According to a report released by the Bureau of Labor Statistics, in 2011, more than three million employees suffered injury or illness in the workplace. The most common injuries included vehicle accidents, trips and falls, and other accidents that can happen in almost any workplace.
This data underscores the importance of having comprehensive workers compensation coverage. But what if you are worried that standard coverage will not be enough in the case of a major accident in your workplace? If this is one of your concerns as a business owner, then you may want to consider investing in excess workers compensation coverage.
What is excess coverage?
Excess workers compensation coverage is an additional insurance policy that does not start paying out until all primary policies are exhausted. With an annual 3.5 workers compensation cases per 100 full-time workers, even small or medium-sized companies might be called upon to cover multiple workers’ claims at a time. If this happens to your business, it can quickly exhaust your workers compensation coverage and lead to having to pay hefty medical bills out of pocket.
Additional benefits of excess coverage
An excess coverage policy is generally much less expensive than a standard one. It can be included as a rider on your existing coverage to save the time and trouble of underwriting a new policy. With all these benefits, excess workers compensation coverage is worth considering to provide peace of mind and security for your business.
There’s no telling when disaster will strike so the best thing that any business owner can do is to prepare. If earthquakes are a concern in your area, make sure that your buildings conform to the latest earthquake safety codes. If hurricanes or other severe weather is likely to threaten, make sure there are ways of securing windows, doors, and other vulnerable points. No matter what kind of disaster you might need to prepare for, make sure you have all the necessary NJ Business Insurance coverage.
Hope for the Best, Prepare for the Worst
No one likes to imagine the impact a natural disaster might have but in order to adequately prepare you’ll need to think carefully about what might happen. One of the best sources of information regarding disaster preparedness is your preferred insurance agency. They can tell you about what kind of severe weather is likely to impact your local area and what can be done to lessen that impact. They might recommend expanding your existing NJ Business Insurance policy to include additional forms of coverage such as:
- Business interruption
- Equipment breakdown
- Data compromise and identity recovery
- Business property
- Loss of income
Working with Your Insurance Agent
These and other lines of coverage are going to help you recover from the effects of severe weather or other natural disaster. You can rely on your NJ Business Insurance company to provide you with help any time you need it. By asking a few key questions, you can work with your insurance agent to create a policy that’s perfect for you.
Will your business be covered in the unfortunate event that one of your shareholders is unable to work or unexpectedly dies? What if one of the products your company produces is deemed unsafe and you’re hit with a major lawsuit? Business owners may not like to think about worst case scenarios, but oftentimes they have to in order to properly protect themselves against certain financial and legal action. Business insurance can protect you from a variety of scenarios.
Common Types Of Coverage
When deciding on a Windham CT insurance policy for your business, there are specific types of coverage you may want to consider. Key person insurance will take care of your business in the event that a vital member of your business were to ever become disabled. The benefits could be used to buy out the individual’s shares or to hire and train a replacement. Product liability is useful in the event that a product your company manufacturers were to cause injury, damage or death. Liability insurance is vital to businesses as it protects them from claims of negligence, personnel error and property damage.
How Rates Are Calculated
In order to determine how much you’ll pay for business coverage, a Windham CT insurance agent will sit down with you and examine your projected risks, historical information, business experience and location. Also taken into account are how many insurance agencies that offer business insurance as well as the type and size of your business.
Look over your business today to get an idea of what you should include in your business insurance policy.
The short answer here is, yes! The Board of Directors for a non-profit is responsible for making many decisions on policy, operations, finances, and more. Most board members are not experts in every field, so having an insurance policy against mistakes that are made without ill intent is just smart business.
What is Directors & Officers Insurance?
D & O Insurance is a policy that is actually owned by the Non-profit, meaning that the organization will actually pay the premiums and have certain members that are covered. This is usually members of the Board of Directors, and may also include other key members, such as an Executive Director.
Typically, the policy protects against breach of duties, wrongful acts, or poor decisions. Many policies require that whoever is covered must be acting in good faith. Check with your PA business insurance professional for a complete understanding of coverage. Here are a few examples of scenarios that most D & O policies would cover:
- Mismanagement of funds and assets
- Failure to provide services or fulfill contract responsibilities
- Human Resource issues like wrongful termination or harassment
An Interesting Characteristic of D & O Insurance
Most insurance, like auto and home insurance policies, will cover you as long as you have coverage on the day of an incident. With most D & O insurance policies, coverage may not necessarily be necessary on the date an incident occurs. As long as you have coverage on the date a lawsuit is filed, the organization would be covered. For example, if your non-profit buys a D & O insurance policy today, and next month a harassment suit is filed for an event that occurred last year, the organization would be covered because it has insurance the date the law suit is filed. This can work against you a bit if you pay for D & O insurance for five years straight and then cancel it one year because the premiums are too high. If a suit is then filed when you don’t have insurance, even if for an event that occurred when you did have insurance, you could be exposed. Situations like this make a qualified PA business insurance agent an enormous asset to non-profits.
Owning a business and providing people with employment comes with certain responsibilities. Federal and state law regulate many things that employers can and cannot do, and others dictate actions that employers are required to take in order to retain a business license. One such requirement for many companies is workers compensation in NY. Because your business is likely required to offer it, it’s important to know what a typical policy covers.
