A limited liability company (LLC) needs insurance just like any other business entity, but different policies cover different risks. The type of coverage you get is contingent on what your LLC does and how it does it. For example, most LLCs need general liability, but those that offer professional services also need professional liability coverage….
Workers’ Compensation Costs By State
The United States Bureau of Labor Statistics (BLS) says private industry employers pay 45 cents per hour worked for workers’ compensation or approximately 1.3% of employers’ total compensation costs. However, every state runs its program differently, and that causes variations in workers’ compensation costs by state. Rates can be as low as 7 cents per…
Save Money by Improving Your Experience Modification Rate
An experience modification rate (EMR) is a multiplier insurance companies use to help set workers’ compensation premiums. Insurers determine your EMR by looking at your workers’ comp claims history and potential for future injuries compared to your others in your industry. Businesses with lower EMRs pay less for their workers’ compensation insurance. EMRs commonly range…
Minnesota Workers’ Compensation: Laws, Providers, & Costs
The Minnesota Workers’ Compensation Act mandates that all employers (with few exceptions) need to maintain a workers’ compensation policy for employees. This coverage provides medical benefits and pays lost wages to employees who are hurt at work. Employers in Minnesota pay an average of 99 cents per $100 of payroll in premium for workers’ compensation…
What Is LLC Insurance Coverage & How Much Does It Cost?
Limited liability company (LLC) insurance refers to policies business owners buy to protect their business assets. Different policies protect against different risks, but LLC insurance typically includes coverage for a business’s liability and its property. Most LLCs can combine these coverages in a business owner’s policy (BOP) that costs between $350 to $1,000 per year,…
What Does Workers’ Compensation Insurance Cover?
Most business owners know that workers’ compensation insurance covers employees when they’re injured on the job. However, they may not know that policies in almost every state also pay their legal fees if an employee decides to sue for their injuries. Understanding this and other details about workers’ compensation coverage can come in handy should…
What Is FDIC Insurance?
FDIC insurance is a banking term that refers to the government-backed insurance provided by the Federal Deposit Insurance Corporation (FDIC). FDIC is an independent agency that protects depositors against financial losses in case the covered bank fails to repay them. The standard FDIC insurance amount is $250,000 per depositor per insured bank, for each account…
How to Appeal a Workers’ Comp Claim
Getting a workers’ compensation insurance claim denied can be the straw that breaks the camel’s back in more ways than one. You’re already injured and unable to work with medical bills piling up, so your next move is to appeal the workers’ comp claim denial. However, to be successful, you need to follow state regulations…
Can I File a Workers’ Compensation Lawsuit?
When you have a work-related injury covered by workers’ compensation, you typically cannot file a lawsuit against your employer. Workers’ comp laws in every state include an exclusive remedy provision that protects employers from employee lawsuits as long as their business has a valid policy in place. However, there are situations that override this protection…
Do I Need Workers’ Compensation Insurance?
The chances are that if you own a business and have employees, then you need workers’ compensation insurance. Coverage is mandatory for most employers in every state (except Texas) to pay the medical bills and lost wages of employees hurt in workplace accidents. Without workers’ comp, employers would have to cover these costs out of…
Louisiana Workers’ Comp: Laws, Providers & Costs
According to Louisiana workers’ compensation laws, any public or private employer is required to provide coverage for their employees with few exceptions. Workers’ compensation pays for the costs of care and lost wages when employees are injured on the job. The average cost of a policy in Louisiana across all industries is $1.50 per $100…
Michigan Workers’ Compensation: Laws, Providers & Costs
Michigan state law requires most employers to carry workers’ compensation insurance if they have at least three employees or one who works more than 35 hours per week. The average cost of Michigan workers’ compensation insurance is 70 cents per $100 in payroll across all industries. Michigan workers’ compensation laws are complicated, so you want…