The Path To Finding Better
July 30, 2019
Many companies have business insurance policies but it is also important for every business owner should endeavor to have a stop gap coverage policy. It is good coverage to have because it will protect your business in case that any of your employee files are also against the company and that is why it is also referred to as employer’s liability insurance. This is because most of the times of workplace-related injuries because almost 3 million workplace injuries happen every year in the US. Discussed more below are some important facts on stop gap coverage especially if you don’t know much about it as a business owner.
Most of the times, it might be included in the Worker’s Compensation coverage. Actually, very many businesses of this coverage, but don’t know that they have included it in the Worker’s Compensation insurance coverage and that is why it is important to know. If it is included the good for you, but if the is totally different because it works differently than the Worker’s Compensation coverage does. It is because the Worker’s Compensation insurance coverage will not protect you and your company. It is primarily protecting the employee in case they are injured at the workplace if they sustain very severe injuries. The stop gap coverage is different because instead of protecting the employee to protect the business against workplace-related injuries. After the employee has been injured, you might want to file a lawsuit against the business entirely because you are not providing a safer environment. Therefore, also the Worker’s Compensation coverage and stop gap coverage work hand in hand because of workplace-related injuries, they serve different purposes.
Most companies can include the stop gap coverage on the Worker’s Compensation coverage but in some state, the business owner is demanded to obtain the stop gap insurance separately. This happens a lot in North Dakota, Ohio, Washington and also Wyoming. There is also where you will be demanded to buy from the state fund and not private insurance companies. To know where your business lies, you can always read more about all those regulations. The stop gap coverage will cater for any other expense that comes about from the lawsuit, including the attorneys’ fee, court costs and so on. You also need to realize that the the stop gap coverage can vary from one company to another and that is why you need to read more here to discover about those terms. Knowing that you are covered for such work-related injuries can also give you peace of mind.