Workers' Compensations Insurance
No matter what type of business you run, your employees can get hurt. Luckily, workers’ compensation insurance, also known as workers’ comp, can help give your employees the benefits they need if they suffer a work-related injury or illness.
Workers’ comp can protect your business and your employees by helping cover:
Missed wages if your injured or ill worker needs time off from work while they recover.
Medical expenses to treat your injured or ill employee.
Vocational rehabilitation if your worker needs ongoing care to help them get back to work.
Death benefits, like funeral costs, if a worker passes away in a work-related incident.
Workers' Compensation Laws by State
Each state is in charge of their own workers’ compensation program. This means state laws for workers’ comp can be different depending on the location of your business.
Each state sets their premium amounts and benefits based on their economy and the risks their businesses face. For example, Alaska has one of the highest average premiums in the country because they have so many lumberjacking businesses, and lumberjacking is a high-risk occupation.
Your state will also decide who sells and handles workers’ comp policies. This can be:
- State-run agencies
- Private insurance companies
- The state itself
- Some states also have secondary injury funds that help cover disabled workers if they’re injured on the job again. This makes it easier for employers to hire workers who have been injured before.
For example, you run a shipping yard and hire a former nurse who hurt his back on the job years ago and had a workers’ comp claim. Their injury might make him more susceptible to reinjury, and if that happens, a secondary injury fund can help pay the costs. Without this fund, businesses may be hesitant to hire a worker like this.
General Liability
Commercial general liability insurance (CGL) covers common lawsuits that arise from everyday business activities. It protects against customer injuries, damaged customer property, however, many exclusions still apply.
Workers' Compensation
Workers' Compensation Insurance, also known as Workers' Comp, can help give your employees the benefits they need if they suffer a work-related injury or illness. Each state has its own respective workers' compensation insurance laws.
Commercial Auto
Commercial auto insurance is needed to cover the cars, trucks, and vans used in conducting your business. Large fleets, as well as small businesses, should be properly covered by a commercial auto insurance policy.
Business Property
Type of business insurance, also known as commercial property insurance or business personal property insurance, helps protect the owned or rented equipment, building and personal property at your company.
Excess Liability
Excess liability insurance increases the limits of an existing insurance policy, usually a commercial general liability insurance policy.
Inland Marine
Inland Marine insurance provides financial protection for a business’s property that is transported on land.