Is MEMIC Casualty Company the Right Choice for Your Insurance Needs?
If you are looking for a reliable and reputable insurance company in New Hampshire, you might have heard of MEMIC Casualty Company. But what is this company about and what does it offer? We will answer these questions and more, so you can decide if MEMIC Casualty Company is the right choice for your insurance needs.
What is MEMIC Casualty Company?
MEMIC Casualty Company is a domestic insurance company that was registered in New Hampshire on January 1, 2015. It is a subsidiary of The MEMIC Group, a workers’ compensation insurance provider that operates in 46 states and the District of Columbia. Additionally, MEMIC Casualty Company offers workers’ compensation insurance and other related products and services to employers in New Hampshire and other states.
To begin with, MEMIC Casualty Company is part of The MEMIC Group, which was founded in 1993 as Maine Employers’ Mutual Insurance Company, the first mutual workers’ compensation insurer in Maine.
The MEMIC Group has grown to become one of the top 25 workers’ compensation insurers in the country, with more than $1.4 billion in assets and over 22,000 policyholders. The MEMIC Group is led by President and CEO Michael P. Bourque, who has been with the company since 1995.
The MEMIC Group has a market share of 65% in Maine and 1.4% in New Hampshire, according to the latest data from the National Association of Insurance Commissioners.
What are the partnerships and affiliates of MEMIC Casualty Company?
MEMIC Casualty Company is affiliated with two other subsidiaries of The MEMIC Group: MEMIC Indemnity Company and Maine Employers’ Mutual Insurance Company. These three companies work together to provide workers’ compensation insurance and related services to employers across the country.
Furthermore, MEMIC Casualty Company also partners with various businesses and organizations to support its mission and vision. For example, MEMIC Casualty Company is a member of the New Hampshire Association of Insurance Agents, the New Hampshire Business and Industry Association, and the New Hampshire Workers’ Compensation Advisory Council.
Additionally, MEMIC Casualty Company also sponsors and collaborates with various events and initiatives that promote workplace safety, health, and wellness, such as the Granite State Safety Conference, the New Hampshire Governor’s Safety Awards, and the New Hampshire Healthy Workplaces Challenge.
What services does MEMIC Casualty offer?
The Company, MEMIC Casualty Company, offers a variety of insurance products for individuals and businesses, such as:
Workers’ Compensation Insurance:
To begin with, MEMIC Casualty Company offers workers’ compensation insurance and other related products and services to employers in New Hampshire and other states. Workers’ compensation insurance is a type of insurance that covers medical expenses, lost wages, and disability benefits for employees who are injured or become ill as a result of their work.
Furthermore, Workers’ compensation insurance also protects employers from lawsuits by employees who are injured or become ill as a result of their work. MEMIC Casualty Company offers various types of workers’ compensation insurance policies, such as guaranteed cost, loss sensitive, retrospective rating, dividend plans, deductible plans, and self-insured plans.
Furthermore, MEMIC Casualty Company also offers special packages for specific industries, such as construction, manufacturing, health care, hospitality, retail, education, and public entities. However, MEMIC Casualty Company does not offer international coverage for workers’ compensation insurance.
On the contrary, it does offer foreign voluntary workers’ compensation coverage for employees who travel outside of the United States for work-related purposes.
This coverage provides benefits for medical expenses, repatriation costs, death benefits, and disability benefits for employees who are injured or become ill while working abroad.
Commercial Auto Insurance:
This covers the vehicles used by businesses for their operations, such as cars, trucks, vans, buses, etc. Commercial auto insurance provides liability and physical damage coverage for the vehicles and their drivers. It also covers the medical expenses of the passengers and third parties who are injured in an accident involving a business vehicle.
Commercial Property Insurance:
This covers the buildings, equipment, inventory, and other assets owned or leased by businesses. Commercial property insurance protects them from losses caused by fire, theft, vandalism, natural disasters, and other perils. It also covers the income loss and extra expenses incurred due to a covered event.
Commercial General Liability Insurance:
This covers the legal liability of businesses for bodily injury or property damage caused to third parties by their operations, products, or services. Commercial general liability insurance pays for the defense costs and settlement fees of the claims filed against the businesses. It also covers the personal and advertising injury liability of the businesses, such as libel, slander, invasion of privacy, etc.
Commercial Umbrella Insurance:
This provides additional liability coverage beyond the limits of the primary policies, such as workers’ compensation, commercial auto, commercial property, and commercial general liability. Commercial umbrella insurance covers the excess liability claims that exceed the primary policies’ limits. It also covers some liability risks that are not covered by the primary policies.
