Common Questions Asked on Business Insurance

Starting a business is one thing but getting it the right coverage and protection is a whole different thing entirely. For this reason, business owners spend time and money in getting the best policy and insurer for their business. Below are some of the common questions asked by these business owners.

How much coverage does my business need?

If there is one thing insurance policies have, it has to be an almost endless stream of additional premium packages. While these packages are designed to give maximum coverage to the business, you can easily fall prey to getting over insured. Consult with an insurance expert to know the exact amount of coverage you need.

How much can I afford to pay at premium?

This question often goes hand-in-hand with the previous question. Usually businesses set a budget for expenses and it's good to have a defined amount the business is willing to spend on premiums. You alone know the financial strength of the business and to what extent you can pay.

Do you need special packages?

Every insurance policy has a defined standard coverage. These standard coverage provide a limited amount of coverage. Depending on the type and nature of the business, you may find these limitations somewhat frustrating. Insurers always provide optional packages for upgrades on policies. These often come as special packages and are designed to block most of these loopholes or limitations.

Why You Need Worker's Compensation Included in Your Business Insurance

Business insurance is all encompassing and contains different sub-types. One of such is worker's compensation policy. This policy protects workers in case of an injury. The policy provides disability benefits, medical coverage, rehabilitation, and death coverage to employees.

Disability Benefits

When an employee is unable to work because he/she is disabled as a result of work injury, disability benefits replaces the wages for that period of time. This policy replaces just a portion of the wages and not necessarily the full wage during that period of time. There are 4 categories of disabilities; Temporary Total, Temporary Partial, Permanent Total, and Permanent Partial.

Medical Coverage

Just as the name implies, this relates to all medical cost incurred by the employee to treat an illness. The medical benefits are paid until the employee fully recovered from the illness. There are several variations as to what is obtain in this coverage as it differs from country or state to the other. Get in touch with any insurance brokers like those of Greater National Group, to provide specific information.

Rehabilitation

In cases where workers are unable to return to work as a result of a work related injury, this policy provides rehabilitation for such a person. The policy even goes as far as offering psychological rehabilitation to workers who suffer from work related mental injury.

Death

In the case of a death of an employee caused by work related activities, the policy pays benefits to the spouse, children and family in general. The policy also covers all burial incurred costs.