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Workers Compensation
and Group Liability
 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
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.
Products and Completed Operations
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