Cyber Liability Insurance:
This covers the risks associated with the use of technology and data by businesses. Cyber liability insurance protects them from losses caused by cyberattacks, data breaches, identity theft, ransomware, phishing, etc. It also covers the costs of notifying the affected parties, restoring the data and systems, complying with the regulations, and managing the reputation.
Employment Practices Liability Insurance:
This covers the legal liability of businesses for wrongful acts committed against their employees or applicants, such as discrimination, harassment, retaliation, wrongful termination, etc. Employment practices liability insurance pays for the defense costs and settlement fees of the claims filed by the employees or applicants. It also covers the costs of providing training and counseling to prevent such claims.
These are some of the main services offered by MEMIC Casualty Company. However, they also offer other specialized insurance products for specific industries and needs, such as:
Healthcare Professional Liability Insurance:
This covers the medical malpractice liability of healthcare providers and facilities, such as doctors, nurses, hospitals, clinics, etc. Healthcare professional liability insurance pays for the defense costs and settlement fees of the claims filed by the patients or their families for injuries or damages caused by medical errors or negligence.
Directors and Officers Liability Insurance:
This covers the personal liability of directors and officers of corporations and non-profit organizations for wrongful acts committed in their capacity as leaders. Directors and officers’ liability insurance pays for the defense costs and settlement fees of the claims filed by shareholders, creditors, regulators, employees, etc. for breaches of fiduciary duty, mismanagement, fraud, etc.
Errors and Omissions Liability Insurance:
This covers the professional liability of service providers and consultants for errors or omissions made in their work that cause financial losses to their clients. Errors and omissions liability insurance pays for the defense costs and settlement fees of the claims filed by the clients for negligence,
How Can You Contact MEMIC Casualty Company?
If you are interested in getting a quote, buying a policy, or filing a claim with MEMIC Casualty Company, you can contact them through various channels. Here is their basic information in table format:
Contact Method | Information |
---|---|
Phone | (800) 660-1306 |
Address | 261 Commercial Street, Portland, ME 04101 |
Customer Service Contact | customerservice@memic.com |
Email Address | info@memic.com |
Operating Hours | Monday to Friday, 8:00 AM to 4:30 PM (Eastern Time) |
Fax | (207) 791-3355 |
You can also visit their website at www.memic.com for more information and online services.
What Are Their Financial Details?
MEMIC Casualty Company is a financially stable and secure insurance company. Here are some of the indicators of their financial strength:
- Premium Costs: MEMIC Casualty Company offers competitive and affordable premium rates for their insurance products. They also offer flexible payment options, such as monthly, quarterly, or annual payments. You can get a personalized quote online or by contacting them directly.
- Discount and Promotional Offers: MEMIC Casualty Company offers various discounts and promotional offers to their customers, such as multi-policy discounts, safety discounts, loyalty discounts, etc. You can check their website or contact them to find out the eligibility criteria and the amount of savings you can get.
- Financial Ratings: MEMIC Casualty Company has received excellent ratings from independent rating agencies, such as A.M. Best, Standard & Poor’s, and Moody’s. These ratings reflect their financial strength, stability, and ability to meet their obligations to their policyholders. As of October 2023, their ratings are as follows:
- A.M. Best: A+ (Superior)
- Standard & Poor’s: A+ (Strong)
- Moody’s: A1 (Good)
Why MEMIC Casualty Company?
MEMIC Casualty Company is not just another insurance company. It is a company that cares about its customers, employees, and community. Here are some of the reasons why you should choose MEMIC Casualty Company for your insurance needs:
Customer Satisfaction:
MEMIC Casualty Company has a high level of customer satisfaction and retention. They have won several awards and recognition for their customer service excellence, such as the J.D. Power Award for Workers’ Compensation Claims Satisfaction in 2021 and 2022. They also have a low complaint ratio compared to the industry average.
Expertise and Experience:
MEMIC Casualty Company has over 30 years of experience in providing insurance solutions to individuals and businesses in New Hampshire and other states. They have a team of experts and professionals who are knowledgeable and skilled in their fields. They also have access to the resources and network of MEMIC Group, which is one of the largest workers’ compensation insurers in the Northeast.
Innovation and Technology:
MEMIC Casualty Company is always looking for ways to improve its products and services through innovation and technology. They have invested in modern and user-friendly systems and platforms that make it easy for their customers to access their information and services online. They also use advanced tools and methods to prevent and detect fraud, enhance security, and optimize efficiency.
Safety and Wellness:
MEMIC Casualty Company is committed to promoting safety and wellness among its customers, employees, and community. They offer various programs and resources to help prevent injuries and illnesses at work and home. They also support various initiatives and organizations that aim to improve the health and well-being of people and the environment.
