Understanding Workers’ Compensation

Understanding Workers’ Compensation

You’re sitting in your office, going over the sales numbers from last week. After 2 years, the auto parts company you started is finally making a profit and generating revenue.  Everything is going exactly how you planned it. As you bask in your success, you hear a commotion in the stock room. You rush to check it out and see one of your employees with his leg crushed under a transmission.  You know for sure that is he is badly injured.

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Accidents will happen, there’s no way around them no matter how careful you are. That’s why it’s important for business owners to have a workers’ compensation insurance policy. Workers’ Comp isn’t required in all states, but it’s a great safety net in case of employee injury.

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Workers’ Compensation insurance covers any fees accrued from an injury at work. This means that hospital bills, medical treatments, and days missed for work are covered by the insurance. Worker’s Compensation also clears you from liability. If an employee is injured on the job premises, they cannot sue your company if you offer Workers’ Comp; no matter who’s at fault.

Workers’ Compensation policies are set based on your company’s industry classification code and the payroll. Of course, “high-risk jobs” get higher premiums than “low-risk jobs.” It doesn’t matter if your company is set in an office, warehouse, or a mechanic shop; you won’t be completely safe until you cover your company and employees with Worker’s Comp. Workers’ Compensation can be packaged with other Business Insurance Coverage policies that protect your property, company vehicles, equipment and much more. If business insurance is something you’re interested in, go get a rapid business insurance quote today!

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Differences Between Commercial & Personal Auto Insurance

Differences Between Commercial and Personal Auto Insurance

If you own a business, it’s important that you get a business insurance policy, especially true if your business requires the use of vehicles. Many carriers offer coverage options for commercial auto insurance. It’s important to have this type of insurance for your commercial vehicle, even if you use that vehicle as a daily driver.

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Liability Limits

Commercial Auto Coverage comes with more liability coverage options than regular auto insurance. A Commercial Auto Coverage Policy can cover passengers, customers, employees, and work equipment. Usually normal auto policies only cover the driver and sometimes the passengers.

Vehicle Types

Normal auto policies usually cover the standard vehicles you see on the road: cars, pickup trucks, SUVs, etc. Commercial Auto Insurance covers these vehicles, but they also cover trucks (dump trucks, box trucks, food trucks), utility vans, limos, taxis, flatbeds, and more. You can also cover multiple company vehicles under the same policy with Commercial Auto Coverage.

Employees

 As mentioned above, employees are covered on your Commercial Auto Coverage policy. So, say an employee drives your car, but you don’t have commercial auto coverage. If that employee crashes, your regular insurance will not cover them for any injuries and they can in turn sue you for hospital bills. If you do have the vehicle covered by Commercial Auto Insurance, your policy will take care of the car and their medical bills.

If your business requires the use of vehicles, be sure to protect your company, vehicles, equipment, customers, and employees with a policy from a reliable Commercial Auto Insurance carrier. You can also go online and get a Commercial Auto Insurance quote to see how much your policy would be. Stay safe and keep your business on the move!

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Reasons Someone Would Sue Your Company

Reasons Someone Would Sue Your Company


When starting a business, one of the main goals is to ensure that employees and customers are happy. Unfortunately, there will be times when others have a less than favorable relationship with your company. There may even be times when an employee or customer will open a lawsuit against your business. Fortunately, if you have Business Insurance, you can be covered for legal fees and expenses. Below are some reasons why an employee or customer may open a lawsuit against your business.

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EMPLOYEE REASONS


Falsely Firing for Bad Performance- If you terminate and employee for bad work performance, but all of their performance reviews bare positive results, it can appear like a wrongful termination.


Discrimination- This is a very common claim: these lawsuits happen when an employee feels that they are mistreated based on race, religion, gender, age, sexuality, or social class.


Sexual Harassment- Another common case that happens when an employee feels that their mangers or supervisors are highly inappropriate in a sexual manner. These cases also occur when employees are asked to do sexual things to keep their job or advance in the company.


