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What should employers liability insurance cover?
Employers liability insurance should cover legal costs and compensation payments if an employee sues for a work-related injury or illness that is not covered by workers' compensation. This insurance typically covers expenses such as medical bills, lost wages, and legal fees associated with defending against the claim. It is important for employers to have this coverage to protect themselves from potentially costly lawsuits related to workplace injuries or illnesses.
What is the liability coverage provided by workers' comp insurance?
Workers' compensation insurance provides liability coverage for employers in case their employees are injured or become ill while on the job. This coverage helps protect the employer from potential lawsuits related to workplace injuries or illnesses.
Is NOT a precaution OSHA expects employers to take to protect workers from falls?
C. Minimize employee training.
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.
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.
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.
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 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.)
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..
