One of the most common places where injuries occur is at a workplace. The Workers Compensation And Employers Liability Insurance Policy is used to provide insurance coverage for a company’s liability under a Workers Compensation Act. The policy protects both the employee and employer. It is designed to ensure that employee’s medical expenses and disabilities are covered, as well as any legal representation that arise from the injury.
A workers compensation policy responds to any accidental injury that occurs on the job to an employee while fulfilling their duties. The policy will also cover any costs linked to disease or death as a result of the employees accident. If the injury does not qualify for compensation under the Workers Compensation Acts, the policy will respond to an employee who sues his or her employer, claiming negligence.
Workers compensation coverage is required in just about every state. Any type of business can be insured with a workers comp policy. Typically, a policy lists the locations of the workplaces that are covered. The policy usually lists the other types of costs and expenses that are eligible for payment under the policy and amounts are defined by the state or jurisdiction where a covered incident takes place.
One of the great benefits of a workers compensation policy is being provided a legal defense against certain types of lawsuits against your business. The policy discusses that when other sources of loss payment are available, the policy begin a payment once the other source has paid responsibility. However, the policy will not cover any amounts that exceed stated benefit amounts. Coverage may be expanded, restricted, or made to adhere to specific state requirements through the use of endorsements. Generally the insurance company’s acquire the covered company’s legal right to pursue payment from a party that might have been held responsible for injury in the workplace.
Every business should carry worker’s compensation insurance for their own protection. As always, check with a licensed insurance professional to determine what is needed for worker’s compensation insurance in your business.
If you have any questions about your existing policy, are inquiring information about a possible future policy or need further information, please call us at (631) 738-7300 or get a quick quote at www.vrpinsurance.com
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