Understand Your Options
Commercial/business insurance can be complicated, with many options and considerations. At Tucker Insurance Services, we help our clients understand their insurance options so they can make informed decisions. The following answers to common insurance questions is a only brief overview. If you contact us, we'll answer all your questions, and help you identify the most comprehensive and cost-effective insurance solution. We specialize in property insurance, general liability, commercial automobile, workers’ compensation, small business owner policy, employment practices liability, professional liability, bonds, and excess coverage.
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Do I need workers comp insurance?
Employers have a legal responsibility to their employees to make the workplace safe. However, accidents happen even when every reasonable safety measure has been taken.
To protect employers from lawsuits resulting from workplace accidents and to provide medical care and compensation for lost income to employees hurt in workplace accidents, in almost every state, businesses are required to buy workers compensation insurance. Workers compensation insurance covers workers injured on the job, whether they're hurt on the workplace premises or elsewhere, or in auto accidents while on business. It also covers work-related illnesses.
Workers compensation provides payments to injured workers, without regard to who was at fault in the accident, for time lost from work and for medical and rehabilitation services. It also provides death benefits to surviving spouses and dependents.
Each state has different laws governing the amount and duration of lost income benefits, the provision of medical and rehabilitation services and how the system is administered. For example, in most states there are regulations that cover whether the worker or employer can choose the doctor who treats the injuries and how disputes about benefits are resolved.
Workers compensation insurance must be bought as a separate policy. Although in-home business and businessowners policies (BOPs) are sold as package policies, they don't include coverage for workers' injuries.
There are many other issues that you should understand before making the decision of what type of coverage is best for your company. These include:
- DO YOU HAVE TO BUY WORKERS COMPENSATION INSURANCE?
- THE SPECIFIC REQUIREMENT OF YOUR STATE
- WHAT INJURIES ARE COVERED?
- WHAT BENEFITS DO INJURED WORKERS RECEIVE?
- HOW ARE PREMIUMS SET?
- THE IMPORTANCE OF GETTING AN INJURED WORKER BACK TO WORK
- ARE MY EMPLOYEES COVERED WHEN THEY WORK OR TRAVEL IN OTHER STATES?
What type of property insurance coverage do I need?
The purpose of property insurance is to provide critical financial assistance in the event of a loss, so that the business can continue to operate with as little disruption as possible.
Your business property could be damaged or destroyed in many ways - from fire and flooding to embezzlement. Property can also be damaged by electrical surges, accidental activation of a chemical sprinkler system or a computer virus.
Property insurance alone is seldom enough, however. It should be but one part of an overall risk management and disaster recovery plan. On average, businesses that devote resources to risk reduction and risk control have fewer insurance claims. Firms with a good record on claims generally have more insurers competing for their business, so that they are able to find coverage more easily.
Once we understand your business, we can provide it with the insurance coverages your particular type of enterprise requires. Without appropriate insurance, property losses can easily cause the entire enterprise to fail.
What is risk management?
Most entrepreneurs are risk takers, willing to invest resources with an expectation and hope, but no guarantee, of reward. But, from the viewpoint of insurance, "risk" is another word for "peril" and refers to things that can go wrong. Crime, vandalism, fire, a personal injury lawsuit, a computer virus, equipment breakdown, non-delivery of raw materials, death or illness of a key employee - the list of adverse events which can cause economic harm to your business or organization goes on.
Risk management is a broad topic. It involves taking steps to minimize the likelihood of things going wrong, a concept known as loss control. It also involves the purchasing of insurance to reduce the financial impact of adverse events on a company when, despite your best efforts, bad things happen. No one likes thinking about what could go wrong. Nevertheless, as a prudent manager, you should understand the risks your business faces. Until you identify risks, you can't make good decisions about managing them.
At Tucker Insurance Service, we will tour your premises and discuss how you are currently managing risks and offer suggestions on the following topics:
- LOSS CONTROL AND INSURANCE
- PREVENTING FIRE LOSSES
- REDUCING VULNERABILITY TO THEFT
- CONTROLLING LIABILITY RISKS
- MANAGING PRODUCT LIABILITY RISKS
- RISK MANAGEMENT FOR INFORMATION TECHNOLOGY
- REDUCING MOTOR VEHICLE RISKS
- REDUCING THE RISK OF WORK-RELATED INJURIES
- DISASTER RESPONSE AND RECOVERY PLANNING