Workers’ Compensation Insurance
Workers’ compensation insurance, or simply workers’ comp, is not just a legal requirement in some states. It’s an investment in the safety and security of your employees. And without it, your business could face expensive lawsuits. Fortunately, you can safeguard your business by providing workers’ comp insurance to your employees.
Required by most states:
The precise rules vary from state to state, but the general rule is that your business must take out workers’ compensation insurance for employees who pay out if they are injured at work. This ensures that should an employee be injured on the job; they will be covered. In addition, retaining skilled and experienced employees is important for any type of business, so having the proper coverage in place helps your business in the long term.
What does workers’ compensation insurance cover?
As a business owner, knowing the risks of injury is one thing, but understanding what workers’ comp covers is equally important. In principle, the workers’ comp payouts will cover medical bills, care costs and a portion of any lost wages. Plus, in the worst-case scenario, workers’ compensation insurance will cover funeral costs and death benefits.
The risks you face without it:
There are often harsh legal penalties for businesses that don’t carry workers’ comp. But, aside from that, workers’ comp insurance benefits your business by making sure staff get adequate medical treatment that helps them return to work fit and healthy.
General Liability Insurance
The precise rules vary from state to state, but the general rule is that your business must take out workers’ compensation insurance for employees who pays out if they are injured at work. This ensures that should an employee be injured on the job; they will be covered. In addition, retaining skilled and experienced employees is important for any type of business, so having the proper coverage in place helps your business in the long term.
There are often harsh legal penalties for businesses that don’t carry workers’ comp. But, aside from that, workers’ comp insurance benefits your business by making sure staff get adequate medical treatment that helps them return to work fit and healthy.
We understand the variety of risks involved in operating a business and can fine-tune a policy to fit your specific business. Contact us today to get started.
Commercial Umbrella Insurance
While you can get standalone workers’ compensation policies, you can also often buy workers’ comp coverage as an add-on to other policies. These include business owners’ policy (BOP), commercial general liability insurance, or professional liability insurance.
Commercial umbrella insurance is all about going one step further. It’s an added layer of protection that kicks in if the very worst happens with your business insurance policies.
Kicks in when surpassing your payout limit.
Most business insurance policies–whether they cover commercial liability or commercial property–have a payout limit. Normally, your business would be on the hook for any expenses above and beyond this limit. This type of unexpected cost is something that could threaten the very survival of your business. A commercial umbrella policy kicks in only if your main business insurance policy reaches the payout limit. At that time, the commercial umbrella policy would pay out the remaining costs.
A worthwhile investment that’s affordable, right?
The beauty of commercial umbrella insurance is that there’s a relatively low chance it will need to pay out, it’s often considerably cheaper to purchase than you might expect.
Commercial umbrella insurance is a great way to further protect your assets. Reach out, and we’ll help you to determine if it’s right for your business.