What Workers Compensation Covers
Typically, a workers compensation policy covers medical expenses and wage replacement for employees who are injured on the job. It also covers expenses associated with illness or injuries that are job-related, which means that even though the problem may not occur or surface in the workplace, it can still be covered as long as it is directly related to the job.
What Workers Compensation Doesn’t Cover
There are several cases in which workers compensation will not supplement medical expenses or give injured workers replacement wages. Cases that fall under this category may include:
- injuries resulting from drug or alcohol use
- injuries that employees purposely commit against themselves
- injuries resulting from an altercation initiated by the injured worker
- injuries resulting from disregarding work place policy
Because workers compensation in NY is governed by state rather than federal regulation, coverage may vary according to where you are located. Talk with a professional insurance agent in your area to find out more about coverage available to you.
Insurance agencies are in the business of protecting their clients’ interests and providing those clients with exceptional service. The lines of coverage that these agencies make available to each one of their clients are going to enable those clients to do more and do it better. An agent that understands the needs of a business can improve the strength of a business by providing excess workers compensation policies.
The Risk of Doing Business
Every business is concerned with risk management, regardless of what industry they’re in. Certain industries have relatively little risk associated with them while others are judged to be more risky. For instance, a corporate office has few risks when compared to a welding studio or a metal fabrication plant. While businesses are typically required to carry a minimum of workers compensation, the needs of certain organizations call for the purchase of additional coverage.
What Does This Coverage Do?
A general workers compensation policy will provide an employee injured on the job with financial compensation; this compensation covers the cost of medical treatment and other related expenses. Because certain businesses have a higher degree of risk, the expense of compensation can be considerably greater. This is where an excess workers compensation policy can come in handy.
All businesses want to protect their employees; after all, doing this is in their best interest as an employer. An insurance company can be one of the biggest allies a business has thanks to the policies they make available.
When you’re in the business of serving customers, the right insurance policy can be central to your business strategy by offering you and your clients the appropriate protection. If your business falls into the category of vehicle repair, then you may already have auto repair shop insurance. However, just having an insurance policy does not necessarily mean you have all the coverage you need.
The Importance of Garage Liability
Your insurance policy for your auto repair shop should include garage liability, which covers you specifically for what goes on in your garage. An insurance policy carrying this coverage usually provides you with liability for the garage space, operations (current and completed), and goods, so whether an accident occurs in the shop or a former customer claims a bad repair, you’re covered. Policies like this may also provide protection for company vehicles.
Adding Garage Keepers Insurance
Although garage liability provides excellent solutions to many coverage problems, it’s important to note that it does not normally extend to customer vehicles. In order to ensure your clients’ vehicles are covered while in your shop, adding garage keepers insurance to your policy is a must. With this policy in place, you won’t hesitate to guarantee vehicle safety for your customers, and guarantees likes that are sure to increase a client’s trust in your company’s integrity.
Talk with an agent today about adding these important policies to your insurance coverage and make sure you have all the protection you need.
In the world of business there are many costs that must be factored into running the business. While some costs can be eliminated, one that must be taken under serious consideration is business insurance. Business insurance is not simply something to be taken casually; rather, it must be taken very seriously. There are basically two areas of business insurance that must be looked at, and those are property insurance and liability insurance.
Business Property Insurance
Business property can include the building and all the premises surrounding it including outbuildings as well as fixtures or fittings. The coverage should pay for the unlikely event that the building may need to be rebuilt if it is damaged. Property contents are also usually included under the umbrella of property insurance. This would include things like furniture, tools, machinery, computers and other electronic equipment, raw materials, inventory, and other items used to operate the business.
Business Liability Insurance
This insurance protects the business against the possibility of the property itself harming a member of the public, such as if a shutter from the building falls on a person and causes injury. In addition, other claims by the public may be covered. Employers liability insurance protects the business from injury to employees suffered in accidents on the job while product liability insurance protects the business from claims by the public of defective products that may cause harm.
Most businesses will want to get a combination of property and liability insurance and these coverage types often come together in business insurance packages designed for particular businesses.
If you own an online business, particularly if you only maintain a virtual office, you may not think you require business insurance. However, every business needs the protection that insurance provides. There are many things that can negatively affect your online business, and getting appropriate coverage is as important for online businesses as it is for those with brick and mortar building.
Internet Business Insurance
There are many dangers that an internet business must protect itself from, such as computer viruses, hackers that could vandalize or steal from you, copyright violations, privacy of client information, lost ad revenue, and the list goes on. One single instance of a problem in these areas could cost your internet business dearly, particularly if one incurs a large loss of revenue or finds the company embroiled in a legal battle.
Customizing Insurance Coverage
As an online business, you will want an insurance plan that is customized for your needs. Some plans include programs designed to help protect attacks on the business as well as minimizing the risks that could follow such an attack. Providers of this type of insurance can help customize your plan based on such things as whether you provide products or services and whether or not you have employees or contractors working for you. It can be very important to protect certain trade secrets as well as to protect your company’s identity or brand. Insurance companies can help you determine the level of security your particular business requires.
Online business insurance is still quite new, so it pays to shop around and make sure that you are getting the kind of coverage you really need.