Employee Complaints- If an employee gets fired shortly after making a justified complaint about your business, they can sue you for wrongful termination.


No Clear Reason for Termination- If an employee gets fired, and you don’t explain to them why they’re getting fired, they can open up a lawsuit and make up their own reasons why they think they got fired. This will set them up to seem like a victim in the situation.


CUSTOMER REASONS


Injury at the Business Due to Negligence- Someone can open a lawsuit if they visited your place of business and got injured by a poorly placed machine or slipped and fell on a wet floor with no caution sign.


Breached Contract- People have also sued companies that don’t hold up to their end of a contractual agreement that caused a great loss in finance.


Faulty Products that Cause Injury- If your company sells a product that malfunctions and causes injury or damage, you can be sued for the value of what was lost.


Company Makes a Mistake- If a customer pays for your services and you make an error or cause collateral damage, the client can sue your company for the value of the damages or the service.


There are many more reasons why an employee or customer would sue a business. That’s why it’s important that you operate with care and caution. Sometimes, issues are unavoidable. To protect yourself from those unforeseen events, be sure to properly cover your business and employees with a good business insurance policy. You can actually go online right now and get a business insurance quote. Keep your customers and your employees safe and happy and protect the money in your wallet with business insurance.

 

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Business Insurance 101

 Business Insurance 101

No matter how successful your business is, it only takes one accident to bring it all down. One of the worst things to happen to a business owner is for them to lose the business. There are many threats to a business; all it takes is one lawsuit to topple a company. That’s why every business owner should have business insurance. There are many things that an operating business should get covered in order to keep their business lucrative and functional.

 

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General Liability

It’s very common for customers to get injured at a place of business. When a visitor gets hurt, the responsibility lies on the shoulders of the company, especially if the injury was a result of negligence. That customer now has the right to sue your business. This can greatly harm your company’s finances. It is moments like this where General Liability Insurance can come in handy. General Liability coverage is one of the more common types of business insurance. General Liability covers bodily injury, property damage, personal injury and medical bills.

 

Business Auto

There are businesses that require the use of commercial vehicles. If something happens to one of your vehicles, it can be expensive to cover the damages. This is why Business Auto coverage is important. When you have Business Auto coverage your company cars will be protected in cases of damage to your company’s vehicles and when your company’s vehicles cause damage to someone else. Be aware that your personal auto insurance coverage does not protect a company vehicle, even if you use it as a personal vehicle.

 

Workers’ Comp

Workers’ Compensation is another common type of coverage. Workers’ Comp is used to take care of company employees in case they get injured on the job. It covers medical bills, disability, and death expenses for your employees.

 

Business Interruption

For a business to survive, it needs a steady income. But events can happen where your business gets interrupted and its operations are halted, causing a loss of income. For moments like this, Business Interruption insurance will compensate your company for any income that was lost due to interruption.

 

Product Liability

Sometimes the products we sell may malfunction and cause damage to a customer. When this happens, the company becomes accountable for the damage and the customer can sue your business for their losses. When you have Product Liability insurance, your company can protect itself from claims involving faulty products.

 

Personal and Advertising Coverage

The business world can be extremely competitive. Because of the competitive nature involved, some companies can become very paranoid. Say some highly confidential information about your competitor is leaked, or someone makes some unfavorable comments about your competition’s CEO; and your company gets blamed for it. A week later you receive a letter in the mail stating that your competitor is now suing you for libel and slander. Personal and Advertising coverage will cover the lawsuits and any fees associated with the case, only if you didn’t actually commit the offense. This type of coverage also protects you from claims of copyright infringement and breaches of contract.

You put a lot of heart and soul into your business; it’d be shameful to lose it all because you didn’t have substantial business insurance coverage. If you are interested in keep your business and assets safe, contact a business insurance provider or go to their website and get a business insurance quote now!

 

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