Excess Workers Compensation

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.