What is Workers' Compensation Insurance?
Key Details About Workers' Compensation Insurance
While specific plans can vary by location, workers' compensation typically covers:
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Wage replacement: Weekly payments that replace lost wages, similar to disability insurance.
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Medical expenses: Coverage for medical treatment related to the injury, similar to health insurance.
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Economic loss: Compensation for lost income, both past and future.
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Benefits for dependents: Financial support for families of workers who are killed on the job, similar to life insurance.
However, workers' compensation does not cover general damages for pain and suffering, nor does it allow for punitive damages against the employer for negligence. Typically, negligence is not a factor in workers' compensation claims.
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What is small business insurance?
Small business insurance safeguards companies against the various risks that come with running a business. Whether it's accidents, injuries, natural disasters, or professional errors and omissions, the essential coverage offered by business insurance policies helps prevent these incidents from causing a financial strain on business owners.
Professional Liability Insurance (E&O)?
Professional Liability Insurance, also known as Errors and Omissions (E&O) Insurance, is designed to protect professionals and businesses from claims made by clients for negligent actions, errors, or omissions in the services they provide. This type of insurance covers the costs of defending against lawsuits as well as any damages awarded in the event that the professional or business is found liable.
Who Needs Professional Liability Insurance (E&O)?
Professional Liability Insurance (E&O) is essential for anyone providing expert services or advice. This includes healthcare professionals (doctors, dentists, nurses), lawyers, accountants, financial advisors, consultants, architects, engineers, IT professionals, real estate agents, insurance brokers, marketing and advertising specialists, photographers, therapists, event planners, and PR professionals. E&O insurance protects against claims for errors, omissions, or negligence in your work—whether it’s a missed deadline, faulty advice, or a mistake in your service that causes harm or financial loss to a client. If you’re in any of these fields, having the right coverage can safeguard you from costly legal fees and potential lawsuits.