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What type of insurance do states require employers to carry in order to protect the employee if the employee is injured while working?
Wiki User
∙ 11y ago
workers compensation
Wiki User
∙ 11y ago
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What should employers liability insurance cover?
Employer's liability insurance exists to protect an employer from an employee's insurance claims from conditions resulting from work. The insurance should cover medical costs and some lost wages.
Is NOT a precaution OSHA expects employers to take to protect workers from falls?
C. Minimize employee training.
Why would one purchase liability insurance?
Liability insurance is purchased to protect oneself from the risk of liabilities that are a result of a lawsuit. It its prominently used in car insurance, but can also be purchased for products, and by employers.
Is key man insurance taxable to the person covered as is the case on group-term life insurance paid by an employer's company over 50K?
Key person life insurance is coverage on the life of a key employee and payable to the employer upon that employee's death. The purpose is to protect the company from the financial loss associated with the loss of the employee. Since the employee in no way benefits from a key person life insurance policy, there are no tax consequences to the employee.
What type of insurance do you need to operate and own a barber shop?
There are many types of insurance you will need to own and operate your barbershop. The most important insurance will be liability insurance. Liability insurance will protect you in the event someone is injured on your property.
What is a public liability insurance and how is it used?
In a nutshell, public liability insurance is a special insurance a business or a commerce can buy to protect itself financially in case of a lawsuit brought against it by a patron injured at/on it's premises.
Can a horse owner get liability insurance to protect from a horse getting out of the fence being hit by a car and an occupant being killed or injured?
There may be this sort of insurance through a home owners policy.
Are you considered 'bonded' if you have posted bail for a minor?
No. Bonded means the employer has purchased insurance to protect his clients from any damage the employee causes.
What is the benefit of worker compensation insurance?
Workers' Compensation Insurance is mandatory for all employers to carry and pay for in all states. (Exceptions for self-insured employers are made; this is another whole topic). Employees are NEVER required to pay any part of the premium for this coverage. It is the EMPLOYER that is 'covered' and the purpose is to protect employers from damages awarded in lawsuits that could conceivably put them out of business. Most workers' compensation laws, in each state, went into effect in the early 1800's, during the industrial revolution, when employees were suffering serious injuries and either 1.) receiving NO compensation at all, or 2.) being awarded compensation via the court systems which generally crippled the employers, thereby eliminating jobs and income for entire companies. States realized that provisions needed to be made that would protect the injured workers and their families, but enable employers to continue operating and providing employment and income. Each state has a department, bureau, commission, etc., that regulates the laws pertaining to workers' compensation. Each state also has a 'state fund', which will provide insurance coverage to employers, for a premium. Forty-eight of the states also have competition with private insurers; three states have 'exclusive funds', meaning only the 'state fund' provides WC coverage: Ohio, Washington, and West Virginia. This means that employers MUST purchase their coverage from the state fund or be self-insured. (They must, of course, show due diligence, showing themselves financially able to be self-insured.)
How does a fidelity bond protect an insurance policyholder?
Fidelity Bond Insurance protects businesses against employee fraud. It also allows high risk employees to become employed by protecting the employer.
What does loss assessment mean on a homeowners policy?
Loss assessment on a homeowner's insurance policy is protection against getting sued for a person being injured on the property. This is a common insurance that condominium owners need to protect themselves from lawsuits for someone being injured in the common areas of the condominium complex..
Landlord Insurance Can Protect You and Your Income?
If you rely on revenue from rental properties as your sole income or even as a supplement to other income, you need to have landlord's insurance to protect yourself as well as your assets. If someone is injured on property you own, you could be liable for thousands of dollars if you do not have landlord's insurance. Insurance can also protect you if your property is damaged and you cannot rent it until repairs are made. With landlord's insurance, you can restore your property and begin to generate revenue much more quickly after a disaster.
