Workers’ Compensation Insurance: How You Can Improve Your Results
As a small business owner, one of your most important assets is your people. So when an employee suffers a work-related injury or illness, they feel it, both emotionally and financially. Because employee injuries can affect your insurance premiums and profitability, you need the knowledge of an experienced company that offers the coverages and capabilities to help address these indirect costs.
Perhaps what business owners appreciate most about a well-managed Compensation Program is a variety of coverage options. Because not all business needs are the same, look for more than one version of the Comprehensive Workers’ Compensation Endorsement. Not only will you find many of the standard coverages in our basic version, but we also go beyond these legal requirements. And if you are looking for additional coverage, you will find that we include even more value in our extended options plan.
Here are just a few of the coverages that can be included in a typical basic basic form endorsement that can be especially valuable to your business:
- Reimbursement of your reasonable expenses, including loss of income, incurred on your behalf in connection with a claim, proceeding, or lawsuit that we defend.
- Interim Employer Liability Supplement for all states where workers’ compensation is provided by a monopoly state fund.
- Voluntary compensation for your employees that are not covered by state statute.
- Sixty days, compared to the industry standard of 30 days, to notify us to add the states where you have recently set up operations.
An extended broad form endorsement can include some or all of the following in addition to the basic option:
Higher limits for employers’ liability insurance.
- You waive our right to recover from other parties responsible for an injury to your workers in those cases in which you have signed an agreement with the other party that requires such a waiver.
- Extension of workers’ compensation insurance to cover your employees who suffer work-related injuries or illnesses while traveling for business outside of the United States.
- Coverage of your obligation under the United States Dockworkers and Longshoremen Act to provide these federal benefits in the event an employee subject to the Act is unexpectedly found.
Of course, every small business has unique needs; be sure to seek the advice of a qualified broker with experience in the specialty of workers’ compensation.