Workers Compensation Death Benefits, How Does It Affect You

Death Benefits Is A Component of Workers Compensation

Death Benefits Can Help Provide For A Family Through Settlement

Death benefits are often a key component of any insurance policy, whether you are getting commercial or personal insurance.  In addition, it can also be a core component whether you are on the receiving end or are looking into this benefit type as part of workers compensation.

What Are Death Benefits?

In short, death benefits is the specific amount paid to the beneficiary after the insured has died.  For instance, in personal insurance, it is the typical life insurance policy, whereas in many businesses it is a key component of workers compensation.

Death Benefits And Workers Compensation

There is no doubt that workers compensation death benefits vary by state.  In fact, in the State of Texas, worker’s compensation is not even required.  However, what happens when an employee dies while on the job?  Even if the death is not a work-related death, it may be possible to be liable, no matter the scope of industry.

This is why knowing workers compensation death claims is so important, as they can greatly vary.  For instance, it is often customary that insurance will pay 75% of the employee’s weekly salary to the spouse, for the rest of their life or until the spouse is remarried.

Thus, while worker’s compensation may not be required, workers compensation death benefits is such another reason that showcases why workers compensation benefits in Texas, even if is not required, is essential.

Finding The Best Insurance Rates When Shopping For Insurance

Learn How To Get The Lowest Insurance Rates Possible

Insurance Rates Matter! So You Need To Be Strategic When Finding the Right Insurance Company For Your Needs

Do you know how to shop for the best insurance rates?  Whether you are looking for commercial insurance (real estate insurance, construction insurance, healthcare insurance, food and beverage insurance, auto garage insurance, etc.) or personal insurance (car insurance, life insurance, health insurance, and so on) you need to be mindful of certain factors.

What Affects Insurance Rates?

There are many different things that can affect insurance rates, such as the type of industry you may be in and the kind of coverage that you are seeking. For example, if you are in the food and beverage industry, and you sell alcohol, then you may want to consider getting liquor liability.  In a general sense, your insurance rates are also affected by the type of risks associated with your individual business, such as if your real estate investment is in a high crime area.  

How Do You Get Lower Insurance Rates

First and foremost you need to consider the cost of insurance in relation to your needs.  What are you willing to pay for financial security or a viable return on investment?  When it comes to shopping for insurance, financial factors certainly come into play.  You also need to research the best insurance companies that will meet your needs while offering you key coverage for any liabilities that might occur.

Thus, you primarily get the best rates by shopping around for insurance.  You can also get lower rates through lowering any potential risks involved in your investment.  For example, if you have a real estate investment you can get updated roofs, wiring, air conditioner, and so forth.

Here’s A Few Reasons Why You NEED Workers Compensation!

Do You Know What Benefits Workers Compensation Offers?

Workers Compensation Benefits Are Vast and If You are a Small Business Owner – You’ll Need to Know Why!

The first thing you need to do as a small business owner, is to figure out whether or not your state requires Workers Compensation.  For the State of Texas – workers compensation is NOT required.

That said however, the question then becomes - should you still obtain workers compensation?

Why You Need Workers Compensation

The answer to this is a resounding yes!  Workers comp benefits are vast, and this is because it offers a mutual benefit to both employers and employees.

Consider, for example, that without worker’s compensation your employees are not covered if they have any injury caused on the job. In addition, it is estimated that there was approximately 95 billion paid to workers comp carriers last year. Coupled with that is the fact that it is also estimated that there is over 4,000 deaths a year due to work related accidents and illnesses, such as breathing in bad air.

As a whole, YOU need worker’s comp.

How Do You Get Workers Compensation?

Getting workers compensation for your employees is relatively easy, no matter what scope of industry your business falls into.  To get it, first determine what type of industry your business resides in.  It is also important to consider the following:

  • The types of employees you have under you (contractor, for example)
  • The type of work that they do (roofing, for instance)
  • The number of employees
  • Compensation

These are just a part of the information that your insurance agent will need t o know.  It is always important to open up a dialogue and voice any concerns that you might have.

 

Insurance Settlement, Why Do They Occur?

Why Do Insurance Companies Go Forward With An Insurance Settlement?

Insurance Settlements Often Occur Because of Specific Strategies

An insurance settlement can occur all the time, as made apparent by the many commercials asking policyholders who have won some type of suit to collect their check, or simply knowing an individual who has received an insurance settlement.

However, as a policy holder, you may wonder why an insurance company might choose to settle and what that might mean for you.

