As the owner of a business, you need the same kinds of insurance coverages for the car you use in your business as you do for a car used for personal travel — liability, collision and comprehensive, medical payments (known as personal injury protection in some states) and coverage for uninsured motorists. In fact, many business people use the same car for both business and pleasure. If the car is owned by the business, make sure the business name appears on the policy as the “principal insured” rather than your name. This will avoid any possible confusion in the event that you need to make a claim or if one is filed against you.
Whether you need to purchase a business auto insurance policy will likely on the type of driving you do. A good insurance agent will inquire you many details about how you use vehicles in your business, who will be driving them and whether or not employees are likely to be driving their own cars for your business.
While the major insurance coverages are the same, a business auto policy differs from a personal auto policy a variety of ways. It’s important to ask your insurance agent to explain all the differences and your options.
If you have a personal umbrella liability policy, there’s usually an exclusion for liability relating to your business. It’s important to be sure you have sufficient auto liability coverage.
Unfortunately for business owner, the chances of getting sued have significantly increased over the last decade. General Liability insurance can prevent a legal suit from turning into a financial burden by providing financial protection in case your company is ever sued or legally held responsible for some injury or damage.
General Liability insurance pays the losses arising from either real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations.
General Liability Protection
Workers compensation laws were designed to ensure employees who are hurt or injured on the job are compensated with fixed monetary rewards. This eradicates the need for litigation and creates an easier and smoother process for the employee. It also assist in mitigating any financial risks for employers since many states limit the amount an injured employee can recover from an employer.
Workers Compensation Insurance is created to help businesses pay these benefits. As a safeguard for employees, most states require that employers carry some type of Workers Compensation Insurance. Workers Compensation Insurance is not health insurance, it is created specifically for injuries sustained while on the job.
In most states, as a business owner with employees, you are required to carry Workers Compensation insurance. Even in non-mandatory states, it can be in the company’s best interest, particularly if you have many employees, or if they are engaged in hazardous activities.
Employers have a legal responsibility to their employees to make the workplace safe. However, accidents can happen even when reasonable safety precautions have been taken.
In almost every state, companies are required to get workers compensation insurance. Workers compensation insurance protects employers from lawsuits resulting from workplace accidents and provides medical care and compensation for lost income to employees who are injured in workplace accidents. Workers compensation insurance covers workers who are injured on the job, whether they’re hurt on the workplace premises or elsewhere, or in car accidents while on business. Work-related illnesses are also covered under workers compensation insurance.
Workers compensation insurance provides settlements to injured workers, without regard to who was at fault in the accident, for lost work time and for medical and rehabilitiation services. It also provides death benefits to surviving spouses and dependents.
Every state has their own laws governing the amount and duration of lost income benefits, the provision of medical and rehabilitation services and how the system is administered. For example, in most states there are rules and regulations that cover whether the worker or employer can select the doctor who treats the injuries and how disputes about benefits are resolved.
Workers compensation insurance must be purchased as its own separate policy. Even though in-home business and business owners policies are offered as package policies, they don’t include coverage for workers’ injuries.