Most employers offer benefits to their employees. Most employees expect benefits. What happens if errors are made during the administration of benefits? An Employee Benefits Liability insurance policy or EBL policy might be the answer.
Protections Offered With EBL Policies
Employee Benefits Liability coverage is a type of coverage that protects against errors and omissions during the administration of benefits programs.
Sometimes enrollment errors occur or an employee’s coverage may be accidentally canceled. If the employee has to pay out of pocket for benefits that he or she should have received, then you can count on the liability coverage to handle that. Any errors in recordkeeping or bad advice can lead to lawsuits.
Types of Benefit Programs Covered
When customizing your EBL policy, your policy must cover the benefits that you offer. Some of the common benefits covered by an EBL policy include:
- Life insurance
- Profit-sharing plans
- Pension plans
- Disability benefits
- Employee stock benefits
- Health insurance
- Dental insurance
- Workers’ compensation
As with any type of insurance program, there are exclusions and limits. Make sure that you understand the coverages offered, your benefits and the exclusions of your policy.
Even if you do your best to avoid errors, they can still happen. If you offer benefits to your employees, you have to be prepared. When it comes to risks, your best safety net is insurance coverage.
If there’s one thing professional employment organizations have in common across industries, it’s that their insurance needs are unique. While types of liability might look similar on paper from one industry’s policy to the next, the realities of the risks taken by staff on the ground are very different, and each policy needs to reflect that. Nowhere is that wide differentiation more clear than for those PEOs who focus on medical staffing solutions, providing skilled workers to hospitals, clinics, private practices, and even home care services.
Employer Liability for Medical PEOs
Staffing companies don’t take on all the same liabilities a first-party employer does, but they do take on many of them, and they share others. That’s why your staffing firm insurance needs to be built for staffing firms, not just employers in general. When it comes to the additional liabilities that are part of providing care for sick or injured people, you could also wind up needing coverage many other staffing firms do not need, depending on the roles you fill and their requirements for professional liability coverage. Working with an insurer who specializes in medical PEOs is the best way to make sure you have the resources to double-check all your coverage areas, so you and your employees are always protected when they go out on a job.
Professionals of all industries increasingly need liability coverage. However, many errors and omissions policies focus on only the most common such as architects, attorneys and accountants. With the growing number of professional entrepreneurs, miscellaneous professional liability insurance has also increased.
Anyone can make a mistake which can cost the business a financial loss. Businesses providing a professional service can cover those potential mistakes with MPL Coverage, according to Huntersure. The comprehensive policies help with legal fees in the event of a lawsuit rather than the business covering those costs.
The term professional services include more business professionals in more industries than ever before. Travel agents, publishers, commercial real estate agents and information technology services are common small businesses run by professional entrepreneurs and consultants. They can protect their businesses with MPL insurance.
A business can be sued without merit of any wrongdoing. Unfortunately, a lawsuit can cost a lot of time and money, especially to small businesses. MPL insurance helps cover those costs, so you can continue to provide quality services to other clients.
Don’t let a lawsuit or mistake leave your consultant business floundering. MPL coverage helps cover the financial losses associated with a legal battle, cyber exposure and third-party indemnification. Even small businesses have exposures that need the right insurance to cover.
There are times when a company needs to extend its employee injury insurance past the workers’ comp coverage they carry. Most states allow for companies to carry private insurance coverage for mandated injury liability, but four do not. These include North Dakota, Ohio, Wyoming, and Washington. Within these states, companies are required to obtain coverage through state-funded programs, which leaves a gap in some additional areas of liability. The information found at https://www.wwspi.com states that stop-gap insurance addresses this exposure.
Areas of Liability
The exact nature of gap insurance is what other companies carry in the form of employer liability coverage. This covers the potential suits of
- Third-party suits
- Public tort claims
- Intentional endangerment
- Dual capacity claims
- Injury or illness not covered by workers’ comp plans
Additionally, leased employees are excluded from the worker’s compensation plans. The endorsement of employer liability would be enacted in most states, but within the four mentioned above, stop-gap insurance becomes the defense.
The Cost of Coverage
Most insurance companies will determine the base price of stop-gap coverage according to your company’s payroll total. For normal liability policies in private insurers, it is often an endorsement set at a minimum amount. Check your current policy to see if employer liability is addressed, and if not, contact your broker for a quote on extending your coverage.
Giving Drivers Peace and Security
Drivers know there are risks that come with driving. Auto insurance companies in CT understand your concerns and offer insurance policies that give you peace of mind whenever you get behind the wheel. That way, you can drive without worries.
Policy Coverage Options
You deserve a policy that keeps you safe on the road. That’s why auto insurance companies in CT offer a range of policies for you to choose from. The following is a list of coverage options for you to include in an auto insurance policy:
Uninsured or underinsured drivers
There are also additional coverage areas, including full glass coverage, insurance for rental cars and towing. An insurance agent can discuss the full range of coverage options for you to choose from, so you can build a policy that provides you with the protection you need to feel safe while driving.
Keeping Drivers Safe in Connecticut
Auto insurance was designed to provide adequate protection for drivers, passengers and vehicles out on the road. Auto insurance companies in CT understand the risks involved with driving and the concerns drivers have, which is why these companies offer policies tailored to your needs. The right policy can help you feel safe while driving and keep you protected in the event of an accident.