What Is An Insurance Settlement?

In short, an insurance settlement is the payment or series of payments paid out by the insurance company to the insured in order to make good on a specific insurance claim.  The amount is typically determined based on a case by case basis and is typically also based on prior stipulations, set forward for the policy holder(s).

Why Does An Insurance Settlement Occur?

In general, it is because insurance companies do not want to pay over time or they typically find that they can reach an insurance settlement for a lower amount as opposed to potentially running the risk of a higher payout.  Long term injuries, especially those with chronic conditions, mean that the insurance company stands to pay out over a longer length of time. They do not want to do that!

There have been many cases in which employees are injured and that injury will be sustained over a period of time.  For example, if an employee injures their back, then it is not out of the ordinary that they will have chronic pain, require long term treatment, and so forth.

Thus, more often than not, insurance companies are eager to settle in order to avoid paying out in the long run.

It is important to know your rights!  We can help you navigate through many different types of insurance needs and answer any questions you may have.

What Exactly Does Workers Compensation Cover?

Do You Need Workers Compensation?

Workers Compensation is a MUST Have, No Matter What Your Scope of Industry Might Be!

You may know that the state of Texas does not require workers compensation, but do you know why you NEED to get it?

What Is Workers Compensation?

In essence, workers compensation is insurance coverage that provides medical expenses, rehabilitation costs, and lost wages to employees who are are hurt on the job, whether that means they become ill or suffer a physical injury.  In addition, workers comp can also pay death benefits to family of the deceased individual killed on the job.

What Does Workers Compensation Cover?

Consider everything that workers compensation covers.  In essence, it covers employees, of any type of industry, and any injury that might occur – if they slip and fall, if they cut their finger, or if they suffer another, more serious type of injury. Essentially, anything medical, whether that is a physical illness or injury.  Keep in mind, this also means in the scope of the job as well.  Thus, if the employee gets hurt on vacation, then this would obviously not be related/covered.

Workers comp also covers loss of wages, their generally weekly salary, until the employee is back at work. Again, this is across industries.

What all of this means is that your company stands to benefit, because it adds additional coverage.  In short, workers comp is an essential must-have for the company and its employees.

Why General Liability Insurance Isn’t Enough

General liability insurance is, as the name suggests, extremely general.  It essentially covers the basic needs and requirements set forth between the insurance company, and as agreed upon by the policy holder.   Exclusions, then, are what would not be covered by  general insurance, and as such, could potentially leave the policy holder at risk.

Why Isn't General Insurance Enough?

As mentioned, general liability insurance only covers a specific amount, as set forth by the insurance company.  This would not cover any exclusions that might apply.  For example, if you are in the real estate industry and you want to flip a property and therefore need to hire a contractor, general insurance will not cover contractor lawsuits or injuries.  This is because you need a separate contractor liability insurance policy to ensure coverage.

In another example, if you are in the food and beverage industry and you sell liquor liability, then you may need liquor liability insurance, especially if you sell more than 50% alcohol.  General liability insurance simply may not offer coverage.  Thus, if you have a patron that leaves leaves your facility drunk, and then gets into a car accident, you may be liable.

What Do You Need Beyond General Insurance?

In short, general liability insurance is extremely broad and, as mentioned, it may not be enough to offer enough coverage, should a discrepancy occur.   This means that you need specific additional coverage that would maintain coverage for your specific industry.  As mentioned, if you are in the food and beverage industry, you may need liquor liability and so forth.  No matter what commercial industry your business resides in, we can find the right insurance for you.

 

Need Commercial Insurance? We Work In Multiple Industries and Niches

WE CAN PROVIDE INSURANCE FOR ANY INDUSTRY

If you are in the market for commercial insurance, then you should know that Benchmark works in multiple industries and niches.  Thus, if you are a small, medium, or large business that specializes or works in a general industries; here's how we can help you:

Types Of Commercial Insurance Offered

Benchmark specifically specializes in Real Estate: real property, multifamily insurance, storage insurance, landlord insurance, retail shopping centers, and more!  This means that if you work in any kind of real estate, whether it is flipping houses or utilizing commercial property, we can help you.

However, also keep in mind that we also work in multiple industries and niches. From restaurants to auto garages, worker’s compensation, and more; if there is an insurance need, we can fulfill it.

