Workers’ compensation state funds are organizations created by state legislatures that provide employers with workers’ compensation insurance. When state governments made workers’ comp mandatory, they had to make sure employers could purchase policies. For 21 states, workers’ compensation state funds are the answer to ensuring all employers have the required coverage. Types of State Funds…
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Workers’ Compensation Insurance: Requirements, Cost & Providers
Workers’ compensation insurance is required in most states to cover medical bills, rehabilitation costs, and lost wages for employees who get injured or experience a work-related illness. Costs vary depending on factors such as your business’ location, industry, and payroll. Typically, small business owners pay $450 per employee in annual workers’ compensation premium. Getting affordable…
Cyber Liability Insurance: Cost, Coverage & Who Needs It
Cyber liability insurance protects businesses from losses or damage caused by cyberattacks and data breaches. These expenses can include data restoration, extortion, legal fees, and regulatory fines. Costs vary depending on your risk factors and the coverage you choose, but most small businesses’ annual premiums range from $750 to $8,500. Insurers like will assess your…
What Are Workers’ Comp Exemptions?
Even though most states require employers to carry workers’ compensation insurance in case their employees get hurt on the job, many offer workers’ comp exemptions for a variety of workers like independent contractors. Knowing which employees are exempt and how to get an exemption can ultimately help you save on your workers’ compensation insurance. Each…
What Is Employer’s Liability Insurance?
Employer’s liability insurance protects small business owners in lawsuits over work-related injuries that aren’t covered by workers’ compensation insurance. The coverage pays for the policyholder’s legal defense if an injured employee sues, covering costs like attorney’s bills and any judgments or settlements up to the policy limits. How Employer’s Liability Insurance Works In most states,…
COVID-19 Business Insurance Assistance Guide
The impact of shelter-in-place orders and social distancing has turned just about every aspect of running a business on its ear, and insurance is no exception. However, with so many small business owners struggling to make it through the pandemic, some insurers are showing remarkable flexibility in an effort to help. How to Handle Small…
7 Best Workers’ Compensation Insurance Companies 2020
The best workers’ compensation insurance companies provide more than just excellent coverage, they seek to train employers on safety and make the process of buying and paying for workers’ compensation insurance easy. We reviewed several top-rated workers’ compensation carriers to give you the best seven from which to choose. Top Workers’ Compensation Insurance Companies 2020…
Experience Modification Rate & How to Lower Workers’ Comp Costs
An experience modification rate (EMR) is a multiplier insurance companies use to help set workers’ compensation premiums. Your business’s rate is determined by looking at your workers’ comp claims history and potential for future injuries. Businesses with lower EMRs pay less for their workers’ compensation insurance. EMRs commonly range between 0.75 and 1.25. How the…
Business Interruption Insurance: Cost, Coverage & Providers
Business interruption insurance (BII), sometimes called business income insurance, pays for a business’s lost income if the owners have to pause operations because of a covered event like a fire. Most insurers include BII in their business owner’s policies (BOPs), which typically cost between $500 to $3,000 per year, depending on your industry. How Business…
Workers’ Comp Claims: What Are Employers’ Responsibilities?
Business owners often assume that buying insurance is the extent of their workers’ compensation obligations, but that’s just the beginning of what they must do. In workers’ comp claims, employers’ responsibilities include several state-mandated actions they must perform. Many of these steps, however, have the added benefit of protecting their businesses. Employer Responsibilities Before a…
Key Man Insurance: Cost, Coverage & Providers
Key man insurance is life and disability that benefits a business if an important employee, like an owner or founder, dies or becomes disabled. The business buys the policy, pays the premiums, and receives the payout in case of injury, illness, or death. A $100,000 policy for key man insurance starts at $100 per month….
6 Cheapest General Liability Insurance Providers for Small Business
Business owners want to protect their assets, but insurance can be expensive. Unfortunately, cheaper insurance often means more limited coverage. We evaluated 15 companies to figure out which ones offer the best general liability insurance at a low cost for small businesses without sacrificing coverage. Best Cheap General Liability Insurance Providers General Liability Insurance Costs…