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Work Comp Insurance policies is a requirement in the vast majority of states depending on how many people you have and how many hours they work. This provision allows the injured worker / employee to claim compensation while unable to work due to their injuries. The compensation the worker receives can either be in a one-time lump sum or installment payments. This, in some cases and particularly in the United States is called “Exclusive Remedy”.
Coverages of the policy will vary depending on state or country. Some rules may even be different for different companies. All workers compensation policies make a provision for compensation based on set criteria regardless of the variences between companies. If an employee get injured while at thw workplace or off premises performing some task assigned by the employer, they employer is liability for compensation. The employer isn’t liable for injuries that occur off the job. Here it should be made clear that accident does not refer only to injury but also job related illness. This means, if someone falls ill at workplace, no matter due to whatsoever reasons, and is therefore rendered unfit to come to work for subsequent days, he is entitled to claim compensation till the date he gets fit for work.
The workers comp insurance policy is required to pay compenation for situations covered regardless of the cause. For instance, if an office employee was in an auto accident while on the way to the bank, the workers compensation insurance policy would respond and pay compensation for lost wages.This boundation on the employer assumes that the accident suffered by the employee is a result of neither the employer’s negligence nor any co worker’s. This provision was made to safeguard the interests of the employee by assuming that the injury was caused due to a “third party”.
In case the company disagrees or denies earnings to the staff member, the employee possesses the right to sue the employer in a Court of Justice. Regardless, whatever payment the worker will be paid, will, no doubt be made by the workers comp system, unless and until, it was the employer’s sound intention to cause harm to the employee. This has to be confirmed in court. However such cases are rarely experienced.
With regard to the United States, the provisions of the plan are usually established differently for different states. For an example in context to who actually is entitled to pick the medical practitioner between the worker and the owner, the states of Alabama and Georgia have different rules. In Alabama, the business has the right to choose the physician whereas in Georgia, the worker gets to choose the healthcare professional but he can only do so from a list of physicians prepared by the organization. In the same way, the Attorney fees permitted statutorily in the state of Arizona is 25% whereas in state of Pennsylvania, it is 20%. For that reason, a staff member must be aware of the basic rights that he has in his state under this policy.
Right up until now, we reviewed briefly about the liberties of an employee over an employer. But what if a person is running their own business? When these policies were formulated, the number of self employed personnel were few, almost negligible. But now, a large percentage of the active earning population is self employed. Thus, a number of countries also have the “Self Employed Workers Comp Insurance coverage”. This includes many provisions which defend their interests.
Long long ago in the United kingdom, in the age when an employer was thought of as an authority and an staff member a servant, there was nothing as a workers compensation insurance. At that time, if an employee wanted to claim reimbursement on the discussed grounds he needed to knock the door of the court. Even then, many a times the judiciary treated him as a servant and favored the employer. Such things gave rise to this policy. Still corruption often creeps in and amidst such politics the rights get lost somewhere.
• Commercial Property
• Inland Marine
• Boiler and Machinery
• Commercial Automobile
• Commercial General Liability
• Commercial Umbrella
• Workers Compensation
Coverage Sections, Limits of Insurance, and Coinsurance Structures you own or lease as a part of your business, your business personal property, as well as the personal property of others make up the standard coverage sections of commercial property insurance. Commercial property insurance may be sold separately as an individual line policy (known as a monoline policy), or it
could be sold as part of a Commercial Package Policy (CPP), which combines 2 or more commercial coverage parts for instance
Personal Property of Others refers to property that is in your business’s care, custody and control. The type of business you operate will determine if you need to safeguard
Whether or not a property loss is covered is determined by the policy language, exclusions, and endorsements. Causes of loss will be separated into 2 main
Commercial property coverage will include a provision to determine what valuation technique is to be used to pay the loss. One of the most common policy valuation method is Actual Cash Value (ACV). Unless otherwise described within the policy, ACV is considered to be Fair Market Value. There are 2 other methods of property valuation: agreed value and replacement cost. Agreed value waives any coinsurance penalty and will pay 100% of the stated amount (agreed upon amount) for any covered loss. Replacement cost covers the amount it takes to replace your property with new property of like kind and quality up to the limits of insurance. Similar to
There are numerous coverage forms and endorsements in addition to the basic property coverages already discussed which can customize coverage in a commercial property insurance policy. What follows are the most common coverage forms and endorsements found in
and specific perils covers $100 per pane of glass up to $500 per occurrence. A glass form must be added for scheduled glass coverage whenever there is a substantial glass exposure to insure. A glass form includes the number of panes, dimensions, location, lettering, and ornamentation. A separate glass deductible may be scheduled also
value tend to be the most common time element coverages. Business interruption coverage replaces lost business income following a covered loss. Certain key employees can be named, permitting the company to continue to pay their wages until the business restarts operations following a loss. Additional expense coverage mainly applies to service or product associated businesses where the business has to continue to ensure the survival of the company. Extra expense can pay for office space, equipment rental, advertising, or most expenses deemed reasonable for maintaining the company operating after a covered loss. Loss of rents and rental value protect loss of rental income to the property owner caused by damage or destruction of a building rendering it unfit for occupancy.
Depending on the individual risk characteristics of your business, the broker-agent will show you with different coverage options for purchasing commercial insurance. A broker-agent’s proposal is simply that, a proposal. When all is said and done it is your responsibility to make an educated choice and select the insurance that best fits your business plan. The partnership that you build with a broker-agent is extremely important in this specific critical decision making process. A seasoned broker-agent has handled hundreds of businesses much like your own. Given that commercial insurance can be complex, you must feel free to discuss any terms, conditions, or concepts that are unclear to you with your broker-agent. It is a broker-agent’s obligation to answer the questions you have and to help you comprehend the insurance coverage you are acquiring