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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.

 

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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.

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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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Auto Garage Insurance – Why Garage Keep Liability Is Important

Do You Have An Auto Garage?

Then You Need the RIGHT Insurance

 

If you have a company in the auto industry, such as an auto dealership or auto repair shop, then you should consider auto garage insurance.  This is because  general liability insurance may not be enough to cover all of the needs required for an auto-orientated business.

What Is Auto Garage Insurance?

As mentioned, auto garage insurance, also known as garage liability insurance, is insurance specifically for companies in the auto industry.  Those companies that sell or service cars in some way; whether it is an auto dealership or auto body repair shop.  Essentially, while auto garage insurance falls under the umbrella of commercial insurance, it is more segmented and niche, allowing for specific coverage.

When Do You Need Auto Garage Insurance?

Consider, for example, some of the exclusions involved in general liability insurance.  While general liability covers any bodily injury and property damage that may occur in the duration of repair or creation (such as a custom auto job), what about the finished product?  If you rebuild a transmission and it ends up exploding, harming a customer – then you may not be covered.

This is why insurance itself is so nuanced.  Another example would be property coverage. If you own tools, if there is  a lot of equipment in the facility, and so forth -  then Garage Keeper’s insurance is another viable need.

The point is to be protected!  Benchmark Broker excels at understanding what needs each industry has and what insurance will meet those needs.