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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.

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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.

 

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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.

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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.

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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.