Workers compensation is a type of insurance that provides employees with payment for lost income and medical expenses due to some type of job-related illness or injury. It is a way of protecting company employees by guaranteeing that in the event of a work-related injury or sickness, they will receive compensation. How Employers Benefit From Having Workers Compensation Insurance Employers who pay into their state’s workers compensation insurance program are also provided with some vital coverage. By paying into the fund, employers are absolved of any liability for claims an employee might wish to file. In addition, employers are afforded specific legal protections that grant them immunity from lawsuits based on an employee’s injury. State Mandates States require employers to pay these benefits and employers must have proof that they have the financial resources to cover the cost of any potential claim. The usual way that employers prove this is by purchasing workers compensation insurance. Employers are legally obligated to participate in their state’s program, although there are some exceptions. Those few exceptions vary by state. Self-Employed Workers Compensation Insurance Self employed people don’t have to have workers compensation insurance, but in some places, there may be provisions that allow self employed workers to "opt in" as self employed business people. Having this coverage means that a person who is self-employed will be able to get insurance to cover the costs of treatment for illness or injury. Even if your state doesn’t require that you have workers compensation insurance, having it is a good idea, and it provides you with a guarantee of protection should something happen. Workers Compensation and Small Businesses Sometimes small business owners fail to see the benefit of workers compensation. They think of it as an overhead expense, and unless and employee is injured or gets sick because of the job, they never see the benefit. Types of Workers Compensation Insurance Benefits Workers Compensation provides coverage in four different ways.
- Death benefits provide payment for some of the wages a family loses because of a job-related death.
- Workers compensation insurance may provide burial benefits to help with some of the expenses related to the cost of a funeral.
- Medical benefits are designed to cover the cost of medical care and treatment for a job-related illness or injury.
- Income benefits are designed to pay employees a portion of wages they lose due to illness or injury.
Workers compensation insurance provides a wealth of essential benefits to both employees and their employers. Employees gain the assurance that they will not be totally without income in the event that they are injured on the job or suffer from some illness related to their job. For employers, they too are protected in this same way. Employers who pay into the state workers compensation insurance fund get legal protection that they wouldn’t otherwise have. That means they don’t ever have to worry about whether or not a lawsuit could eat up all of the company’s profits and wipe it out entirely.
Based on several studies supporting the presumption, married couples are generally granted lower auto insurance rates due to the fact that they are typically more responsible, less likely to drive recklessly, and less likely to encounter auto accidents and traffic violations. However, the benefit of lower insurance rates will only apply to the extent that both parties in the couple have fairly good driving records. Personal driving history will usually have the biggest impact on insurance rates, which means that getting married likely won’t reduce your insurance rates dramatically if your driving history is filled with accidents and multiple filed claims.
Although you shouldn’t expect a huge drop, your insurance rates will noticeably decrease with any positive lifestyle event that may testify to your maturity. For example, you should always notify your insurance agent when any big milestone occurs, such as graduating college or having a baby. These milestones indicate that you are much less likely to file an insurance claim, which will be rewarded by your insurance company in the form of lower premiums. Alternatively, if your fiance or spouse has a poor driving record, this could negatively affect you both in terms of your auto insurance rates. Both of your rates could further be affected if one partner continues to get tickets or get into auto accidents. For this reason, it’s important that both parties encourage one another to drive responsibly to avoid insurance hikes.
As a newly married couple, you can also receive insurance discounts by placing both of your vehicles under one policy. This would qualify you for a multi-car discount, which would result in lower rates overall. If you and your spouse have different auto insurance companies, it is always more financially beneficial to combine your auto insurance policies under one company. Another good tip is to combine all of your other insurance policies, such as homeowner’s insurance and commercial insurance, to enjoy savings on these policies as well.
Senior drivers can avail cheaper car insurance for various reasons than you can even think off. Individuals who airs the utmost risk of being tangled in an accident are of great advantage as most of the auto insurance providers usually offer discounts and low insurance premium rates. Here are few points to consider in lowering insurance premium for senior drivers.
Importance of Slow Driving and Low Mileage
Most of the seniors drive much less than the middle aged professionals who commute daily to work so they are suitable for auto insurance discounts. Seniors can even go for insurance companies’ offers involving up to 25% discount for those who allow the installation of special gadgets in the car to detect mileage and driving patterns. Moreover, owning years of experience seniors are known to drive more carefully. Seniors are qualified for auto insurance discounts even by the absence of any traffic violations on their driving record for more than 3 years.
Conflate Insurance with Other Policies
A lot of seniors are likely to have a house insurance or health insurance for sure. Combining these policies with their auto insurance policy with that of their children or wife, will allow seniors to get ample discounts. When you combine several policies you increase the business for the insurance provider and hence become a preferred customer.
