Employer Liability Insurance
As a business owner, it is important to protect your business from the various liabilities you face in the course of your every day business. Different insurance policies are required according to the state in which you do business, but required or not, it’s important to have the essential coverage to protect your investment and livelihood from claims of damage or injury.
One important liability faced by any business owner who employs people or contracts help is that of claims of disease, fatality, or injury to employees resulting from workplace conditions or practices. These claims, made by employees, are covered by Employer Liability Insurance.
Employer Liability Insurance is typically offered as part of a workers compensation package. Extra Employer Liability Insurance can also be purchased separately. Employer liability is not covered by Public Liability Insurance. There are essential differences between employer and public liability insurance which are important to understand: public liability insurance protects against claims of damage, injury or death due to a business owner’s negligence brought by a third party while these claims coming from an employee of the business are covered by employer liability insurance.
Standard Workers’ Compensation benefits are regulated by the state in which you do business, but you can select the amount of Employer’s Liability insurance as you shop around. Premiums for these insurances are based on payroll and your company’s type of business as well as the employees you have and their specific work duties. The costs of past claims associated with your industry as well as specific risks associated with your business are also taken into account.
As you shop for employer and other business related insurance policies, take your time, do your research, and compare many options. In the end though, instead of purchasing the lowest priced policies from various companies, talk with an experienced business insurance broker, (if you can find one that specializes in your industry, even better) who can help you get the best coverage while avoiding gaps and double coverage.
According to the risks of liability you face, you may need to purchase an umbrella policy which will cover the difference between a potential awarded claim and the limits of your policies. Umbrella policies generally cover general liability, hired and non-auto liability employers liability.
Remember, before purchasing any insurance policy to check the financial stability of the company providing it. Use AM Best or Standard and Poor’s online insurance ratings to make sure you are buying from a company that will be around when you need to make a claim. Also, you can check their customer service and claims paid record on your state’s Department of Insurance website.
More posts on this subject:
Related posts:
- Liability Insurance Quote
- Liability Insurance Companies
- Commercial General Liability Insurance
- Small Business Liability Insurance
- Cheap Liability Insurance
Tags: employer and public liability insurance, employer liability insurance, employer public liability insurance, employers liability insurance
