Workers Compensation Insurance

Workers Compensation protects your employees should an injury occur during the course of employment. Payments are made to the injured party and can consist of medical payments, loss of wages or therapy.

All states require all employers to carry Workes' Compensation insurance and each state has individual laws that must be met.

At the very minimum, Workers' Compensation insurance policies will cover an employee's medical expenses and reimburse him or her for some percentage of lost wages.

Almost all states are "open market", which means the coverage is underwritten by private insurers; and some states are "closed" or "monopolistic" - the coverage is underwritten by a state-sponsored fund (ND, OH, WA, WV, WY). In states that are open, rates can vary between insurance carriers depending on the type of business the carrier is attempting to attract. In an open market, the rates for workers' compensation are competitive.

Employers with one or more employees are subject to the provisions of their states Disability Benefits Law. This law provides benefits to employees who may be become disabled because of injuries/sickness off the job or that may arise from other conditions such as pregnancy. Payments for these types of benefits are only allocated for the payment of wages... unlike that of workers’ compensation which provides payment for medical costs.

Rates for these policies are dependent on the degree of hazard that each occupation carries. Each occupation is coded and defined by state laws. Premiums are determined by the amount of payroll in each occupation code and is subject to annual audit for verification.

Commercial Vehicle Insurance

Commercial auto liability coverage provides protection for any business-owned or leased commercial vehicle. Policies usually include collision and damage coverage as well as coverage for property and personal damage to others.

Just like you need auto insurance for your own car, you need business auto insurance to cover your business-owned or leased vehicles. If you, or any of your employees have an accident in your business's car, you may be liable for bodily injuries, lost wages or any damage caused.

 

Property And Liability Insurance

Property insurance can cover the buildings that you own and/or business property and inventory against physical loss or damage.

If you don't own your building, you'll still need contents coverage. In the most policies, property insurance for business contents covers furniture, fixtures, inventory, office equipment and other supplies stored at your facility or off-premises. You may insure those items for replacement cost or for actual cash value (ACV), which pays only for the depreciated value of the property.

Replacement cost policies have higher premiums, however they can help your business recover from a loss faster, since you can replace all of the lost or damaged property with new items. If you lease some of the equipment at your business, the leasing company may require that you insure the property at replacement value.

 

Liability Insurance

Liability insurance is designed to protect the business against losses even if they are negligent or liable for damage, injury or loss to another's property, reputation, or health. Typically, damages, legal defense fees and settlement charges are paid by the insuring company when a claim is filed against the business.

Bodily Injury - Liability coverage may pay the affected person or firm for the cost of care, the loss of services and restitution for death that results from an injury.

Property Damage - In the event your business causes damage to, or causes the loss of use of someone else's property, property damage coverage may pay for the value of the physical damage to the property; or the loss of use of that property.

Umbrella Coverage

Liability insurance policy that provides protection against claims that are not covered, or are in excess of the amount covered, under a basic liability insurance policy.