Driving Courses for 55+
Seniors can easily attempt and get certification from 55+ driving courses offered by driving schools. Taking these courses is very easy. Moreover, it allows seniors not only to brush up on the fundamentals of driving safe but also claim for discounts from the auto insurance providers. There are certification courses that also teach seniors extensively about various traffic signals thus helping them to avoid accidents and neutralize the slowness in reflexes that sets in due to dotage..
Credit History to Lower Premium
Credit history is one of the best reasons why seniors can expect lower auto insurance premiums. Given that most seniors are very careful about paying their bills on time and have a long credit history, their credit score would be most likely, impressive. A better credit score always gives the impression that the individual will not only pay the premiums on time, but will also be more mature, and controlled and less reckless on the roads. This will also mean a lower risk of accidents and claims.
Comprehensive insurance allows auto owners to repair their vehicles when damaged from weather or natural damage and vandalism. Comprehensive insurance is one of the most used aspects of an auto policy. There are three major benefits that come from having comprehensive insurance.
- Major Peril Benefits: When it comes time to file a claim. Theft, fire damage, storm damage, and many others are covered by this coverage.
- Glass and Rental Car Benefits: Some people do not realize that some comprehensive coverage will cover a rental car. This benefit gives a driver a rental car just in case theirs is being fixed. Sometimes if you get a rental car for vacation or a trip, Your insurance covers this rental too. Always check with your agent to make sure you insurance covers a rental car in the event it is damaged. Some people are also amazed to find out that even though glass coverage is not listed on their policy it still is covered under comprehensive coverage.
- Loan Benefit: Most lenders want some kind of physical damage coverage to be on the vehicle. Comprehensive coverage satisfies this requirement making it possible to get the loan.
- Benefit of Peace of Mind: The newer the car the more concern there is from the owner about damage. Comprehensive insurance gives peace of mind that there is an option to have the vehicle fixed should the need arise from a defined peril in the coverage definitions.
Insurance companies are always on the lookout for ways to sell their policies to new customers. Sometimes the new customers are beyond the reach or scope of the insurance company, or sometimes the insurance company does not have the agents available to handle the new block of business. A solution is to enlist the aid of a third party business known as a broker.
A brokerage company is a business that specializes in providing benefits to clients all over the world. Often the brokering company will handle several types of benefits that are made available to employees of companies. Insurance is often made available for employees, as a benefit, who work for large corporations. The brokering company acts as a middle man between the insurance company and the policy holder. The broker will sell and even sometimes service the policy for the insurance company. The insurance company is turn pays a commission to the brokering company for their service.
The brokering company will usually offer to the consumer several choices of insurance companies to choose from. They offer multiple quotes at the same time. This gives the consumer the best choice that they have for their money. All the foot work of getting quotes is done in one spot within a few minutes. Brokering companies are a major benefit to insurance companies and a great benefit to consumers as they save time and help save money.
One of the chief requirements of closing the deal on a home mortgage is buying a home insurance policy. New home insurance doesn’t only benefit you, after all. The bank who’s financing your mortgage has a substantial stake in your home too, and taking measures to ensure that investment is is protected is one of their primary concerns.
What happens if I don’t get home insurance?
When it comes time to finalizing paperwork for your mortgage, the bank or lender will require you to provide proof that you’ve taken steps to insure your new home. In the event that you don’t secure new home insurance through the insurer of your choice, your mortgage company may do one of two things: hold up on closing until you’ve obtained an adequate insurance policy, or provide you with a policy of their own.
Is lender provided home insurance better?
In a word, no. The coverage you’ll get from a lender-provided home insurance policy will only differ from a policy you obtain on your own in out-of-pocket costs to you. Typically, the home insurance coverage that your mortgage company will purchase for you is far more costly than what you’ll be able to get on your own. Premiums are added to your monthly mortgage payment and could significantly raise the total amount of money you pay.
High value home insurance is coverage that goes above and beyond the limits of standard policies. Many people these days are driven by finances to opt for home insurance that’s woefully insufficient to cover the actual cost of damages. If this sounds like you, you’re not alone. The real trouble lies in the fact that not many people know if they’d benefit from this high level of home insurance coverage. To find out where you stand, read the criteria below, which are generally seen as indicators that you could and should raise your level of home coverage.
- If the value of your home exceeds $300,000.
- If your home’s value exceeds the value of other homes in your immediate vicinity, regardless of its value.
- If you own a lot of expensive jewelry.
- If you own expensive art.
- If you own irreplaceable antiques.
- If you own high-end electronic equipment.
In addition to ensuring adequate coverage for the true value of your home and the contents therein, high value home insurance coverage offers a few additional perks you won’t typically find on most standard home insurance policies. These include more comprehensive coverage for unexpected overages for repair or replacement estimates, as well as mobile insurance, which extends coverage to your belongings while they’re in transit or if they’re temporarily moved from your home.
Do You Need High Value Home Insurance?
You might think of high value insurance as something that’s only for the wealthy, but with today’s rising cost of real estate you could easily find yourself a candidate. If you’re not sure what level of coverage is for you, talk to a home insurance agent to discuss your options.