Types of Small Business Insurance for your Employees

Types of Small Business Insurance for your Employees

Insurance can cover a variety of catastrophes including natural disasters, fire, and theft. Providing good health coverage for your employees can help you retain them. However, these are not the only types of insurance available. You may be required to carry life, business interruption, or auto insurance depending on the nature of your business. Other types of insurance cover business liability or damage to your inventory

Employee Benefits includes life and health insurance as well as retirement planning for your employees.

Unemployment Insurance covers workers who become unemployed through no fault of their own

Workers’ Compensation and Disability Insurance covers an employee’s loss of income and medical expenses through job-related accidents. The workers’ compensation coverage has two components. First, it covers a worker’s medical expenses and lost wages in the case of a job-related accident, and second, it covers the employer’s liability if the worker decides to sue.

Workers’ compensation rates are based on the payroll, number of employees, and type of business that you operate. You can receive discounts and save money if you offer safety training to avoid accidents, have a drug- and smoke-free environment, and promote a “return-to-work program” to bring employees back to work sooner, even if it is for limited duty or a modified job title.

Employment Practices Liability provides employers protection