Anyone who has employees will need to have them covered by a series of different policies in case of accidental injury. It may be that an employee, during the course of his work, may injure someone else too and all these eventualities have to be taken into account. Workman̢۪s comp insurance, plus general liability insurance, is the absolute minimum that the company needs to make sure that they do not get sued for anything resulting from accidental damage. It is quite normal to get extra coverage too should the situation arise.
Workers, no matter what their caliber, will often play around when the job gets a little boring. Unfortunately, it is at times like this that some rather serious accidents can occur even leading to death is some extreme cases. But even in the course of a normal day, there are many things that can go wrong where no one person is to blame for the accident.
When anything untoward happens, and this can be very minor for sure, the assurance company will pay out any compensation necessary to put the injured party right without any lasting damage. If there is lasting damage then there will be compensation to make up for what they can no longer do or for pain and suffering.
If all of this compensation was left to the employer to pay out, they would certainly not be able to turn a profit. Assurance companies work on the premise that no accidents will happen. When they do not, the premiums paid to them are free and clear from any claims. That is, they take a calculated risk and generally win out on the law of averages. For those companies who make constant claims then it is obvious that their premiums will be scaled up accordingly. Indeed, if there are too many claims it could be impossible for the company to get cover and without cover, they will not be allowed to operate in many states.
In this day and age practically anything has to be covered. Cars and any machinery on a building site, or health and even dental plans all have one thing in common. They cover just about any eventuality and the buyer has to pay monthly or yearly premiums. In the case of cars, the more one does not claim, the less the premiums will be until a substantial amount is being saved each year. In other words, this buyer is a very good risk so they do not have to be charged so much.
On the other hand, those companies or individuals that put in some rather dubious claims will surely be charged more in the coming years. And these assurance companies now have a unique information sharing facility which means that people cannot jump from one to another without them getting all the detrimental information that is stored. Although people are generally honest, there are some who will play the system and this is what puts premiums up in the long run. It is better to get coverage from bona fide companies and only claim when necessary.
Published At: Isnare.com
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