Why Commercial Insurance Is Important

Commercial insurance is wholly different from personal insurance because you are insuring a business rather than a person.  Businesses, have their own specific needs and this would largely depend on the industry.  This is why it is extremely important to sign with an agent that best understands, not only your own business needs but the requirements and needs of the industry as well.

In addition, as a broker, there is essentially no limitations to what we can and cannot write. In addition, it is paramount to build solid relationships with underwriters.

This means that, on average, we are able to negotiate rates 80% – 90% down.

Shopping For Insurance, Why It’s Necessary

Shopping For Insurance Gets You The BEST Rates Possible

Shopping For Insurance Also Allows To Make a More Informed Decision Regarding Your Insurance Needs

There is no doubt that you need to have insurance, as it is required, but why is shopping for insurance helpful? Here's why:

Why Shopping For Insurance Is Helpful

There are many different reasons why you would find shopping for insurance helpful.  For one, the primary goal of insurance is asset protection.  Whether you are a real estate investor, own an auto garage, a small business, or are looking to get personal insurance - you NEED to protect your assets.   Thus, your main goal is to consider what insurance to get so that your assets are the most protected.

In addition, shopping for insurance is helpful so that you can best capitalize on the market.  Essentially, you should consider looking for the best rates possible, while still maintaining cost effectiveness.  Do not be afraid to ask questions and open a line of communication in order to fully determine if this agent or agency is the right fit for you.

What Should You Look For When Shopping For Insurance

There are many considerations you should make when determining what insurance would be right for you.  Not only do you need find comparable rates, but you must also determine whether or not the insurance agent understands your needs, whether it is based on the type of business you have, or in terms of finances.  You may also consider consumer ratings, your own customer service experience when asking questions, and so forth.

Personal Or Commercial Insurance Shouldn’t Be SCARY!

Shopping For Personal Or Commercial Insurance?

The More You Know About Personal Or Commercial Insurance, The Less Frightening It Will Be

What scares people about shopping for personal or commercial insurance? That they don't understand it!   On average 95% of people have little to no knowledge about the many nuances pertaining to their policies, such as policy coverage or exclusions.  This can be problematic because, if one does not understand the type of insurance they need, then they may not be fully covered or find their rates higher than necessary.

Why Is Personal Or Commercial Insurance Important?

Most individuals understand what personal insurance is - for example, life insurance, auto insurance, home owner's insurance, and so forth.  However, what about commercial insurance?   If you own your own business, then you are going to need this type of insurance, no matter if you own an auto garage, are a landlord with a multifamily property, or so forth.  Commercial insurance, like personal insurance, will protect you in the event that a liability occurs.  For example, if a worker injures themselves in your auto garage or a  tenant falls down a flight of stairs - commercial insurance helps cover you!

What Don't People Understand About Insurance

Most individuals do not understand the nuances of insurance.  For example, what kind of exclusions might apply?  Exclusions are essentially that which is not covered by the policy.  What about liabilities, or the policies themselves.  There is simply a  great deal of information that goes into  insurance.  Having the right agent, one that will help alleviate any concerns and explain all of these factors, is ideal.

Claims History, Why This Matters In Real Estate Insurance

WHY IS THE CLAIMS HISTORY IMPORTANT?

CLAIMS HISTORY ALLOWS YOU TO KNOW WHAT POTENTIAL DAMAGES YOU MIGHT BE IN FOR REGARDING A PROPERTY.

Did you know that claims history is one of the most important need-to-know aspects of buying a property?  Whether you are a real estate investor who wants to flip the property,  to rent it out, or simply have the property as a future viable investment; you are going to need to know the claims history of the property to make a better, more informed decision.

The Importance Of Claims History

In the most basic sense, a claims history will let you know what types of claims have been made on that particular property.  For example, if the property is in a Hurricane-prone location, then it is very possible that the house has seen claims made regarding flooding, wind and hail damage, and so forth.  That means if the house has already suffered through flooding, and resulting damage from that, would it be possible that there might be mold issues in the future?  While this may not necessarily be the case, it is possible given the property's history.  As a real estate investor, you need to be aware of any potential liability in order to better protect yourself and your assets and know the details of your investment.

The C.L.U.E. Report, A Way To Your Property's Claims History

Real estate investors need to be aware of what they are buying, period.  The C.L.U.E. Report allows you to get a 'clue' by alerting you to the general history of the property, including any past claims that have been made.  As mentioned, this can protect you and your investment in the future.
When it comes to real estate insurance, claims history is an invaluable tool that will help you better prepare for the future, allowing you to make a smart, informed real estate investment decision.