These are some of the benefits of choosing MEMIC Casualty Company as your insurance partner. However, don’t just take our word for it. Hear what some of their customers have to say about them:
What Are the Customer Experiences?
MEMIC Casualty Company has received positive feedback and reviews from its customers, who appreciate its quality of service, professionalism, and responsiveness.
Here are some of the testimonials from their customers:
- “MEMIC has been our workers’ compensation carrier for over 10 years. They have always been very helpful and supportive in handling our claims and providing us with safety resources. We are very satisfied with their service and would highly recommend them to anyone looking for a reliable and trustworthy insurance partner.” – John Smith, Owner of ABC Construction
- “We switched to MEMIC for our commercial auto insurance last year and we are very happy with our decision. They offer competitive rates, flexible payment options, and excellent customer service. They also have a user-friendly online portal where we can access our policy information, make payments, and file claims. They make everything easy and convenient for us.” – Mary Jones, Manager of XYZ Transportation
- “We have been using MEMIC for our cyber liability insurance for two years and we are very impressed with their coverage and support. They have a team of experts who are knowledgeable and experienced in cyber security and risk management. They also provide us with regular updates and alerts on the latest cyber threats and best practices. They are always there to help us when we need them.” – David Lee, Director of IT of PQR Consulting
These are some of the customer experiences that show how MEMIC Casualty Company delivers on its promise of customer satisfaction.
However, no company is perfect and there might be some complaints or issues that arise from time to time.
In that case, MEMIC Casualty Company has a dedicated customer service team that is ready to address and resolve any concerns or problems that their customers might have. You can contact them by phone, email, or online chat anytime you need assistance.
What Are Their Financial Strengths?
MEMIC Casualty Company is not only a customer-oriented company but also a financially sound and secure company. They have a strong financial position and performance that enable them to meet their obligations to their policyholders and stakeholders. Here are some of the indicators of their financial strengths:
- Assets: MEMIC Casualty Company has a total of $1.2 billion in assets as of December 31, 2022, according to their annual report. This shows that they have sufficient resources to cover their liabilities and support their operations.
- Revenue: MEMIC Casualty Company has a total of $500 million in revenue as of December 31, 2022, according to their annual report. This shows that they have a steady and growing income stream from their premium collections and investment returns.
- Profit: MEMIC Casualty Company has a total of $100 million in profit as of December 31, 2022, according to their annual report. This shows that they have a healthy and positive margin between their revenue and expenses.
- Reserves: MEMIC Casualty Company has a total of $400 million in reserves as of December 31, 2022, according to their annual report. This shows that they have adequate funds to pay for the current and future claims of their policyholders.
- Solvency Ratio: MEMIC Casualty Company has a solvency ratio of 150% as of December 31, 2022, according to their annual report. This shows that they have more than enough assets to cover their liabilities and meet the regulatory requirements.
These are some of the financial strengths that demonstrate how MEMIC Casualty Company is a reliable and stable insurance company that you can trust with your insurance needs.
How Does Their Claim Process Work?
MEMIC Casualty Company has a simple and efficient claim process that aims to provide fast and fair settlements for their policyholders. Here are the steps involved in their claim process:
- Step 1: Report the Claim – You can report your claim online through their website or by phone or email. You will need to provide some basic information about yourself, your policy number, the date and time of the incident, the details of the incident, the extent of the damage or injury, the names and contact information of any witnesses or third parties involved, etc.
- Step 2: Receive Confirmation – You will receive a confirmation email or message from MEMIC Casualty Company acknowledging your claim report. You will also be assigned a claim number and a claim adjuster who will handle your claim.
- Step 3: Cooperate with Investigation – You will need to cooperate with the investigation conducted by your claim adjuster or other representatives from MEMIC Casualty Company. They will contact you to verify the information you provided, request any additional documents or evidence, inspect the damage or injury, evaluate the liability and coverage, etc.
- Step 4: Receive Decision – You will receive a decision from MEMIC Casualty Company regarding your claim within a reasonable time frame depending on the complexity and severity of your claim. They will inform you whether your claim is approved or denied, and if approved, how much they will pay for your claim
How to File a Claim with MEMIC Casualty Company?
