CSIS Insurance Services, Inc. Blog
Workers' compensation insurance covers hospital and salary benefits for employees injured or ill on the job. It is classified as social insurance since it is based on a social contract between management and labor. Company owners are shielded from civil litigation brought by injured workers to obtain workers' compensation insurance.
The construction sector is fraught with dangers, and job sites are frequently humming with action. As a result, workers, contractors, huge equipment, and other resources are required to complete the operation, which increases potential lawsuits and third-party losses.
Contractors insurance is a type of insurance that can secure your company from the financial consequences of work-related accidents. If your business is endangered, securing your livelihood with proper limits and coverages that match your risk is critical.
When it comes to purchasing business insurance, small business owners are usually concerned with three factors: protection, accessibility, and worth. Each aspect is addressed by a BOP or business owner's policy.
BOPs help small companies to save cash and pay a single transaction while obtaining necessary coverage by combining commercial property insurance, general liability insurance, and business interruption insurance into a specific policy.
When a worker is harmed on the job, they file a claim with the insurance provider (or self-insuring employer), who then may pay hospital and disability payments based on a state-approved calculation.
However, employers who do not have workers' compensation insurance are susceptible to penalties, criminal prosecution, and civil liabilities unless they belong to certain excluded groups.
Therefore, to help you, as an employer, here are essential things you need to know about workers' compensation.
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