In any workplace there are unexpected situations that may result in injuries, loss of wages and long-term effects on overall health. When dealing with injured workers, it is important to understand the difference between an occupational accident policy vs workers compensation. Employers must have the right insurance to protect themselves, their business and their employees when misfortune arises.
Workers’ Compensation Coverage Simplified
In most cases, a workers’ compensation plan is state-administered, providing coverage for medical expenses, legal expenses and lost wages resulting from a workplace injury that limits the execution of an employee’s normal job duties.
Employees must be able to prove their injury is work-related during a lawsuit. In most cases, employees cannot pursue punitive damage or pain/suffering in a court of law after accepting workers’ comp.
Occupational Accident Policy Explained
Another option is an occupational accident policy, which has a specified threshold of coverage for both employees and their employers should workplace injury occur. Assessments are made regarding the potential risks of employers and their workplaces to determine elected coverage amounts and plan deductibles. These policies have certain benefits:
- Offers the employer control over the amount of coverage employee receives
- Provides more customization of options, including survivor benefits, disability, or accidental death
- Often costs less
However, if the plan’s coverage limits are exceeded by an employee, then the employer must cover remaining costs.
Deciding on the right plan can be challenging, but learning more about an occupational accident policy vs workers compensation can ensure your business and your employees are both properly protected.
When you run a nonprofit organization, you rely on your volunteers to serve the community and make a difference in the world at large. Though standard nonprofit insurance is enough to protect your full-time staff members and the organization itself, it’s not enough to protect your volunteers. To do that, you need dedicated volunteer insurance coverage.
What the Policy Does
A dedicated volunteer insurance policy helps reduce your organization’s liability risk across the board. Since your volunteers represent your organization, they’re often the ones interacting with the public and providing services to the greater community. This means they’re at risk for liability issues and damages if they’re not careful. The volunteer policy extends liability protection to your volunteers when they’re representing your organization and engaging with the public.
What To Look For
The right volunteer coverage for your organization largely depends on the types of activities your volunteers will be involved in. When shopping for a policy, look for the following characteristics:
- Specific coverage for volunteers, not employees
- Enhanced liability coverage both on and off-site
- Affordable monthly premiums
- Coverage limits that fit your needs and risks
- Great client support
- A clear claims process
Insuring your volunteers in addition to your employees is the best way to protect your organization in the long-run. Choose a dedicated volunteer policy and you’ll be able to protect your team at all times.
More people are starting to shift from buying products from brick and mortar stores to ordering products online. The CBD industry is no different but for many sellers, this change poses a few unique challenges. Making the transition from in-person retail sales to an e-commerce business isnt easy. So, what can you do to ensure a seamless transition?
Provide a Diverse Selection
Most standard retail stores provide a wide selection of products for their customers. Transitioning to an online store shouldnt change this aspect of your business. You need to continue to at least provide your customers with access to the same types of products theyve come to expect. If possible, use the opportunity to roll out new products for your customers to try.
Follow the Changing Demand
With more people staying home and working from home, most companies selling CBD online are starting to see an increase in orders. More people are discovering CBD products for the first time while others are starting to use their old stand-by products more often. Update your website and try to mimic the feel of your retail outlet so your customers will feel confident in relying on your business.
Its also a good idea to review your insurance coverage to make sure your current policy supports your new online sales. If it doesnt or you need additional coverage, update your policy as soon as possible.
What is a blanket bond? For those unfamiliar with bank insurance, the term might sound confusing; but it makes sense when you know what the individual words mean. A bond is a type of insurance purchased by a bank. The word blanket refers to something that covers, or blankets, all employees. So, simply stated, a blanket bond is an insurance policy covering a financial institution in case an employee commits a criminal act that causes the company to lose money or property.
Who Is Bonded
A bonded employee is one for whom the bank has an insurance policy in case he or she commits a dishonest or immoral act. For example, if an employee steals money, the insurance company would reimburse the bank for the amount stolen. Coverage is automatic upon being hired, so with a blanket bond, the bank is not required to present evidence as to which employee was dishonest.
Which Criminal Acts Are Covered
The insurance firm at www.fgib.com lists the following risks as being covered:
- Documents forged
- Counterfeit money accepted in good faith
- Money or property lost or stolen during delivery
- Money stolen by employees
- Property vandalized
- Bad checks written or accepted
Blanket bonds are often required by law and are one of the many types of insurance usually required for banks.
Whether you purchase a commercial or private use insurance policy, there is usually a deductible established with each plan. The deductible is the out-of-pocket cost that the policyholder will have to meet before then insurance provider fulfills its potion of the policy terms. By having a deductible reimbursement policy, the costs associated with the deductible could be reimbursed, making it so the policyholder wouldn’t have any fees that needed to be paid out of pocket.
Opportunities for Reimbursement
There are several different types of insurance policies that could potentially have a reimbursement plan option. Some of them include:
- Health insurance
- Auto insurance
- Professional liability
- Workers compensation
These policies are often sought after by companies that have more financially demanding deductibles. The higher deductibles are often associated with company policies like workers’ compensation or commercial general liability. However, the experts at Caitling Morgan Insurance say that captive insurers find the deductible reimbursement policies particularly beneficial for the insureds. There are several benefits associated with this use. They include:
- Reducing the third-party insurance expenses
- Leverage captive assess back to the insureds for other business needs
- Providing more control with risk management practice
- Greater control over claims processing
If you would like to see a better return on your insurance expenses, check with your insurance agents for deductible reimbursement options. Putting money back in your pocket is always a nice experience.
Financial institutions such as brokerage houses and banks hold the trust of the individuals that store money with the company’s employees. But what happens when an employee commits an unthinkable act and embezzles money, trades fraudulently with inside knowledge, or uses money that is not his or her own? Dishonest acts can be devastating to a company’s reputation.
The insurance firm FGIB states that while businesses cannot prevent employee dishonesty, the company can act to protect themselves from losses incurred by those acts with the help of a blanket bond. A fidelity bond, also known as bankers blanket bond insurance policy, is a program of coverage that the SEC requires financial institutions to carry. The insurance is first-party coverage that protects company securities, monies, and properties from the dishonesty of employees. Protections can include:
- Alteration of money order, checks, etc.
- Damage to cash machines
- Cyber fraud
- Ransom demands
Sense of Security
A major benefit of the BBB is that if the position of the new hire is insured, the policy will automatically cover new employees during the critical first few weeks of the training period. This coverage can provide companies with a sense of security and provide the public with the knowledge the money they invest or store with the company will be protected.
As the owner of a business, you will need some form of liability insurance to protect your property and cover your responsibility after an incident. Generally, you will have the option to choose between public and general liability insurance. Learn more about the differences between public liability insurance vs general liability to choose the best policy for your business.
Public liability insurance has a more limited scope, as it specifically covers loss, damage and injury caused by or involving the general public or third parties. These individuals are generally clients and visitors. This coverage is relevant if you own a business that the general public has access to, such as a retail store or a restaurant. It covers less than other plans, but it is also an affordable, basic option.
In contrast, a general liability insurance plan offers much broader coverage. In this policy, not only is the business liable to injuries and property losses involving the general public, but also the company’s employees. Additionally, it covers other situations, such as workplace injuries caused by negligence, malfunctioning products and other cases of property loss. This policy also includes medical and legal costs and costs more than the public.
Now that you know about the benefits of public liability insurance vs general liability, you can select the best plan for your business. Consider your property, clientele, and scope before choosing your insurance.