General Liability insurance covers your business in case it is sued for something it did do –or didn’t do–that resulted in property damage or injury you were legally responsible for. One example is someone who slips and falls on your premises and sues your business for the loss of income (and possibly medical problems).
General Liability insurance covers the cost of damages up to policy limits awarded to the injured party, as well as the costs associated defending the lawsuit. Some companies offer this in addition to policy limits, others include defense costs within limits.
Many insurance companies offer broad coverage in a single policy by combining property and liability insurance coverage into a business owner’s policy. But that may not offer adequate liability limits, for your business.
Claims for nonperformance of a contract are covered by professional liability for your work, while “errors and omissions” insurance covers mistakes, oversights that fall under professional duties.
Wrongful termination of employees, sexual harassment, and race- or gender-based lawsuits and unfair hiring procedures are usually covered by employment practices liability insurance (ELPI).
For a professional consultation, we are here to help with your questions. Give us a call at 240-580-1839.
Employees – Health and Workers’ Compensation
Health insurance is not mandatory at the present time, but that is changing in the near future. It can be used to improve employee satisfaction and retention.
Workers’ compensation insurance, however, is state-mandated coverage for injuries and illnesses that are job-related and is required in every state except Texas. A workers’ compensation policy may pay medical, disability income, rehabilitation, and death benefits.
But what is the definition of “employee” can be a complex issue, and it varies from state to state. The government and the insurance companies quite often look at this differently. It is important both you and subcontractors be insured correctly.
To find out what the definition of employee is for your state and what charges are required, give us a call at 240-580-1839.