Sometimes, you may hear a contractor say that they are bonded and insured, but what this means can be a little bit of a mystery. Being bonded means you have purchased a surety bond that offers limited guarantees to clients. Being insured means that you have an insurance policy that protects against accidents and liabilities,…
How Is General Liability Premium Calculated?
Ever wonder why your general liability premium is more than your buddy’s business insurance costs? It’s not an unreasonable question to wonder this and try to determine how general liability insurance is calculated. Depending on the unique factors of your business, insurance companies will rate the risk and determine your premium. Here are some insights…
Insurance Broker vs Carrier: Which Should You Choose?
There is more than one way to buy a commercial general liability insurance policy. You can buy it directly from the carrier, through an agent, or via a broker. The carrier is responsible for maintaining the terms of the insurance contract, also known as a policy. An agent works on behalf of an insurance carrier…
Arkansas Workers’ Compensation: Laws, Providers & Rates
Arkansas workers’ compensation law dictates that any business with at least three employees must maintain workers’ compensation insurance. While rates vary considerably, employers can expect to pay 70 cents per $100 of payroll in premium costs across all industries in the state. Failure to maintain workers’ compensation insurance can result in penalties and fines. Finding…
Nebraska Workers’ Compensation: Laws, Providers & Costs
Regulations in Nebraska require most employers with at least one employee to maintain workers’ compensation insurance. Failure to do so can result in the employer being responsible for the costs of accidents as well as face penalties and fines. Employers can expect to pay $1.14 per $100 of payroll in workers’ comp premiums. Shopping for…
10 Workplace Injury Statistics Every Business Owner Should Know
The United States Bureau of Labor Statistics (BLS) publishes an annual compilation of workplace injury statistics that policymakers use to improve working conditions and address safety concerns across the country. While not every injury recorded by the BLS is covered by workers’ comp, business owners can draw on the information to identify and mitigate risks…
Georgia Workers’ Compensation: Laws, Rates & Providers
Georgia workers’ compensation laws mandate employers with three or more employees must carry workers’ comp insurance to pay for employees’ medical treatment and lost wages when they experience a work-related injury or occupational illness. On average, Georgia employers pay between $1.08 per $100 of payroll for workers’ compensation insurance. Who Needs Workers’ Compensation Insurance in…
Virginia Workers’ Compensation: Laws, Providers & Rates
Workers’ comp is required by law in most states, and Virginia employers must carry a policy once they regularly employ more than two employees. The average cost of workers’ compensation insurance in Virginia is 74 cents per $100 of payroll. is a small business insurance expert with decades of experience helping owners just like you….
When Is General Liability Insurance Required?
General liability insurance covers incidents where your business is accused of causing bodily injury or property damage to a third party. Although businesses aren’t required to carry commercial general liability insurance by law, many find the coverage necessary in certain instances. Even when it isn’t required, it is a good idea to have at least…
Pennsylvania Workers’ Compensation: Laws, Providers & Rates
Workers’ compensation insurance pays for employees’ medical costs and replacement income if they experience a work-related injury or occupational illness. Workers’ comp is required by law in most states. Pennsylvania requires business owners with one or more employees to carry workers’ compensation, and the average cost is $1.35 per $100 of payroll. is a small…
Texas Workers’ Compensation: Laws, Costs & Providers
Texas workers’ compensation laws are unique because they don’t require employers to have coverage. Businesses that do buy policies are covered for their obligations after a worker is injured, including the workers’ medical expenses, prescriptions, and partial weekly wages. Texas employers can expect to pay an average of 55 cents for every $100 of payroll…
Maryland Workers’ Compensation Insurance: Laws, Providers & Rates
Workers’ compensation laws in Maryland require any employer with one or more employees to maintain workers’ compensation insurance. Policies pay the costs associated with employees getting hurt while performing job duties. Maryland business owners pay an average of $1.01 for every $100 of payroll for workers’ compensation insurance. What Are Maryland Workers’ Compensation Requirements? Workers’…