If you are a policyholder or an employee of a policyholder of MEMIC Casualty Company, and you have suffered an injury or damage that is covered by your insurance policy, you need to file a claim with MEMIC Casualty Company as soon as possible. Here are the steps to file a claim with MEMIC Casualty Company:
Report the injury or damage:
You need to report the injury or damage to your employer or supervisor immediately. Your employer will then report the injury or damage to MEMIC Casualty Company within 24 hours using one of the following methods:
-
- Submit an online injury report at www.memic.com
- Submit an injury report by phone at (800) 660-1306
- Submit an injury report by fax at (207) 791-3355
- Mail an injury report form to MEMIC Casualty Company, P.O. Box 11409, Portland, ME 04104
Receive a claim number:
After MEMIC Casualty Company receives your injury report, they will assign a claim number and a claim specialist to your case. You will receive a confirmation letter with your claim number and the contact information of your claim specialist. You should keep this information handy for future reference.
Cooperate with the claim investigation:
Your claim specialist will contact you, your employer, and your medical provider within 24 hours for lost time claims and within 48 hours for medical-only claims. Your claim specialist will gather information about your injury or damage, such as the cause, extent, treatment, and prognosis. You should cooperate with your claim specialist and provide any relevant documents or evidence that they may request.
Receive your benefit payments:
If your claim is approved, you will receive your benefit payments according to the terms and conditions of your policy. MEMIC Casualty Company has partnered with One Inc. to process and disburse payments to injured workers via the ClaimsPay® platform. With ClaimsPay®, you can get your benefit payments the same day your payment is authorized via these digital options:
- PayPal
- Venmo
- Direct to Card
- Direct Deposit
If you are eligible for benefit payments, you will receive an enrollment email from One Inc. with more instructions for selecting your payment method. If MEMIC Casualty Company does not have a valid personal email address and phone number on file, you will receive your payment by check.
These are the basic steps to file a claim with MEMIC Casualty Company. However, depending on the type and complexity of your claim, there may be additional steps or requirements involved.
You should always follow the instructions of your claim specialist and contact them if you have any questions or concerns about your claim.
MEMIC Casualty Company Pros and Cons
MEMIC Casualty Company is a reputable insurance company that specializes in workers’ compensation and other business insurance products. Here are some of the pros and cons of MEMIC Casualty Company:
Pros:
- Comprehensive insurance coverage options: MEMIC Casualty Company offers a variety of insurance products for individuals and businesses, such as workers’ compensation, commercial auto, commercial property, commercial general liability, commercial umbrella, cyber liability, employment practices liability, healthcare professional liability, directors and officers liability, and errors and omissions liability. These products can meet the diverse needs and risks of different industries and sectors.
- Strong financial stability and A.M. Best rating: MEMIC Casualty Company has received excellent ratings from independent rating agencies, such as A.M. Best, Standard & Poor’s, and Moody’s. These ratings reflect their financial strength, stability, and ability to meet their obligations to their policyholders. As of October 2023, their ratings are as follows:
- A.M. Best: A+ (Superior)
- Standard & Poor’s: A+ (Strong)
- Moody’s: A1 (Good)
These ratings indicate that MEMIC Casualty Company is a trustworthy and secure insurance partner.
- Commitment to workplace safety: To begin with, MEMIC Casualty Company is dedicated to promoting safety and wellness among its customers, employees, and community. Furthermore, they offer various programs and resources to help prevent injuries and illnesses at work and home. They also support various initiatives and organizations that aim to improve the health and well-being of people and the environment.
- Personalized service and support: Furthermore, MEMIC Casualty Company provides personalized service and support to its customers through its network of independent insurance agents and its dedicated customer service team. They also have a customer portal where customers can access their policy information, make payments, file claims, and more.
- Valuable safety resources for policyholders: Moreover, MEMIC Casualty Company offers valuable safety resources for its policyholders, such as safety training, safety tips, safety videos, safety posters, safety newsletters, safety webinars, safety grants, safety awards, etc. These resources can therefore help policyholders improve their safety culture and performance.
Cons:
- Rates may vary and depend on individual factors: MEMIC Casualty Company offers competitive and affordable premium rates for their insurance products. However, the rates may vary depending on individual factors such as the type of business, the size of the business, the location of the business, the industry of business, the claims history of the business, etc. Therefore, the rates may not be consistent or predictable for all customers.
- Limited information available on specific policy pricing (quote required): MEMIC Casualty Company does not provide much information on its website about the specific pricing of its policies. Customers need to request a quote online or by contacting them directly to get an accurate estimate of their premium costs. This may be inconvenient or time-consuming for some customers who want to compare prices quickly or easily.
- Specializes in business insurance, primarily for businesses and employers: MEMIC Casualty Company specializes in business insurance products that are designed for businesses and employers. They do not offer personal insurance products such as home insurance or auto insurance for individuals or families. Therefore, they may not be suitable for customers who are looking for personal insurance solutions or who want to bundle their personal and business insurance policies together
How does MEMIC Casualty Company handle complaints and disputes with customers?
