeake Employers' Insurance Company in 2013.
FACT: We are the leading writer of workers' compensation insurance in Maryland.
FACT: In 2000, Chesapeake Employers began the process to become a member of the Property and Casualty Guaranty Fund and to be examined by the Maryland Insurance Commissioner for financial solvency.
FACT: In 2006, Chesapeake Employers completed the process of meeting the minimum statutory requirements under Risk Based Capital (RBC) standards established by the National Association of Insurance Commissioners (NAIC).
FACT: We are a fully regulated insurer and are subject to the same financial and market standards as other insurance carriers.
FACT: Chesapeake Employers operates as a not-for-profit insurer offering workers' compensation insurance as close to actual cost as possible. Any profits are returned to policyholders through the rate-making process. There are no underwriting profit incentives, other than to ensure Chesapeake Employers remains financially sound.
FACT: We are led by a nine-member Board of Directors appointed by the Governor of Maryland.
FACT: We are a self-supporting insurance organization and operate solely on premium and investment income. No taxpayer dollars or assessments fund Chesapeake Employers.
FACT: Our total assets are $2 billion.
FACT: In 2013, Chesapeake Employers received its first A.M. Best financial strength rating of A- (Excellent).
FACT: Approximately 410 professionals are employed with Chesapeake Employers.
FACT: We pioneered the creation of in-house fraud and special investigation units in Maryland.
FACT: Chesapeake Employers markets workers' compensation insurance directly to business owners and through the offices of approximately 1,400 independent agents.
FACT: We are a stabilizing influence on Maryland's overall favorable ranking for the cost of workers' compensation insurance. Nationally, Maryland has the 10th lowest overall workers' comp premium rates. (Source: NCCI 2010 National Council on Compensation Insurance)
FACT: From its beginning, Chesapeake Employers has operated as a guaranteed market/insurer providing workers' compensation insurance to all who apply, regardless of the company's size or past claim experience.
FACT: Chesapeake Employers supports Maryland's small businesses. Many private carriers will not write coverage for a brand new start-up business. They often require a three-year loss history for new customers. This is another part of our mission, to be there for the entrepreneurial small business owners that have just opened their doors for business.
FACT: We are small business friendly by providing a safety discount. One reason we are so attractive to small businesses is our service of providing a loss experience modification (e-mod) discount credit for good loss experience to policyholders paying as little as $3,000 in premium over three years. Private insurance carriers normally reserve this discount benefit for larger businesses only.
FACT: We are a leader in helping Maryland become a safer place to work. For the past six years, there continues to be an encouraging decline in Maryland workplace injuries, workers' compensation claims and fatalities. Our advertising, free seminars, training consultations, website, publications and Safety Management Professionals have helped promote the benefits of a safe workplace.
FACT: Chesapeake Employers currently helps care for more than 23,000 Maryland injured workers with payment for their medical treatment, indemnity (lost time) payments or both.Rev. 2016