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Workmans Compensation  | Insurance Glossary    | Insuring Your Business   

Insurance For Your Business

Your business needs to be covered against disasters such as fire, theft, and lawsuits. An insurance agent can help you with with what you need in terms of insurance. Look for an agent who works with a wide range of insurers and who is willing to explain the details of the types of coverage you need.

Required Insurance

Workers' Compensation Insurance

Insures employers against liability from workers' injuries sustained while on the job. As the owner of a sole proprietorship, or a member of a partnership, you are not required to obtains this coverage if you do not employ any workers. Workers injured on the job are entitled to Workers' Compensation benefits, which are available in various programs in all states. All workers' compensation law provide that the worker will be compensated for injuries that arise out of their employment. While there can be difficult questions whether a particular injury, disease, or condition was caused by their jobs, the fault of the employer or employee in causing the injury is irrelevant. Benefits typically reimburse the victim for medical costs, and much of the wages due to the temporary disability. There is also a schedule of benefits for permanent disabilities to compensate for physical impairment or loss of potential earning capacity or permanent disability to which a worker may experience in the future. Typically an administrative agency, not the courts, decides whether a workers' compensation claim for benefits should be granted. For more information, click here.

Disability Benefit Insurance
It protects the employer against workers' disability from non-occupational injury and sickness. It is required if you employ workers.

Unemployment Insurance
Contributions to the fund are collected from employers only. It is paid to employees when they are laid off from work

Liability Insurance

Businesses that use dangerous materials or equipment are required to get special liability insurance. Coverage comes in these forms:

1. General liability insurance protects you against injury to someone on your property. This does not cover working employees, who are covered under Workmen's compensation, but customers and other outsiders.
2. Product liability Insurance - Covers you in case someone becomes ill as the result of eating the food.
3. Liquor liability - Some states have passed laws making the person who serves liquor responsible for accidents or crimes committed by intoxicated people.
4. Auto Liability- If your business owns a car used to deliver, this type of insurance would protect you from employee injuries or accidents.

Recommended Insurance

Fire and extended coverage - Covers damage to your building and contents due to fire and natural disasters and vandalism. Its a good idea to insure for 100 percent of the value of the property and equipment.

Business interruption Insurance - Covers your fixed costs and expenses if a fire shuts down your business. Employee salaries, taxes. utilities and lost profits can also be included.

Mortgage Insurance - Covers mortgage payments in the face of catastrophe.

Business Life Insurance
It protects creditors, partners, and family members from financial loss resulting from the death of someone associated with the business, providing for continuity in the business. It is common in a partnership to have each partner insured for the benefit of the other partner with a buy-and-sell agreement. This enables the survivors to buy the deceased's interest and continue operating on a reorganized basis.

Federal Crime Insurance Act
Covers robbery and burglary only.

Health Insurance
Providing health insurance for your employees is a good incentive for employees to stay, but total health coverage is often too expensive for restaurants with low profits. You could consider paying a portion of the insurance premium and having the employee pay the rest.

The Federal occupational Safety and Health Act, OSHA, requires employers to comply with specific health and safety standards promulgated by the Federal occupational Safety and Health Administration, as well as general duty to maintain a workplace free from recognized hazards to workers. Workers can file complaints with OSHA and they are protected from retaliation by their employers if they do file charges or assist in the investigation by the government, but workers can not bring court actions themselves to enforce OSHA law.