Monthly Archive May 28, 2021

What Makes International Workers Comp Different

If your business operates in the United States, you are no doubt familiar with workers compensation coverage under its domestic requirements in each state where you have facilities. When your business begins operating abroad or courting candidates from other countries for contract positions, it’s a good idea to check out the additional protection offered by voluntary international workers compensation insurance.

Protect Overseas Workers

When your workers travel overseas for extended stays because of projects abroad, standard workers compensation might not cover them. Its temporary provisions have strict time limits before you need extended protection, and while you may not be required to carry the coverage, you do still face employment liability claims if an injury happens on the job.

It’s not just about protecting your business, either. Your personnel are an investment in your long-term operations, so having the coverage that provides them access to medical transportation and high quality care after an injury abroad is essential to recruiting and retention in ways that just can’t be ignored.

Start Gathering Quotes Today

If you have any plans to send workers abroad in the next year or two, it’s worth soliciting quotes for insurance coverage early. The longer your lead window, the easier it will be to make sure you have the financial provisions in place to fold the cost of international workers compensation insurance into your regular cash flow.

The Basics of Disability Coverage

There are several things that could force a company out of business. These include losing key customers, new competitions, supply chain interruptions or lack of financial reserves. Workplace injuries can cause you to lose key employees, and without the right insurance coverage in place, your business may be faced with a serious lawsuit over lost income. Providing disability insurance is a way to protect a skilled talent pool and encourage employee loyalty even in the face of potential injuries.

Required Coverage

While workers’ compensation coverage is mandated for most businesses operating within the United States, disability coverage is only required in five states. These mandated programs are for short-term coverage and limitations are set by the state. If you don’t operate in one of the areas, you may need to consider the benefits of offering short term vs long term disability insurance or both.

Lost Wages Financing

In both cases of coverage, disability insurance will pay for a portion of an employee’s lost wages when they aren’t able to go to work. The injury or illness does not have to be work-related. Short-term coverage is in place for up to six months, while in some cases, long-term benefits can be extended until the individual can qualify for Social Security benefits.

Providing this benefit helps attract qualified help, and when combined with workers’ comp coverage, demonstrates the company’s priority toward employee wellbeing. Disability insurance can help employees avoid financial ruin when they are unable to work.

Understanding the Modern Demands of Home Healthcare

These days, there are all kinds of new jobs to meet the demands of modern society. It should come as no surprise that healthcare is one of the areas where new careers are always appearing. As the ability to extend life in a healthy way continues to improve, it is important to understand how this growth will impact careers like home healthcare workers. One vital point to focus on when it comes to the changes on the horizon is insurance. If you’re not paying attention to your coverage, you could be in trouble.

Covering All Potential Problems

One main area that many people overlook with their insurance plans is commercial auto coverage for home health care workers. When a worker is using a commercial vehicle to travel to and from a client’s house, it is very important to cover this automobile with proper insurance. Failing to do this can create a wealth of financial and legal troubles for your business down the line. Additionally, it can be useful to consider insuring any equipment brought to a specific job. Other points to focus on for your medical business can include:

Know Your Industry

By understanding what risks you face in your industry, it can help you find a plan that makes sense for your needs. Review the changes made in your field and see what you can accomplish with a few small changes.

3 Different Ways To Purchase Insurance

Today’s personal and business insurance markets are full of dynamic ways to obtain coverage. While policy offerings are similar, it’s important to know what each type of provider can offer to you as a consumer. There are three ways insurance coverage is offered to customers.

Independent Agents

Independent insurance agents Albuquerque, NM are not bound to write policies for just one insurer. This means they can offer you a host of different policies and financial products to suit your unique business or personal needs. They can also offer the best prices by comparing the same policy written by different insurance companies.

Exclusive Agents

By contrast, exclusive or captive agents are only permitted to sell for the company and its affiliates they have contracted with. The advantage is that writing all of your policies within the same company may carry a bundling discount. However, exclusive agents are not permitted to compare your quote with other companies’ offerings to get the best price.

Direct Writers

Direct insurance writers don’t use outside agents at all. Typically, policies are written through a call center or over the internet. Because they’re not paying agents’ commissions, insurance companies that use this model are able to offer cheaper coverage. However, the expertise and personal relationship many customers value with their agents is not possible with a direct writer.

Purchasing insurance through any of these avenues will help meet your business or personal needs. However, it’s important to know the difference when shopping for the best purchasing experience.

Protect Your Business From These Common EPLI Claims

Every business needs to protect itself with employment practices liability insurance or EPLI. Even with appropriate risk mitigation and anti-discrimination policies, you could still face claims. Here are two of the most common EPLI claims.

Retaliation Allegations

Employees have a right to file EPLI claims. However, some employees fear that if they file a claim that the employer may retaliate against them. If an employee claims that your company will retaliate if he or she files a claim, this could spell trouble for your business. Retaliation could include firing an employee for claiming discrimination or adverse treatment.

Failure to Hire Allegations

One of the most common EPLI claims is the failure to hire or promote based on a protected class. The ADA has a list of protected classes that you cannot discriminate against. For example, you cannot use a person’s race, gender, sexuality or religion as grounds to refuse a promotion or to fail to hire. If a person feels as though their involvement in a protected class influenced your decision, he or she may file a claim against your company.

Even if you take measures to prevent discrimination, you cannot always prevent the allegations. No matter if the allegations are true or false, your company still has to pay the legal costs and may have to pay the settlement. EPLI insurance protects your business against these allegations.

Top Liability Allegations Against Insurance Agents

Professional liability attacks happen all the time, and trying to bounce back from baseless or even substantiated claims can be expensive and frustrating. Insurance agents aren’t immune to claims against their services, but carrying E&O insurance for insurance agents can help mitigate the financial impact these claims could bring against their business. There are some claims that occur more commonly than others and knowing what they are can help you proactively avoid having them made against you.

The Top Claims

Just about one out of every four allegations of errors are attributed to a failure of the agent to procure coverage. Agents are under a good faith obligation to use a reasonable amount of effort and diligence to secure the right insurance coverage for the client’s needs. However, if the agent isn’t able to obtain the coverage desired, a client can issue a claim of negligence or breach of contract. Insurance agents must exercise reasonable skill and care in their efforts, carefully documenting the process and all communication with the client.

After failure to procure, failure to adequately explain the provisions of the policy is the second most alleged claim against insurance agents. Taking the time to clearly outline the coverage of the policy, as well as educating clients through multiple channels can help reduce the success of these claims in court.

Both insurance and awareness can prevent agents from being the victim of a baseless E&O claim.