In construction and other skilled trades, employee illness and injury is a common occurrence. As a result, many employers provide short term disability insurance that protects their employees when they cannot work. Since most workers’ savings might last only a few months of missed paychecks, employees are increasingly choosing companies that offer the best insurance packages. Read more
You encounter many dangers on the construction site that could result in an injury. You can’t do your job when you’re injured, but you still have bills to pay, so workers comp insurance and disability insurance offer coverage to keep you afloat. These two insurance options have a similar end goal, which is to provide compensation when you are unable to work due to injury or illness, but they vary in the details. Read more
Working as a contractor, we all know that no matter how many precautions you take, no matter how careful you are there are things that can go wrong. We don’t like to think about it. We don’t like to acknowledge it. But, it happens. And when it does it hurts. Your business could have a difficult time replacing that employee and you might end up wondering whether or not you could have done more to protect your employee. With workers compensation, you can set some of those worries aside and instead focus on your business instead of worrying about how you are going to avoid litigation for not providing your employee with workers compensation insurance.
Workers Compensation Insurance – A Brief Overview
Workers compensation insurance is required in all states so, if you don’t have it, you’re definitely going to want to think about procuring it. This policy is designed to protect your employees in the event of an on the job injury (either from repetitive action or a sudden trauma). Their medical bills will be covered under the insurance policy ensuring that neither they, nor you, have to worry about paying those bills. Injured employees will also be provided with the following benefits.
- Permanent and temporary disability
- Death benefits
Permanent and Temporary Disability
Under workers compensation insurance your employees that are injured to the point where they cannot return to work (either permanently or temporarily) will be provided with some of their former income. Two-thirds to be exact. That income will continue until they can either return to work or, until they reach retirement age.
Workers Compensation Insurance for Employers
In some cases, employers can be found liable for the injuries that their employees suffer (often due to neglect). So, as an owner you may need an additional policy to ensure that you do not face any additional litigation. Employer’s liability insurance will keep you out of trouble and protect you from third party claims. This guarantees that you can operate your business without having to worry about lawyers and other legal reps (though we hope you do take the proper precautions).
Workers compensation insurance is a necessary part of any contractor’s insurance portfolio. If you have any further questions please feel free to give us a call at 1-800-649-9094. We look forward to hearing from you and stay safe!
Working as a contractor is not the safest occupation (but it can be one of the most rewarding). There are very few jobs left where someone can work with their hands and see the fruits of their labor. As liberating as that may seem we also understand the dangers associated with being a contractor (the guy working in a cubicle probably isn’t facing the same level of risk as one of your co-workers who spends all day working hand in hand with his table saw). And sometimes that danger can change the lives of those you know (perhaps even your own life). No one wants to see a contractor go down, but it does happen from time to time, and when it does you will want to be prepared. Contractors disability insurance will protect you when the worst strikes (and when no other policy will cover your expenses). Listed below is the definition of disability insurance as well as who needs it and why.
The Definition of Disability Insurance and How it Could Save You
Disability insurance is designed to protect those who work for you (and you) from a disease or injury that prevents you from returning to work. While most people envision these traumatic events to be sudden, most disability claims happen as a result of something that develops over time (such as cancer or heart disease). With disability insurance your injured employee will have up to 80 percent of their salary covered until they can return to work (or until they reach retirement age). You do not have to be permanently disabled to make a claim, although there is disability insurance for long term disability as well.
Long term disability insurance is a useful policy to have in high-risk industries (because a lot can go wrong) but it is also one of the most expensive policies. With minimum coverage starting at around $2 million dollars this policy may be out of the price range of some of our clients. But, then again, not everyone needs long term disability insurance. Different contractors will have different needs and it is important that providers are flexible enough to provide the coverage that that client needs (no more and no less).
If you have any further questions about the definition of disability insurance or disability insurance in general please feel free to give us a call at 1-800-649-9094. We look forward to hearing from you!