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…
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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,…
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…
What Does Workers’ Compensation Insurance Cover?
Most business owners know that workers’ compensation covers employees when they’re injured on the job. However, they may not know that most policies also pay their legal fees if an employee decides to sue for their injuries. Understanding workers’ compensation coverage can come in handy should you ever have to file a claim. Key Highlights:…
Florida Workers’ Compensation Insurance: Top Providers, Rules & More
Florida workers’ compensation insurance laws mandate business owners in most industries carry coverage when they have four or more employees. In construction, however, employers must have workers’ comp even if they have only one employee. According to the most recent data, Florida employers pay $1.43 per $100 of payroll annually for workers’ compensation. If you’re…
Wisconsin Workers’ Compensation Insurance: Top Providers, Rules & More
In Wisconsin, workers’ compensation insurance laws require most employers with three or more employees to carry coverage. That seems simple enough, but laws add other situations where business owners must cover employees, making workers’ comp insurance nearly universal in the state. The cost is at $1.63 per $100 of payroll annually, depending on job descriptions….
Workers’ Comp Insurance for Self-employed: Cost & Carriers
Workers’ compensation insurance, while not required, is a good idea for the self-employed. Solopreneurs in high-risk industries like construction can suffer injuries that result in medical bills and lost income. Workers’ compensation insurance for self-employed covers these expenses. Solopreneurs can expect to pay at least $250 per year for self-employed workers’ compensation insurance. Rather than…
6 Best Commercial Auto Insurance Companies 2020
Small business owners who need commercial auto insurance should look for reliable providers that can offer quality coverage at an affordable rate and that can scale with their business. We compared more than 12 carriers on criteria including costs, policy options, and additional features to determine the six best commercial auto insurance companies. Top 6…