Small Business Articles
The insurance known as equipment breakdown coverage or boiler and machinery insurance coverage is what’s called an endorsement, add-on, or rider. It extends the coverage of a business owners policy or BOP. Also called property & liability insurance, a BOP is a simplified approach to small business insurance that combines general liability and commercial property insurance.
A business owners policy (or BOP) and a general liability policy have many things in common. For example, they both provide protection from financial liability for many types of incidents. This includes accidental damage to customer property and injury to non-employees on the policyholder’s property.
Workers’ compensation insurance is a type of insurance that is generally required by state law for any company that has employees, and in some states, for those who use independent contractors. It provides financial protection for workers who are injured or become ill on the job. It also protects businesses from the high cost of workplace injuries.
The definition of workers’ compensation insurance is coverage that helps pay costs associated with a work-related injury or illness, including medical care and lost wages. Sometimes called workers’ comp or workman’s comp, it’s often mandatory and protects both your employees and your company if an employee experiences an injury or illness while at work, including strains and sprains, trip-and-fall incidents, or accidental death.
Why is the independent contractor vs. employee distinction important when it comes to workers’ compensation insurance? Worker classification matters is because with very few exceptions, employers are required to provide workers’ compensation coverage for their employees. Independent contractors are another story.
We want you to make well-informed decisions about your insurance needs. Learn from answers to the questions most frequently asked by business owners.