All You Need to Know about 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. It is good coverage to have because it will protect your business in case that any of your employee files are also against the company and that is why it is also referred to as employer’s liability insurance. This is because most of the times of workplace-related injuries because almost 3 million workplace injuries happen every year in the US. If you don’t know much about the stop gap coverage, you can learn more below on important facts about stop gap coverage.
It might already be part of your Worker’s Compensation coverage. You need to seek to know if it is included because most of the times, it is but you don’t know about it. However, it is also necessary to realize that it works differently than Worker’s Compensation coverage does. One of the things you need to know about the Worker’s Compensation insurance coverage is that it is not designed to protect you and your company. The Worker’s Compensation coverage is designed to protect the employee when they sustain injuries in the workplace. Also, stop up coverage is different because it protects your business. When employees are injured at your workplace. Where the stop gap coverage works is when the employee decides to sue the entire company because you are not providing a safer environment for them to work. One of the important things you need to learn, therefore, is that stop gap coverage and Worker’s Compensation coverage work hand in hand but they serve different purposes.
It is also important to note that although some businesses can work with the Worker’s Compensation coverage, in some state business owners are demanded to obtain the stop gap insurance. 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. You can read more about that to know where you fall. Having the stop gap coverage is very helpful because, in case of a lawsuit, it will cover very many expenses, including the court costs and attorneys fee. 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. Knowing that you are covered for such work-related injuries can also give you peace of mind.