Policies that protect your employees also protect you as a business owner. Whether you purchase Worker’s Compensation or occupational accident insurance, these policies help your employee cope with an injury while also helping you bear the financial responsibilities associated with an accident. In the Warwick, RI area, The Slocum Agency Inc. is a go-to for gaining insight and assistance in selecting employee-related insurance policies.
Accident Coverage for Employees
There are two common insurance policies that business owners will purchase for their employees: occupational accident insurance and worker’s compensation. Whether you are required to hold one or the other or neither depends on the state where you live.
Rhode Island is among those states that require employers of all sizes to have worker’s compensation. This type of policy is subject to state minimum requirements, and employers can purchase the policy from the state or from an insurance broker.
If you purchase a worker’s compensation insurance policy, know that you can have peace of mind in the event of an accident. Additionally, it is helpful to know that many insurance agencies will offer discounts when you fulfill certain qualifications, like worker safety training.
Other Coverage Options that Benefit Your Employees
Additional policies you might want to consider for your employees include business interruption insurance. This policy helps business owners cover expenses like rent and payroll when their business unexpectedly has to close down.
Typically, you will be able to customize this policy to suit your needs. Like any insurance policy, there will be exclusions to what it covers. For instance, the amount of time your policy pays out in a crisis could vary.
Additionally, there might be different coverage options for small, medium, and large businesses. Discuss your coverage options with the professionals at The Slocum Agency Inc. in Warwick, RI.