To receive workers’ compensation insurance benefits, employees must meet eligibility requirements. These requirements include the worker’s employment status, the business owner’s workers’ comp requirements, the nature of the injury or illness, and the employee’s cooperation with filing deadlines. Meeting workers’ compensation eligibility requirements helps minimize the chance of a claim being denied. 1. The Worker…
Massachusetts Workers’ Comp: Laws, Providers & Costs
Massachusetts workers’ compensation laws require any company with even one part-time employee to maintain coverage. This includes business owners when they’re considered employees. Massachusetts employers can expect to pay on average approximately 73 cents per $100 in payroll for workers’ compensation insurance. If you’re unsure where to start with a workers’ compensation insurance policy, you…
SC Workers’ Compensation Insurance: Laws, Providers & Costs
Employers with four or more employees are required to carry workers’ compensation insurance in the state of South Carolina. Workers’ comp protects employees who get injured or ill from activities or circumstances related to work. The most recent data shows that employers can expect to pay an average of $1.66 per $100 of payroll in…
What Are Workers’ Compensation Benefits?
Every state, with the exception of Texas, requires employers to have workers’ compensation insurance. Having coverage protects business owners from financial losses due to their employees’ work-related injuries or illnesses, plus it limits an employee’s ability to sue for damage. However, the actual workers’ compensation benefits go to employees who might not know exactly what…
5 Best Food Truck Insurance Companies
Insuring a food truck is a complicated business. Not only do you need to work with a company that knows the industry’s quirks, but you also want one that can identify and cover your particular risks. That can mean going to a brokerage that specializes in food truck insurance, working with a carrier with years…
What Is a Workers’ Compensation Dividend Plan?
A workers’ compensation dividend plan, also known as a workers’ comp participating plan, is a policy that allows employers to take part in the profits earned by their insurers. At their core, dividend plans reward employers for having fewer claims. Many employers choose dividend plans to save on their workers’ compensation insurance. How Workers’ Compensation…
Workers’ Compensation vs Health Insurance
Workers’ compensation is an insurance policy that protects workers by paying their medical bills if they’re injured on the job. Health insurance also pays medical expenses for the insured party. The critical difference is that employers provide workers’ compensation to cover employees’ occupational injuries and illnesses, but it doesn’t pay for nonwork-related medical costs. The…
What Is a Workers’ Comp Ghost Policy?
A workers’ comp ghost policy is purchased by a company with no employees and where the owners are exempt from carrying workers’ compensation insurance for themselves. In most cases, business owners buy these policies because a potential client asks to see a certificate of insurance (COI), proving the business has a workers’ comp policy. The…
What Are Small Deductible Workers’ Compensation Plans?
Small deductible workers’ compensation plans are policies that help employers better control their insurance costs. By agreeing to a deductible, the employer retains some financial responsibility for claims but gets coverage at a discount. The deductibles for these plans vary from state to state, ranging from $100 to $75,000, but most fall between $500 and…
What Is Stop Gap Coverage?
Stop gap coverage is an insurance product that covers a business owner’s liability if their employee sues over a workplace injury. Most workers’ compensation insurance protects employers in that situation by paying their legal bills. However, some policies don’t have this protection, leaving the business owner with a “gap” in their coverage. Stop gap insurance…
Food Truck Insurance Cost & Coverage
Food truck insurance uses several different insurance policies to cover food trucks, other business property, employees, and other liabilities. Most food truck businesses need more than one type of insurance coverage, including commercial vehicle insurance and general liability. Basic food truck insurance costs start around $2,000 annually but increase significantly for broader coverage. Food truck…
5 Best Photography Insurance Companies
Photographers and videographers usually have three options for getting insurance. The two most common are insurance carriers that create their own policies and brokers who can sell policies from several carriers. The third option is getting insurance through a professional trade association, which can be the most affordable but typically requires membership. Our list for…