What Are The Benefits of Having Workers Compensation Insurance?

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.

Insurance for Your Vacant Home

Insurance  for your vacant HomeVacant homes are considered by the insurance company only under certain situations. Owner of vacant house resides in different state and when the house is found to be vacant for six months or even more longer, your insurance company will agree on hiring a property management firm professional to take care of your vacant house.

If the owner of the house had to move out of the state on job or due to some personal issues, he will leave behind his house vacant for one year or can be even more. As per American Association, the owner will qualify in having a care taker for his/her home, in both situations. Home insurance policies for vacant houses does not require to hire a person always from the property management firm. Even a relative or a friend of the owner, who is reliable will be considered. A friend has to visit the vacant house atleast 3 times in a month or even more. He has to check for electrical, plumbing or roofing condition and ensure everything is working fine.

However, if the relative or friend fails to do his duties and some hazard occurs or if he fails to visit the vacant house, then your home insurance would not accept any claims made by you. Any claims made to cover the perils or accidents will be labeled as “Negligence” and leads to denial of your claims. Hence, before considering any relative or friend, think over. A benefit of a care taker appointed by the property management firm is that, if any incident occurs, the claims made will be processed with out any difficulty.

Speeding Tickets and Your Insurance Premiums

Affects Your Premium RatesNobody wants to pay high car insurance premiums, but it’s something you rarely ever think about until you’re faced with a dilemma—like in the moments immediately following the receipt of a speeding ticket. Moving violations are one of several car insurance factors that can identify you as a risk in the eyes of insurers and can result in a significant increase in your premiums. But does one minor speeding ticket necessarily mean you’ll need to take on a second job to pay your monthly insurance tab?

That Sinking Feeling
Anyone who’s ever been pulled over for driving too fast knows the sinking feeling that arrives as soon as you pull back out into traffic. Forget fines—most people’s thoughts immediately go to the question: what’s this going to do to my car insurance rates? As it turns out, it might not affect you at all.

Some Good News
The good news is that a speeding ticket isn’t a guarantee that you’ll end up having to pay more for your car insurance premiums. Although there are plenty of factors that play into how tickets impact your insurance, the basic rule of thumb is that a single minor speeding ticket won’t affect you at all. You won’t be affected until you prove yourself to be a repeat offender, or get pulled over for doing more than 20 mph over the limit. There are some things you can do to limit the negative impact, like voluntarily taking a day-long driver’s ed course, but if you’re someone with a perpetual lead foot, you’d better start saving your pennies.