How a Business’s Insurance Can Cover a Personal Injury Lawsuit

business insurance what you need to know and how to

When you start a business, you’re probably very excited about it. Maybe you’ve had this idea for years, and you’re only now beginning to get it off the ground. Your family is behind you, encouraging you. You’ll need to do things like secure a bank or credit union loan, or find investors. You’ll need to hire employees and set up your supply chain. You may need to hire social media managers, marketing managers, etc. You’re hoping the business succeeds, but there’s one area you should never neglect as you’re getting…

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Cost of workers’ compensation in US falling, but coverage is on its way up

Cost of workers’ compensation - construction workers on the job

A new report compared data over the years following 2014 and showed the coverage is improving. The cost of workers’ compensation in the United States is steadily dropping, even as the coverage it provides appears to be rising. The Workers’ Compensation Benefits, Costs, and Coverage report examined data from 2018, comparing it with updated data for 2014 through 2017. This was conducted by the National Academy of Social insurance and the data is publicly available. This is the 23rd consecutive year for the report on the cost of workers’ compensation.…

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New Hampshire workers compensation insurance proposal approved

New Hampshire workers compensation - Stamp - Approved

The state Insurance Department has given the nod to a reduce voluntary loss costs proposal. The New Hampshire workers compensation market will keep up its historically low rates right into 2021, according to a new decision made by the NH Insurance Department. The department issued a press release explaining its approval of a new proposal for the market. The NH Insurance Department gave its approval to a rate proposal filed by the National Council on Compensation Insurance (NCCI). This will reduce New Hampshire workers compensation voluntary loss costs by an…

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New Jersey Senate passes bill for COVID-19 dependent benefits

COVID-19 dependent benefits -nurse wearing mask

The bill will provide a weekly supplement to family members of essential workers who die from the virus. The New Jersey Senate has just passed a bill for providing COVID-19 dependent benefits supplements when essential workers in the state die from having the coronavirus. SB 2476 passed on Monday by a vote of 38-1 and will use the NJ Second Injury Fund. Essential workers whose dependents would qualify should the worst happen from coronavirus infection include fire, police and other first responders. They also include medical and other health care…

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Workers compensation insurance market starts to feel the COVID-19 pinch

Workers Compensation insurance - Coronavirus - mask

The coronavirus is now making itself felt in this additional part of the industry. Workers compensation insurance companies are now working quickly to keep up with the sudden influx of claims resulting from the coronavirus pandemic. This has been made all the more complex as the regulatory landscape shifts throughout the country. Many states have been changing the regulations to which the workers compensation insurance companies must adhere in the face of COVID-19. For instance, the state commission for this coverage gave its unanimous approval to repeal a controversial emergency…

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The Differences Between State Funded and Competitive Workers’ Comp

Competitive Workers' Comp

As a business owner, the last thing you would want is for an employee to get hurt at work. However, if you run a business long enough, an accident is bound to happen eventually, especially if you work in a high-risk industry. When an employee is injured on the job, they’ll have medical expenses that need to be paid, they may not be able to work while they recover, and in worst-case scenarios, they may sue you for a settlement. Fortunately, this is where workers’ compensation insurance comes into play.…

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California Insurance Commissioner orders premiums returned to businesses

California insurance commissioner Ricardo Lara- ABC 10 News YouTube

Ricardo Lara has told insurers to return premiums on six lines of personal and commercial coverage. California Insurance Commissioner Ricardo Lara has ordered insurers to return premiums from certain lines to businesses and consumers. This has raised pressure on those insurers to take larger steps to reduce customer financial burden caused by COVID-19. Lara has ordered insurers to return premiums paid for March, April, and possibly May as well. The California Insurance Commissioner’s order applies to six different coverage lines. These include passenger and commercial auto, commercial multi-peril, workers compensation,…

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