Worker’s compensation is something that most people don’t think about until it is too late. That is because a lot of people don’t understand what it is or how it works. A lot of small business owners struggle to understand worker’s compensation, too. Worker’s comp is “on-the-job” insurance. It provides benefits to employees for work-related injuries or illnesses. This includes reasonable expenses for medical care, wages from lost work time, disability benefits, and survivor or death benefits. As a business owner, a worker’s comp policy can even reimburse you for certain expenses if you get sued.
When an employee gets hurt on the job or has a work related illness, they still have to pay their bills and meet other financial obligations. That’s where worker’s comp comes in. Health insurance won’t pay the rent, utilities, or for medical deductibles. Worker’s comp, however, can help with these expenses. Depending on which state you live in, full or part-time employees can be covered by worker’s comp, and in some states business owners, partners, or company officers can be covered as well. Coverage is even available for workers injured while traveling on business outside of the state where they normally work. As a business owner, the rates that you pay will depend on the type of business you are in, your worker’s comp track record, and how much you pay your employees.
Whether or not your business carries worker’s comp coverage may not be a choice because it may be mandated by law, but you do have power over the decision over who you purchase worker’s comp insurance from. Rates and coverage can vary, and the rules and requirements vary from state to state. The same price may get you different levels of coverage from different companies. That’s why it is important to ask questions from different providers, compare coverage, and look at the reputation of the company from whom you want to purchase coverage. Fifty-four percent of the costs of claims are for medical expenses. It is crucial to be careful about who you choose to manage these claims. The more you understand as a business owner, the more confident you will be in your worker’s compensation insurance buying decision, a decision that could mean a lot to your business, and to your employees.
Worker’s Comp Tips for Business Owners
- If you have a claim, big or small, report it right away to help your employees get the care they need and to protect you in case their injury turns into something bigger down the road. The sooner they are healthy, the sooner your employees can get back to work for you.
- Audits aren’t a bad thing. The purpose of an audit is to make sure you are paying the right premium so that you don’t pay too much or too little, and that you have the coverage you need. The result of an audit could even be a refund. Something as simple as a safety program or ergonomically designed workstations can be suggested and implemented to lower your premiums.
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Other types of technology business insurance coverage to consider include: Business Personal Property, Business Income, and Utility Services and Direct Damage. Business Personal Property Insurance permits a business owner to cover all of the buildings, fixtures, machinery and equipment, and personal property used in business and the personal property of others for which the business owner is responsible. Coverage also can be extended to insure newly acquired property, valuable papers and records, property temporarily off the business premises, and outdoor property. On the other hand, Business Income insurance is intended to compensate the insured for income lost during a “period of restoration,” if a business is physically damaged and can no longer operate. It begins when the direct physical damage occurs, and ends on the date that the damaged property should be repaired, rebuilt, or replaced. As for Utility Services and Direct Damage coverage, tech business owners can expect to be compensated for losses due to an interruption in water, power, communication, or other utility services.
Auto theft is covered under the comprehensive section of your auto insurance policy and applies to the loss of the vehicle as well as parts of the car such as tires, rims, airbags and catalytic converters. This may sound strange until you consider that nationally, more than 75,000 airbags alone are stolen every year from vehicles. Comprehensive coverage for your vehicle (which is not mandatory) also pays for events such as fire, vandalism and weather-related damage like hail or a windstorm, including damage from floods and earthquakes.
When looking at a health insurance plan or accompanying paperwork, whether it’s part of an employer provided group plan or an individual plan, you need to know exactly what you’re reading. Here is a few of the most important terms that you should understand about health insurance. It is by no means an exhaustive list, but should help to get you started when shopping around for health insurance.
The greatest benefit of working in just about any professional position is health insurance. Depending on the type of coverage your employer provides, this benefit can account for a quarter or more of your total compensation package when you consider your job’s pay, vacation and other benefits. This makes health insurance second only to salary when considering the overall value of the work you output. That’s why when job searchers are weighing different offers from similar employers, health benefits can make the difference whether or not they accept a position, and why health insurance is such a hot topic in nations such as the U.S. that have not adopted a government sponsored socialized medicine program like so many other nations have.
A Universal Life Insurance policy is a flexible premium flexible benefit life insurance policy that accumulates cash value. This policy is the most flexible policy in most insurance portfolios. You can change the premium amount, usually after the first two year minimums are met, and change the death benefit as your needs change.
