Most business owners understand they need workers’ compensation insurance in case an employee gets injured on the job. However, few know the important role they play in workers’ compensation claims management, so we’ve compiled a list of best practices employers can use to make sure workers are taken care of and claims are handled promptly….
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What Is an Additional Insured?
Additional insured endorsements are amendments to insurance policies that extend limited coverage to entities not already named on the policy. Typically, the additional insured is a person or organization that could benefit from the protections the policy offers like companies that hire contractors. As an additional insured, the hiring company is protected if the contractor…
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 small businesses with moderate risk can usually pay around $1,500 per year for cyber insurance….
8 Best Workers’ Compensation Insurance Companies 2020
The best workers’ compensation insurance companies in 2020 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 eight from which to choose. Top Workers’ Compensation Insurance…
Workers’ Comp Penalties for Noncompliance
States that mandate employers carry workers’ compensation insurance—which is every state but Texas—penalize business owners who fail to comply with regulations. These workers’ comp penalties range from daily fines to jail time, depending on the offense and state law. Some even allow injured employees to sue for compensation if their employers don’t carry coverage. Perhaps…
What Does Professional Liability Insurance Cover?
Professional liability insurance protects small business owners in claims they made an error or omission while performing professional duties. Generally, this policy covers financial losses due to unintentional acts of negligence rather than liability for bodily injury or property damage. Professional liability policies cover accusations over honest mistakes as well as meritless allegations from customers….
Workers’ Compensation Claims: Which Injuries Are Covered?
Workers’ compensation insurance covers workplace injuries and illnesses. Certain types of injuries aren’t covered while others fall into a grey area. If an injury or occupational illness is sustained while you are performing the duties required by your job, it’s probably covered. For example, you fall off a ladder at work and break your leg….
Daycare Insurance: Coverage, Top Providers & Costs
Daycare insurance is coverage for businesses in the childcare industry. Policies can cover business-owned property and liability risks that come with caring for children. Depending on the coverage, annual costs of daycare insurance range from $400 to $1,350 for in-home childcare businesses and from $1,000 to $3,500 for commercial daycare centers. To get your daycare…
Monopolistic Workers’ Compensation States
Every state has its own way of running its workers’ compensation insurance system. Four in particular―North Dakota, Ohio, Washington, and Wyoming―are monopolistic workers’ compensation states because they do not allow business owners to purchase coverage from private carriers. Instead, employers must get workers’ compensation insurance from the state. What Is a Monopolistic State? A monopolistic…
8 Best Business Insurance Brokers 2020
Business insurance brokers can help you find the right coverage because they have access to multiple carriers. We researched popular online options to find the best insurance brokers for small business owners. The final eight come out on top based on multiple criteria, including available carriers, coverage, and customer service. 8 Top Insurance Brokers for…
Contractors Insurance: Coverage, Costs & Providers
Contractors insurance refers to a group of policies that cover risks contractors typically face. For example, most contractors need general liability to cover claims that caused other people injury or property damage. Contractors can usually combine this coverage with property insurance in a business owner’s policy (BOP) for about $1,300 to $6,000 per year. Applying…
What Is a Workers’ Compensation Assigned Risk Plan?
Assigned risk plans are a way for business owners to get workers’ compensation insurance when private carriers refuse to offer coverage. States created these plans, sometimes called “markets of last resort,” because businesses are legally required to carry workers’ comp but may not be able to get it if carriers think they are too risky…