WHAT IS THE PROCESS FOR WORKERS' COMPENSATION INSURANCE?
Lost income if a wounded or unwell employee needs to take time out of work to heal.
Medical costs for your sick or injured employee.
If your employee need continuing care to assist them return to work, consider vocational rehabilitation.
In the event that a worker perishes at work, death benefits, including as burial expenses, are provided.
WHAT ADVANTAGES DOES THIS HAVE FOR NEW JERSEY BUSINESS OWNERS?
Workers compensation rules were established to guarantee that employees who sustain workplace injuries get set monetary compensation. In addition to making the procedure simpler for the employee, this also prevents the need for litigation. Since many jurisdictions set a cap on the amount an injured worker may recover from an employer, it also helps firms manage their financial risks.
Workers compensation insurance is intended to assist businesses in covering these costs. Most states mandate that companies carry some sort of workers compensation insurance as a safeguard for their workers. Insurance for workers’ compensation is not health coverage. Workers’ compensation is particularly created to cover accidents that happen at work.
In the majority of states, it is a legal need to get workers compensation insurance if you have employees. Even in places where it is not required, it might be a wise move, especially if you have a large staff or if they work in dangerous situations.
Like nearly all small company owners, contractors must have some sort of general liability insurance. It could even be more crucial to your company’s success than it is to companies that perform less hazardous and physically demanding job. That is not to argue that working as a contractor is unsafe, but it is more hazardous than, say, running a retail store. General liability insurance is always a smart choice because your employment involves both manual labor and power tools. In fact, some firms could reject your application if you don’t have general liability insurance.
In some cases, a company owner coverage might be replaced with general liability insurance for contractors. This is particularly true if you don’t own any business property or need insurance for your operations or payroll. Even in that scenario, you’ll still need liability insurance, which is where general liability insurance for construction contracts in Pennsylvania comes in. This might result in a reduced cost and just having to pay for the coverage you really require.
In other cases, it may be necessary to get contractors’ general liability insurance in addition to a business owner policy to cover any potential difficulties that the more comprehensive BOP may not be able to address. How do you decide if you need a BOP with general liability or only contractors’ GL? The best method to ensure that you are clear on how much insurance you require and which business to get it from is to meet with one of our representatives.