What is Workers’ Compensation Insurance?

Workers’ compensation insurance provides coverage for an employee who has suffered an injury or illness resulting from job-related duties. Coverage includes medical and rehabilitation costs and lost wages for employees injured on the job. This insurance can be obtained from a licensed insurance company. The law in most states requires some form of workers’ compensation insurance for four or more employees. However, the owner of a business can waive there rights to coverage by filing a state exemption.

What is Business Insurance?

Business Insurance Overview The term “business insurance” pertains to protecting against operational losses by a business. What type of loss is covered by a business insurance policy depends on the insurance company, the policy wording, and local limitations. Common Coverage Types There are several types of business insurance, each limiting coverage stipulations and restrictions. The most common types are:

1. Key Person Insurance: A business Key Person is considered so important to the company that loss the person could cause considerable damage to the company’s financial future. Benefits are paid if the Key Person covered experiences a disability that prevents working or if the Key Person dies. The remaining partners or owners can use the benefits only for legitimate business expenses, such as buying the disabled person’s stake in the business or hiring and training expenses for a replacement. Key Person Insurance is sometimes also called a Buy/Sell Agreement.
2. General Liability Insurance: This coverage protects the business against liability claims, negligence, manufacturing or personnel error, bodily injury, or even property damage. Liability insurance often covers the policy holders’ legal fees if the liability or event is covered under the policy.
3. Product Liability: Coverage protects against faulty products and damage, injury, or death from use of the faulty product.

www.DoesInsuranceMatter.com
www.HighValueBonds.com
www.DentalNorthAmerica.com

The below articles discusses the need and concept of business insurance:

• Buy-Sell Agreements & Disability Insurance
• Using Insurance or Cash Flow to Fund a Buy/Sell
• Keeping Your Business Sailing Smoothly
• Business Overhead Expense Protection