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What You Need to Know About Workers’ Compensation Insurance

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If you are a business owner, you know first hand how hard it is to build a successful business. Countless hours of ensuring not only your customers’ happiness, but also the happiness of your employees is crucial in making sure that your company stays afloat. In addition to happiness, you must also ensure that your employees are safe while at work, and that any accidents on the job do not have the ability to destroy the hard work you put into creating your business.

 

What is Workers’ Compensation Insurance?

Workers’ Compensation Insurance was created to help companies cover the cost of on the job injuries or illnesses without the process of a lawsuit.

In most states, Workers’ Compensation Insurance is required by law and applies to any business that has one or more employees. This insurance is essential for owners to adopt in the workplace so that they may rest assured that their business and your employees are protected in the case of any injuries, illnesses, or work-related deaths. Workers, and your business, are in turn protected in the case of any injuries on the job, any work-related illnesses, or any automobile accidents that happen on business trips.

 

What Benefits Do Employees Receive?

As a result of implementing Workers’ Compensation Insurance in your business, employees receive a plethora of benefits. These benefits include medical care, temporary disability benefits, permanent disability benefits, supplemental job displacement benefits and a return-to-work supplement, and death benefits.

 

How Can We Help Your Business?

At Partners Direct Insurance, our team of professionals can assist you by providing several insurance package options that will suit your business needs. We will give you all guidance necessary in determining what kind of coverage your business requires, and any coverage for your personal needs as well. Our goal is to help you protect your employees from harm, and to make sure that your business does not end up in a lawsuit that may threaten its success.

 

Give us a call today or fill out our online form to get a quote today!

 

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6 Types of Construction Insurance to Help Protect Your Business

As a small business owner, you likely can’t bear the weight of a potential construction accident. To help keep you and your business protected, we compiled a list of some of the most common types of construction insurance policies and what they each mean. Continue reading to find out which insurance policy is the best choice for your business to have during your next project or remodel!

 

  • Builder’s Risk

 

If your business is set to undergo building construction or remodeling in the future, builder’s risk insurance is a smart choice to help protect it. This type of insurance can protect the structure itself, provide coverage for necessary materials, and insures you, the business owner, from any accidents. This kind of policy usually only lasts for the duration of the project, so you don’t wind up paying for insurance before or after you need it. Builder’s Risk insurance does not usually provide coverage from situations like earthquakes, employee theft, or weather damage, so it’s important to clarify these situations with our team at Partner’s Direct prior to signing.

 

  • Commercial General Liability Policy

 

A Commercial General Liability Policy is the most common for construction-related projects, and it is known as a good starting base for business owners who might not know what specific policies they need to protect their project. The standard form of this policy insures against bodily injuries and property damage caused on a construction job. This policy, however, does not cover the costs of repairing any flawed work done incorrectly during the initial project, but this differs based on the contract signed between you and your insurance provider.

 

  • Umbrella Liability Coverage

 

This type of insurance is useful for contractors or business owners who are operating large construction sites or multiple projects at one time. A good supplement to the Commercial General Liability Policy, a ULC policy protects larger projects that might be maxed out on a basic CGL policy. If you’re wondering whether this policy is a good add-on for you, talk to our team at Partners Direct to see what’s right for your specific situation.

 

  • Contractor’s Pollution Coverage

 

If your business’s construction projects involve mechanical, excavation, carpentry, industrial, or other heavy-duty work, this policy could help protect you and your business from any damages caused by pollution from these services. This policy protects you from third-party claims and could help save your business thousands of dollars if a pollution accident caused bodily harm onsite.

 

  • Worker’s Compensation Insurance

 

Does your construction project involve more than five workers? In most states, this is when Worker’s Compensation Insurance is a required investment for your company. However, the State of California dictates that this type of insurance is needed in every work environment, even if there is only one employee. This policy can protect your business in the instance of an employee getting injured on the job, even in a non-construction related setting. It can help prevent you from paying out-of-pocket for any potential medical bills and lost wages that could be incurred by an injured employee, so this type of insurance is one of the most essential for any business owner.

 

  • Commercial Automotive Insurance

 

Does your construction project require any type of vehicle or heavy equipment? We’re guessing it does. If so, a Commercial Auto Insurance policy is necessary to protect these vehicles, as well as your wallet. No matter if it’s you behind the wheel or an employee, you will likely want to insurance covering your business if an accident occurs.

By signing up for several types of insurance policies for your business, our team at Partners Direct is willing to discuss discounts and potential packages to help fully protect your business. Whether you are searching for an overall policy like a Commercial General Liability Policy or need something that offers more coverage, like an Umbrella Liability Coverage Policy, our team wants to provide you with the coverage needs to protect you, your employees, and your wallet. Take a look at a comprehensive list of our services here and if you have any questions, give us a call today!

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