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What Your Business Must Know About Workers Compensation Insurance
Business insurance comes in a variety of formats. Businesses must research with the best insurance plans to suit their typical needs. When you assess your need to find the right type of business insurance plan, you will come across the term business liability insurance plan Calgary. Here is what you need to know about this policy and what aspects it will cover and will not cover.
Business liability insurance overview
Employees are the backbone of any organization’s business operations. Every business must make sure that it provides a secure and safe environment to all the employees to see that they can give their best for enhancing the business’ productivity. Despite the best efforts that an organization could spare, employees can face certain risks while engaged in the various tasks connected to their roles and responsibilities. This can also happen in a location different from the company’s site. When such unfortunate incidents happen, employees suffering such problems ...
... can file a law suit against the firm which can lead to a substantial financial loss to the employer. Severe threats like this can even challenge the stability of small and medium sized businesses as they might not have a sound financial base. Business liability insurance comes to cover the liabilities a business might face due to any accident or problem happening to its employees.
What does it cover?
Workmen compensation insurance will cover the liability an employer faces towards their employees. The main objective of a workers compensation plan is to provide coverage to the claims that employees might make in the event of suffering some accidents. Such accidents can happen within the company premises or even somewhere outside. Also, the terms of such policies make it that such accidents can happen within the business hours or even out of the business hours. The precondition to be eligible for a claim is that the employee must have been engaged in activities connected to their job role during the time of the said accident.
Categories covered by the workers compensation policy
Workers compensation plan covers a number of aspects including death, permanent total disability, permanent partial disability, and temporary total disability.
Maternity coverage with or without waiting period
The workers compensation policy can also cover the maternity leave of an employee. Under this plan, the employer can also opt for a medical extension that can be allowed up to a specified amount mentioned in the policy document. Most providers offer maternity coverage for up to 12 months. Exceptions are the cases of specific contracts in which the length of the plan is the same as the duration of the contract. The tariff for the workers compensation policy depends on the wages of the employee that the policy covers.
How to find the best business insurance plans
Businesses must choose the right kind of policy that will suit their typical needs and business situations. A thorough research, the assistance of a knowledgeable business insurance broker can help you find the best commercial insurance plans.
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