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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.

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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.

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Landlord Horror Stories, How To Prevent and Minimize Real Estate Investor Risks

Real Estate Investor Risks Can Be EXTREMELY Damaging

Real Estate Investor Risks Can Leave You EXPOSED

Here at Benchmark Insurance, we have seen a host of real estate investor risks, some of which could only be described as Landlord Horror Stories.  These are the stuff of nightmares, and not only do they put the tenant(s) at risks, but they can leave you extremely exposed and open to anything - from liability costs to fines to lawsuits.

What Kind of Real Estate Investor Risks Can There Be?

There are all kinds of real estate investor risks and subsequent landlord horror stories that are possible.  As mentioned, at Benchmark we have seen our fair share.  We have seen Marijuana grow operations and other drug related issues, such as tenants believing they can deal drugs on property or simply using illegal drugs themselves.   We have also seen cases of vandalism, issues of hoarding, and everything in between.  These issues also range in their levels of severity as well, from merely a nuisance to the landlord or other residents, to an extreme issue that can result in property damage, death, and lawsuits. There is simply no telling how extreme issues can go.  Thus, if you are a real estate investor, then you need to maintain coverage.

How To Mitigate Real Estate Investor Risks?

First and foremost, if you are a Real Estate Investor, then you need to make sure that you have the right kind of insurance.  That not only means you need to right coverage for your property type, but you must also know if you need additional liability coverage as well.  For example, a multifamily investor would need different coverage than someone that simply uses their property commercially.

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Exotic Pet Liability, What Are The Risks?

WITHOUT EXOTIC PET LIABILITY INSURANCE, YOU MAY BE LEFT EXPOSED

WHAT YOU NEED TO KNOW ABOUT AN EXOTIC PET LIABILITY

Are you aware that exotic pet liability insurance can salvage any risks that you, as an investor, can have?  Exotic pets can no doubt be interesting - from tarantulas to chimpanzees and everything in between.

For Texas, the laws can be extremely complex and differ greatly for the type of exotic pet in question.  For example, an individual would need a license when it comes to bears, cougars, chimps, etc. but no license is needed when it comes to owning a wolf or monkey.

However, as a landlord, exotic pet liability can be an even further complex issue when you consider the risk.

What Is An Exotic Pet Liability Insurance?

In essence, Exotic Pet Liability Insurance simply refers to the coverage that is put into place should something happen with the exotic pet.  For example, if the exotic pet gets loose and then injures another resident, you may be at risk.  We have seen this particular instance occur with a black panther who not only got loose, and scared many residents, but actually mauled a small child.  It is not just the tenant that is then held liable, but also the landlord as well.

Do I Need Exotic Pet Liability Insurance?

Not necessarily.  It is possible that you, as a landlord, can simply ban exotic pets from your properties altogether.  This is especially a viable solution if you own a multifamily property.  However, if you do accept that your tenants will potentially have exotic pets on the premise, then you need to ensure that you look into exotic pet liability insurance to help mitigate risks.

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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.