Gaizer.com Tips for Business Start-ups

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

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

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 against lawsuits regarding employee treatment, such as sexual harassment and discrimination. If you have a good system in place or you plan to manage the day-to-day operations of your business personally, then this protection might not be necessary. The coverage may be sensible if you depend on managers to operate your business.

Small Businesses can choose for a Business Owner’s Policy, which covers multiple risks. This policy has restrictions regarding size of the business. Refer to your insurance professional for more information.