Important Info on Stop Gap Coverage
Many companies have business insurance policies but it is also important for every business owner should endeavor to have a stop gap coverage policy. Most of the times, it is referred to as employer’s liability insurance and can provide a lot of protection for your business in case any employee files a lawsuit against the company. Considering that more than 3 million workplace-related injuries are reported in the US every year, it is very important to consider this coverage because that what the lawsuit may involve. If you don’t know much about the stop gap coverage, you can learn more below on important facts about stop gap coverage.
Most of the times, it might be included in the Worker’s Compensation coverage. Actually, very many businesses of this coverage, but don’t know that they have included it in the Worker’s Compensation insurance coverage and that is why it is important to know. If it is included the good for you, but if the is totally different because it works differently than the Worker’s Compensation coverage does. It is because the Worker’s Compensation insurance coverage will not protect you and your company. What you need to know about the Worker’s Compensation coverage is that it primarily protects the employee in case there are workplace-related injuries. The stop gap coverage, on the other hand, exist primarily to offer protection for your business when your employees are injured. After the employee has been injured, you might want to file a lawsuit against the business entirely because you are not providing a safer environment. Therefore, the work hand in hand, but the truth is they serve different purposes.
It is also important to realize that different estate will demand that you obtain the stop gap insurance, also in other states, they can comfortably work with the Worker’s Compensation coverage. Some of the states that will demand that includes, Washington, Ohio, North Dakota, and Wyoming. Some will demand that you also buy from public and not private insurance companies. To know where your business lies, you can always read more about all those regulations. The stop gap coverage will cater for any other expense that comes about from the lawsuit, including the attorneys’ fee, court costs and so on. You also need to realize that the the stop gap coverage can vary from one company to another and that is why you need to read more here to discover about those terms. Ensure you have one because it can give you peace of mind because it will cover you in case of any lawsuit.