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WHAT DOES WORKERS' COMP COVER?
Workers' Compensation Insurance covers the expenses that come with anemployee's work-related illness or injury. ... There's even a portion that covers your legal fees if an employee decides to sue. State laws require most employers to carryWorkers' Comp Insurance in case employees are hurt on the job.
WHAT IS NOT COVERED BY WORKERS' COMPENSATION INSURANCE
Workers' Comp doesn't cover safety improvements, OSHA penalties, injuries to a customers, or wages for a replacement employee.
Workers' Comp can cover lost wages and reduce your financial burden. When you buy a policy, you may have the choice of whether to have your Workers' Compensation cover a percentage of employees' lost wages or a fixed dollar amount. This is a good time to ask your insurance agent to offer guidance on what makes the most sense.
HOW MUCH COVERAGE DO I NEED?
Your policy limits for coverage should be determined by your payroll and number of employees. If you are a small business , $1,000,000 is a good starting point.
If an employee is hurt at work and thinks your business is to blame, you may face a lawsuit. Unfortunately, the cost of a lawsuit can be tremendous. If your Workers' Comp policy has Employer's Liability coverage, the insurance company can help you pay for attorney fees, court costs, and judgments or settlements.
WHAT IS DEDUCTIBLE?
This is the amount that will be deducted from any claim payment you may receive. Think of it as your participation in the damage or loss.
Federal law requires businesses that transport household goods across state lines to register with the United States Department of Transportation. You must have a DOT number before you can legally carry another person's belongings into another state. Moving companies are mandated by federal and state laws to obtain several forms of following insurance:
General Liability covers expenses associated with bodily injury, personal injury, and property claims. General liability will provide a foundation of protection if something is broken or harmed as a result of the move.
Cargo Insurance is required in California. This covers the property that you transport in your moving trucks. Federal law requires moving companies to hold a policy that at the very least will pay $20,000 per covered claim.
Workers' Compensation Insurance is obligatory in most states. Workers' compensation pays out medical bills, disability payments, and lost wages to your employees when they're injured within the course and scope of employment.
Commercial Auto. If you own trucks and you plan to use them for work, you need to obtain the proper insurance. Commercial auto will protect your employees and your business if one of your workers causes an accident. It will pay for the property damage and associated medical costs.
Medical Insurance must be provided to all of your workers if you employ more than 50 people.
Here are a few of the policies that you should consider for your moving company:
Property coverage is included in general liability. Your insurance will take care of the costs when you or one of your employees damages another person's property, but not if your workers break your own. You need a separate insurance to cover your truck, office, and any other real or personal property that you own.
Excess coverage - is a policy that exceeds the limits of your primary insurance. Excess coverage will take care of the costs that result from a catastrophic claim. It will protect you from a claim may otherwise bankrupt you and your company.
Environmental insurance may not be necessary for all moving companies. If you move hazardous equipment for companies or businesses - consider environmental insurance if you plan to move volatile materials.
Warehouse insurance is a way to protect your property while it's not in use. If you store a lot of equipment off-site.
Employment Practices Liability will protect your company if one of your workers is accused of harassment or discrimination. Employment practices liability will cover expenses that result from harassment and discrimination claims.
If you have questions, feel free to contact us.