Workers Compensation Insurance
You are required to purchase workers compensation insurance if you own or operate a business with employees. Workers’ compensation is a no-fault system of benefits paid by employers to workers who experience work-related injuries or diseases. The workers’ compensation policy pays employees for lost wages and medical expenses that arise when hurt on the job.
The policy has two sections:
Homeowners Insurance
For most people, the home represents the most significant financial and emotional investment. Protecting that investment is very important!
However, not all homeowners insurance policies are created equal. Before you buy and periodically after you have purchased, it is important to review the protection afforded under your homeowner’s policy carefully.
Here are a few key coverage items that we believe should be included in almost every policy:
Workers Compensation
This section of the policy covers the employer’s obligation under State Law to provide benefits to employees. While these benefits and levels vary from State to State, almost all will include:
- Medical care that is reasonably required to cure or relieve the employee of the effects of the
injury; - Temporary total disability (TTD) benefits while the employee is off work, recovering from the
injury; - Temporary partial disability (TPD) benefits while the employee is recovering from the injury but
working on light duty for less compensation; - Vocational rehabilitation/maintenance benefits to an injured employee who is participating in
an approved vocational rehabilitation program; - Permanent partial disability (PPD) benefits for an employee who sustains some permanent
disability or disfigurement, but can work; - Permanent total disability (PTD) benefits for an employee who is rendered permanently unable
to work; - Death benefits for surviving family members
Employer's Liability
Employer’s Liability is intended to protect an employer from legal liability arising out of employee’s injury not covered by the worker’s compensation policy. Although coverage applies to all employers’ liability claims not specifically excluded, the policy does list the four most common types of claims:
- Third Party Over Actions – A lawsuit filed by a third party, seeking indemnity because it was held liable for an employee’s injury.
- Loss of Consortium – A lawsuit typically filed by an injured employee’s spouse for loss of the services of his or her spouse injured in the course of employment.
- Dual Capacity Suits – Lawsuits brought by an injured employee, against the employer when the injury arises from a product the employer manufacturers
- Consequential Bodily Injury – A lawsuit filed by a family member for injuries suffered as a consequence of the employee’s injury.