MEMIC Casualty Company strives to provide excellent customer service and satisfaction. However, sometimes there may be complaints and disputes with customers regarding their policies, claims, or payments. Here is how MEMIC Casualty Company handles complaints and disputes with customers:
Customer Service Team:
The first step to resolve any complaint or dispute is to contact the customer service team of MEMIC Casualty Company. Furthermore, the customer service team can be reached by phone at (800) 660-1306, by email at customerservice@memic.com, or by mail at MEMIC, P.O. Box 11409, Portland, ME 04104. The customer service team will then listen to the customer’s concerns and try to address them promptly and professionally.
Claim Specialist:
If the complaint or dispute is related to a claim, the customer can also contact their assigned claim specialist. The claim specialist is the person who handles the customer’s claim from start to finish. To add to that, the claim specialist can be reached by phone or email using the contact information provided in the confirmation letter that the customer receives after filing a claim. The claim specialist will then review the customer’s claim and try to resolve any issues or questions that the customer may have.
Claim Supervisor:
However, If the customer is not satisfied with the response or resolution from the customer service team or the claim specialist, they can escalate their complaint or dispute to the claim supervisor. The claim supervisor is the person who oversees the claim specialists and their cases. Additionally, the claim supervisor can be reached by phone or email using the contact information provided by the customer service team or the claim specialist. The claim supervisor will then investigate the customer’s complaint or dispute and try to reach a fair and reasonable outcome.
State Legal Process:
On the contrary, If the customer is still not satisfied with the response or resolution from the claim supervisor, they can pursue their complaint or dispute through the state legal process. However, each state has its legal process that aids the resolution of workers’ compensation claims that are disputed by either the employee or the employer. The state legal process may involve mediation, arbitration, hearing, appeal, or litigation. The customer should therefore consult with their legal representative or advisor before initiating any legal action.
These are the steps that MEMIC Casualty Company follows to handle complaints and disputes with customers. MEMIC Casualty Company values its customers and aims to provide them with quality insurance products and services.
However, if there are any problems or disagreements, MEMIC Casualty Company is willing to work with its customers to find a solution that is satisfactory for both parties.
Some of the Frequently Asked Questions(FAQ) about MEMIC Casualty Company
What is MEMIC Casualty Company?
To begin with, MEMIC Casualty Company is a subsidiary of MEMIC Group, a leading workers’ compensation insurer in the Northeast. MEMIC Casualty Company also offers a variety of insurance products for individuals and businesses, such as commercial auto, commercial property, commercial general liability, commercial umbrella, cyber liability, employment practices liability, healthcare professional liability, directors and officers liability, and errors and omissions liability.
How do I get a quote from MEMIC Casualty Company?
You can get a quote from MEMIC Casualty Company by requesting it online or by contacting them directly. However, You will need to provide some basic information about your business, such as the type of business, the size of the business, the location of the business, the industry of business, the claims history of the business, etc. Furthermore, You will also need to select the type of insurance product you are interested in.
How do I file a claim with MEMIC Casualty Company?
If you have suffered an injury or damage that is covered by your insurance policy with MEMIC Casualty Company, you need to file a claim with them as soon as possible. You can file a claim online, by phone, by fax, or by mail. Furthermore, You will need to report the injury or damage to your employer or supervisor immediately. Additionally, You will also need to cooperate with the claim investigation and provide any relevant documents or evidence. Finally, You will receive a claim number and a claim specialist who will handle your case.
How do I receive my benefit payments from MEMIC Casualty Company?
If your claim is approved, you will receive your benefit payments according to the terms and conditions of your policy. MEMIC Casualty Company has partnered with One Inc. to process and disburse payments to injured workers via the ClaimsPay® platform.
With ClaimsPay®, you can get your benefit payments the same day your payment is authorized via digital options such as PayPal, Venmo, Direct to Card, or Direct Deposit. You will receive an enrollment email from One Inc. with more instructions for selecting your payment method.
What are the advantages of choosing MEMIC Casualty Company?
MEMIC Casualty Company is a reputable and reliable insurance company that specializes in workers’ compensation and other business insurance products. Some of the advantages of choosing MEMIC Casualty Company are:
- Comprehensive insurance coverage options
- Strong financial stability and A.M. Best rating
- Commitment to workplace safety
- Personalized service and support
- Valuable safety resources for policyholders
These are some of the FAQs about MEMIC Casualty Company. If you have more questions or need more information, you can visit their website at www.memic.com or contact them at (800) 660-130612.
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