Posts Tagged employers liability insurance
Public Liability Insurance – Protection for Your Home and Business
Posted by Ben Ashfalk in Currency & Finance on July 22nd, 2009
Public liability insurance is important for businessmen and regular homeowners alike. When does it become effective? Suppose someone got injured while he was on your premises, or damage was caused to his property while he was in your premises. In such a case, if the effected person files a lawsuit against you, then public liability insurance can protect you from compensating for the damages. Public liability insurance covers injuries and property damage.
Typical examples of what is covered under public liability insurance are: an individual falling down due to a slippery floor, an object dropping onto someone or something he owns etc.
This specific insurance is mandatory in the majority of the United States and some other countries. It is not mandatory in all US states and foreign countries so you want to check before securing public liability insurance coverage.
The protection that it provides is really worth it. Instead of risking your business or savings/earnings, it is better that you acquire the protection of public liability insurance.
Theaters, shopping centers, sporting venues and hotels are places with a high risk factor. These are places where large number of people gather quite often. It is important to note that public liability insurance is different from employee liability insurance, which is specifically meant to cover claims put up by employees who suffer damages on your premises.
Public liability insurance also has a subtype. It goes by the name product liability insurance. This will cover you in case someone incurred damages due to a use of your product(s).
Public liability insurance has varying amounts of coverage and premium costs. You must understand your insurance needs very well. How much coverage do your need? Is there anything special you want covered? If a number of people suffer some sort of damages on your premises, the cost of claims will add up. Therefore, it is advised to get some extra coverage.
In case there occurs an accident on your property, the cost of the premium will pay off.
The cost of Public Liability Insurance depends largely on the size of your property and the type of your business.
“Deliberate negligence” should be avoided in the first place. You must maintain your property well. Make sure that there are no obvious risks of anyone or anyone’s assets getting damaged on your premises. If “deliberate negligence” is proved against you, you will not get any of the benefits of Public liability insurance coverage.
Public liability insurance premium costs vary between insurers. Competition is the main reason behind this price variation. You must study and compare different insurance providers before signing up with one.
Public liability insurance will pay off in the event of someone or someone’s assets bearing damages while on your property.
Employers Liability Insurance – A Necessary Employer and Employee Protection Scheme
Posted by Ben Ashfalk in Currency & Finance on July 2nd, 2009
Employers liability Insurance covers the following: an employee falling ill, or getting injured in the workplace, or the case of an employee’s death. Employers liability insurance is a must have insurance. There can be only two exceptional situations where you can save yourself from getting an employers liability insurance. Either you are running a single employee company, you being the only employee, or if you only hire your family members. In any setup other than this, employers liability insurance becomes mandatory.
USA, Britain and many other countries force a policy of mandatory employers liability insurance acquisition.
Your insurance provider is obligated to all the costs incurred if an accident happens at your business and your employee or employees decide to take legal action. Your insurance provider will cover your legal fees, medical fees, and any other fee related to the legal proceedings.
If you are not at fault for your employee’s injury, your costs can be substantially reduced or eliminated altogether. The determination of who is at fault in the case of an injured employee is a large determining factor in the cost and outcome of claims.
If you don’t acquire employers liability insurance, you are vulnerable to a legal monetary penalty for each day that your employees were not provided the insurance. Not only that, health and safety authorities might close down your business forcefully. This is certainly not the kind of risk any businessman would take.
Make sure your insurance certificate is viewable by your employee(s). Put up a copy of it on notice boards in your office, and perhaps also on the company website.
EL insurance does not cover public. It only only covers your employees. In the event a customer or third party is injured on your premises, your commercial/public liability coverage will cover the costs if legal action is taken.
Furthermore, EL insurance does not protect your from discrimination claims, wrongful terminations claims, harassment claims, etc.
The insurance provider you get insurance coverage from must be authorized. Otherwise, you are breaching the law anyway. Make sure you take out the time to compare the costs of various insurance providers before signing up with any particular one.
Employers liability insurance will save you money in case your employee(s) suffer an accident. On the other hand, it gives employees a sense of security and protection. Employers Liability Insurance is by all means a win-win situation for both business owners and workers.
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