Worker's
Compensation typically consists of two parts. The first part is the
"Workers' Compensation" statutory coverage; the second part is the
"Employer's
Liability" coverage.
Workers'
Compensation: Workers' Compensation coverage
is intended to pay for medical claims and lost wages associated with
accidents that result in injury to an
employee during the course of normal job functions. Payments made
under Workers' Compensation insurance are regulated by the State, which
means that there are statutory payments that are made for certain
accidents. Workers' Compensation usually does not have an aggregate
Limit of
Insurance; this means it will pay for an unlimited
number of covered accidents and could pay for many years.
Employer's Liability: Employer's
Liability is intended to protect an employer when he is accused of
negligence which results in an injury to an employee. An example would
be an accusation of providing an unsafe working environment by not
following certain safety guidelines. Employer's
Liability can also protect against "third party" actions, which can
occur when the spouse of an injured employee sues the employer for loss
of financial support. Employer's Liability coverage ends when the
policy limits are reached.
Other
Items of Consideration
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Small
Business Insurance: If
you are a Small Business owner then there are many exposures that you
should insure against to prevent your entire operation from
shutting down due to one loss. With our Business Owner's Packages, or
specific
lines of insurance, we can help keep your business financially secure.
Large Business Insurance: Large
businesses have a wide variety of equipment, exposures and operations
that they need to insure. It is important to know that you have an
agency you can trust and a policy on which you can rely.
Bonds:
Our
agency writes a wide variety of bonds. Bonds are often required by law,
so be sure that you are properly bonded.
Special
Events: Special
Event insurance is for any organization or person that is holding a
certain type of function where they need special Liability insurance
for the event.
Professional
Liability: Professional
Liability insurance protects your business exposure for the
errors and omissions of your professional employees. |
| If you are
interested in a quote for any of these lines of insurance or are still
unsure about what exactly your business might need, please contact us. |
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| An
audit is a review of an account usually conducted at the end of the
policy year. Workers'
Compensation policies are auditable because the premium
charged at
the beginning of the policy is based on estimated payroll figures.
Since payroll can fluctuate greatly throughout the year, you will be
asked to supply this information upon the expiration of the policy so
that the premium can be adjusted accordingly. |
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