The economic problems of the late 1980s prompted many states to stop the practice of paying workers compensation at a 100% rate. Massachusetts followed suit, but actually reduced compensation benefits deeper than many states. The Massachusetts workers compensation payment rate was reduced to 60% of the worker’s rate of pay and the legislature capped the length of time for benefits at three years. Most states opted for the time frame of seven years, which is consistent with traditional statutes of limitation. Individuals working in Massachusetts should understand that benefits are not on a par with some other states, but there some better benefits in other areas, such as small business requirements for providing insurance for their workers.
Every business in Massachusetts is required to maintain workers compensation insurance on all employees. This includes businesses with a single employee. It is important to understand that Massachusetts workers compensation insurance is the primary indicator of the responsible employer. Sometimes this can be a simple determination, but not always. Construction workers are a prime example because of the number of different employers that may be involved with a project. Injuries can occur on job sites that are the result of negligence from a third party. These workplace injury situations can be complicated and it is always necessary to retain experienced and effective counsel when dealing with multiple-party claims.
The new workers compensation insurance structure stipulates that an employee can only file a compensatory claim against an employer in a common injury case. Any punitive damage awards must be pursued in a traditional court as a negligence claim and duty of care breach. Workers compensation insurance does not cover punitive damages. In addition, public agency employers are allowed to opt out of the workers compensation plan and operate self-insured. Proven solvent businesses can also do this, but they are usually major corporations. Call one of our agents for additional information today.
As a business owner, it’s your responsibility to anticipate the requirements of your company beforehand to reduce the monetary risks you might encounter in the future. A significant part of this is making certain you purchase the correct quantity of Connecticut insurance. Insurance may help cover a variety of expenses that come up in the event of a disaster, but only if you obtain adequate coverage and the correct type of coverage. What types of insurance might be necessary for your company?
Property: Have you ever experienced an accidental fire? Then you understand how harmful a wild blaze could be. The contents of your building might be damaged or destroyed, and the building itself may be destroyed beyond restoration. With property coverage, such an event doesn’t have to destroy your enterprise financially. There are of course, many other events which might result in the destruction of property.
Crime: It doesn’t matter what security precautions you have in place, your company could still be susceptible to criminals. Crime might be external (a burglary or an incident of vandalism) or internal (theft or fraudulent action).
Interruptions: After bigger disasters, your business may be unable to operate as normal. This is when business interruption coverage is handy. It can help cover expenses, such as the price of renting a interim premises, wages and utility bills that you could encounter if you are required to cease trading normally for a period after suffering a covered disaster.
With the risks of fires and other hazards, buying insurance is one of the most important duties you need to accomplish in order to guard your company. Failing to do so may leave your company financially crippled if a disaster did occur.
When considering taking out a federal employee life insurance policy, attention will likely be given to the main earner in a family. It’s quite common in 2 parent families for 1 parent to earn the bulk of the earnings and the other to earn a smaller, yet vitally significant supplementary income. Although many individuals don’t think about it, focusing on the principle income earner and neglecting to take out life insurance for the secondary income earner may very well be a serious mistake.
Where you might have debts like a mortgage or credit cards, life insurance is crucial to verify those debts could possibly be serviced if you’re no longer around. Even if the main income earner remains living, it is worth considering how their earning capacity could be impacted by the death of their spouse. Needing to take time off work to take care of children or afford childcare could mean a serious cut in wages and without secondary income to assist, it could be easy to fall into financial struggle.
When considering your federal employee life insurance options, you must ensure you have adequate protection for all possible scenarios. Insuring both income earners, regardless of how little their contribution, can help make sure that neither of you are left financially weak in the event of an unexpected tragedy.