subject: Types Of Business Insurance [print this page] Part of business insurance is for a business to obtain workers compensation insurance. For the purpose of this article, workers compensation insurance will be referred to as business insurance. Although there are other types of business insurance such as liability and business property insurance which are usually rolled into one business insurance plan, this article will focus on the part of liability insurance that is workers compensation insurance. There are a handful of states that require a business to have business insurance only through the state. Wyoming, West Virginia, Ohio, Washington, North Dakota, and Nevada all require their business employers to get this type of business insurance only through the state and not through any other privately owned insurance business.
This type of business insurance is basically the same in every state, though some liability benefits differ a little between one state and another state as well as between one insurance business and another insurance business. But, essentially this type of business insurance has the same structure anywhere. This type of business insurance for liability purposes will always include the type of medical help an employee will receive if the employee becomes injured on the business premises. This medical help provided by this type of liability or business insurance doesn't require the employee to pay a deductible. Also, an employee is paid for lost income or paychecks due to the injury. This type of business insurance will also include some type of insurance benefits in the case of the death of an employee due to an injury from the business campus.
Medical coverage, income coverage, and death benefits are all part of this type of business insurance policy in one way or another, whether you get this type of business insurance directly from the state or from a privately owned insurance business.
The goal of every state requiring this type of business insurance is to provide payments of medical help for employees who are injured due to a working environment. Requiring this type of business insurance from a business means that a business campus will be more safe and worker-friendly. Any business can obtain this type of business insurance either through a privately owned insurance business, through a state-owned insurance benefits, and/or through a type of self business insurance offered through your state.
This type of business insurance is available in every state of the United State(s). However, there are still some business' who don't carry this type of business insurance. Carrying workers compensation insurance protects the employees of a business, but it also is a type of liability protection to the business. For example, if an employee is injured on a business campus due to machines that are not properly maintained an employee could sue a business or bring legal rights against the business, especially if that business doesn't have this type of business insurance to help the employee pay for medical issues that arise from the injury. A small business especially needs this type of business insurance to protect the liability of that small business. Check to see if your business has this type of business insurance.
by: Leland Saul
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