Injured workerAs you take a closer look at your current business insurance, you may be concerned with areas where your risk is higher than your coverage holds. At least on an annual basis, companies need to take a look back over the claims they’ve made during the year to determine if their coverage is adequate, requires more attention, or fits their specific goals. Every situation is different, but as a company, most need to take a closer look at workers compensation coverage. Do you have enough protection in a worst case scenario?

Determining Workers Compensation Needs

Most states require companies to maintain workers compensation. The amount of requirement and who much obtain this type of business insurance differs. However, the goal of this coverage is very specific. It helps to reduce the risk that a company will need to pay for a workers illness or injury brought on as a result of working for the company. But, sometimes, claims can extend beyond a single person. Your current policy may offer plenty of compensation for a worker that falls, is hurt by a piece of equipment, or is burned. But, what happens when it happens to more than one person? Do you have enough protection in these instances?

Workers compensation catastrophe cover is a rider to consider. This additional component of your coverage can help provide far more protection in instances where the concerns are extensive.  Excess of loss reinsurance like this is very valuable. In short, it helps to provide you with more insurance protection in events when your current workers compensation policy’s claim limit is met quickly due to a catastrophic event or a series of events. For example, your workforce could be hurt in an explosion. A team of drivers may be injured in an accident. Your employees become ill due to a contamination at the plant.

In these large scale events – which can happen for many reasons in most sectors – the risk that your company will suffer financially is high. Workers compensation insurance is there to help, but without this higher limit cover, you may still be responsible for some of the costs related to the incident. Consider expanding your risk in this type of business insurance.

 Call Joseph A. Britton Agency at (800) 462-3401 for more information on New Jersey workers compensation.
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