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Workers' Comp Insurance

Key Differences Between Group Personal Accident Insurance and Workers Compensation

Group personal accident insurance and workers’ compensation cover job-related employee injuries. However, they also have some significant differences employers should understand before choosing one over the other for their business. Here is what employers should know regarding group personal accident insurance vs workers compensation.

Employer Responsibility

Under workers compensation, if an employee gets injured, workers compensation covers all injury-related expenses, including lost wages. The employer is rarely responsible for related out-of-pocket.

Under group personal accident insurance, expenses are only paid up to policy limits. The employer is responsible for any costs the policy does not cover.

Employer Liability

An employee covered by group personal accident insurance who gets injured can sue the employer for pain and suffering and punitive damages. The employer bears the burden of proof in an injury lawsuit brought by an employee.

An employee covered by workers compensation holds the burden of proof in a work-related injury lawsuit and can only file a lawsuit in rare cases. This significantly reduces the employer’s liability.

Group personal accident insurance is typically the cheaper of the insurance types but could cost considerably more if a serious injury occurs. Employers should weigh options carefully when deciding on group personal accident insurance vs workers compensation.

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Workers' Comp Insurance

Identifying Risks in the ABA Provider Community

There are many reasons why people begin working in specialized areas of healthcare. However, niche corners of this industry can bring about unique hazards and concerns. If you’re one of the many people who operate a business or perform services related to Applied Behavior Analysis, for example, then you absolutely want to take time to assess the many risks you’re likely to face down the line. Doing this is the best way to keep yourself secure and protected moving forward. 

The Main Hazards

You can focus on several key areas when it comes to identifying ABA provider risks. To find the best place to begin your journey, simply consider the nature of the services you offer. For example, companies that specialize in at-home ABA services will need different insurance coverage than those that offer in-facility services. When you consider the exact framework of your business, it makes discovering the most appropriate coverage a lot simpler. Other points to think over with insurance can include: 

The Ideal Solution

Though it might seem difficult to find the best insurance coverage for your business at first, a bit of research will highlight the correct options for your needs. Take time to look at the various choices presented to you and learn how you can take action.

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Workers' Comp Insurance

Types of Volunteer Insurance

Nonprofit organizations that rely on volunteers must do what they can to protect their workforce the same way they would protect paid employees. However, volunteers require special considerations that paid staff does not. Luckily, volunteer insurance companies such as VIS specialize in the types of coverage best suited to volunteers.

Medical Expense Reimbursement

Medical insurance for volunteers is an inexpensive way to cover on-the-job accidents in states that do not require workers’ compensation. For $100 per year, you can cover your entire crew of volunteers for up to $50,000 per accident.

Volunteer Liability Insurance

Volunteers have a willingness to serve, but they make mistakes just like anyone else does. Volunteer liability insurance provides up to $1,000,000 toward legal fees if someone sues your organization over the actions of a volunteer.

Accident Liability Insurance

If your volunteers drive to and from the job site or as part of their duties, accident liability insurance should be a priority in your budget. It covers up to $500,000 in damages a volunteer may cause in an automobile accident.

If your insurance company does not offer dedicated volunteer insurance, find one that does. Taking care of your volunteers and protecting your nonprofit’s financial future can go hand-in-hand if you choose the right coverage options.

 

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Workers' Comp Insurance

2 Categories of Insurance for Volunteer-Based Nonprofit Organizations

A responsible nonprofit organization must have nonprofit liability insurance policies designed to safeguard the operation’s critical aspects, including the organization itself and its volunteer workforce.

Managers of nonprofits deal with modest budgets requiring prioritization of insurance purchases. Choices for nonprofit liability insurance involve two primary policy programs: essential coverage and desirable coverage.

1. Essential Insurance

Required insurance policies include:

  • Directors and Officers (D&O) Liability Insurance: Upper-level management may be sued for wrongful acts or mismanagement. D&O insurance helps retain top talent by offering shelter from loss of personal assets.
  • General Liability Insurance:General liability secures the organization and its employees for bodily injury, property damage and personal injury claims.
  • Auto Liability Insurance: Volunteers may use vehicles on assignments, presenting a risk for your organization.
  • Workers’ Compensation Insurance: This insurance covers job-related injuries to employees and may be available for volunteers. A customized volunteer accident policy offers additional coverage.

2. Desirable Insurance

Other policies may be beneficial:

  • Property Insurance: Property protection covers office equipment that is damaged or destroyed, including furniture and computers.
  • Crime Coverage: Theft insurance protects the assets of clients and losses on or off the premises.
  • Cyber Liability: Cyber insurance shields against expenses incurred by a breach of personal information data.
  • Employment Liability: Employment insurance guards against claims of failure to hire, wrongful termination and discrimination.

Volunteer-based nonprofit groups provide valuable services to our communities. An experienced insurance team understands and specializes in nonprofit organizations. A professionally designed policy protects your organization with nonprofit liability insurance and volunteer risk exposure management services.

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Workers' Comp Insurance

Using an X-Mod for Your Workers’ Comp Insurance

There are a ton of expenses involved in running a business. Your insurance premiums, for example, are a huge cost associated with your company. Though the expense might be significant, having a suitable plan for Workers’ Compensation in place is crucial. One of the best ways to take control of your experience with insurance is by working with a provider that will help you use your experience modification factor. Also known as an X-mod, this is a way of getting the most out of your plan.

How to Manage an X-Mod Factor

Managing your X-mod is not complicated with a bit of assistance. Your X-mod directly impacts your premiums, specifically your Workers’ Compensation expenses. Expressed as a percentage, the number associated with your business will be unique and determines an indication of the overall safety of your company. The lower the risk, the easier it is to obtain premiums that work in favor of your business. The number will be determined by an organization specific to your state. In California, for example, the Workers’ Compensation Insurance Rating Bureau handles the percentage. Benefits of using an X-mod to determine your rate include:

  • Lowered premiums for Workers’ Compensation packages
  • More control over your plan
  • Reduced costs with many insurance options

Discover the Most Sensible Package

When it comes to properly insuring your business, there are several routes you can take. As long as you know all of your options and how factors like an X-mod can shape your journey, you will be ready to make the best decisions for your future.

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Workers' Comp Insurance

Why Workers Comp is Necessary for Your Business

Most businesses know that having workers’ comp insurance is necessary in case an employee hurts themselves or encounters an accident on the job. One part of workers’ comp is claims management. Here is a closer look at why having it is so important.

Helping You to Manage the Process

According to Caitlin Morgan, having workers’ comp that can manage your claims can help in various ways. It can ensure that the process is being managed in a timely manner while freeing up your time so you can focus on your company. The process often includes factors such as loss prevention and excess placement to help make your life easier.

Working With You to Track Future Issues

You might have questions on how a certain number of claims in a set amount of time can affect your business. By partnering with an insurance company that handles claims management, you can get the answers to your questions and find out how this could affect your company in the long run.

There are many benefits to having a workers’ comp plan that can also manage claims for you in the process. This can save you time, so you can focus on running your business while giving you the support you need when questions come up.