All businesses with employees must protect their employees with workers’ compensation. This insurance steps in to help provide the medical care, wage losses and funeral expenses should the employee fall, become sick or die while on the job. Here’s how to know if you need excess workers comp insurance.
As seen on www.caitlin-morgan.com/, the excess workers’ compensation offers businesses with creative solutions and flexible options for coverage. This can help self-insured businesses better care for their employees while protecting their bottom line.
This workers’ comp plan is mainly a benefit for those who are self-insured. Many businesses choose this route in order to better control their claims and cash flow. In many cases, by self-insuring their workers’ comp plans, businesses can save money on premiums. Businesses who incorporate effective risk management plans may benefit from using a self-insured plan.
Not all states allow businesses to have a self-insured plan, which means those states also do not qualify for the excess plan. Companies that can and choose to operate a self-funded plan must apply through the state’s regulatory agency for approval. Each state has different qualification standards.
There are many moving pieces to a self-funded workers’ compensation plan. If your business uses this cost-saving policy, you may benefit from an excess workers comp policy.
Nonprofit organizations provide valuable social services to communities around the nation. Insurance for nonprofits protects the organization from financial loss due to a lawsuit. Help lower overall costs by reducing the effects of these three critical risks.
The industry relies on volunteer staff to run events, help with day-to-day operations and fundraising for the organization. According to Arroyo Insurance Services, organizations try to balance costs with the need to mitigate risks. Take the time to screen volunteers and then train them to help reduce the risks of negligence, injuries, theft, and damage caused by a volunteer.
Nonprofits rely heavily on their reputation for doing good in a community. Bad press negatively affects both the volunteers that run the organization and the amount of money the organization can raise. Mitigating risk is essential to keep the organization’s good name and make obtaining money easier to operate.
Fraud affects every industry and nonprofits are not left out. A fictitious company may state they are nonprofit, fundraise in your organization’s name and then run with the profits. Not only can this damage the nonprofit’s reputation, but the organization loses out on needed money.
Insurance for nonprofits is one piece of the larger risk management puzzle. Keeping an eye on these critical risks can help the organization thrive.
Too many entrepreneurs underestimate the role of risk management in the successful growth of a business. It’s vital to have the right coverage to protect your company as it establishes itself, but overpaying can limit your cash flow by inflating your bottom line. The key in any industry is finding the right insurer, one who knows your business instead of just one who writes general business policies. In the international trade industry, that means finding an insurer who understands how to cover your operations, your workforce, and your inventory as you acquire, ship, and distribute it.
What Do International Trading Companies Need?
Policies built to suit businesses like yours have a lot of coverage options to balance, in a variety of insurance categories:
Ocean cargo insurance
Health insurance and other employee benefits
Product recall insurance
There are even more categories of coverage needed, but figuring out exactly what they require a full quote that accurately profiles your company. Companies like iSure Insurance hire and train professionals who know your industry, so they have the experience that you’re looking for when you want an accurate insurance quote. While general business insurers will do their best, they don’t tend to have people trained to anticipate the needs of international trading companies.