What is employers liability insurance?
Employers liability insurance helps protect your business from financial losses if an employee or third party files a lawsuit against you because of a work-related injury, illness or death.
If you don’t have this type of coverage, you’ll be responsible for paying for costs related to the lawsuit out of pocket. This could amount to a significant financial loss after a serious accident.
How does employers liability insurance work with Workers’ Compensation?
If you own a business and have employees, you’re probably required by your state to have workers’ compensation insurance. In most states, workers’ comp provides two types of protection:
Medical and lost wage
Medical and lost wage coverage helps pay for medical bills and lost wages if you or an employee gets hurt or sick on the job. It’s a no-fault system, which means benefits are paid no matter who’s responsible for the accident as long as it’s not intentional
Employers liability coverage kicks in if someone files a lawsuit because they believe the employer’s actions (or failure to act) caused or significantly worsened the employee’s injury or illness.
It can pay for settlements, damages or judgments, as well as court costs and legal feels, which can add up quickly during court proceedings.
Who needs employer liability insurance?
Any business that wants protection from a significant financial loss due to a work-related injury or illness needs employers liability insurance. Even if you have strict safety protocols in place, accidents happen.
How Waller Insurance Helps Business Owners
We’re committed to helping small businesses get the insurance coverage they need to protect themselves from financial losses. Because every business has different risks, we work with you to create a cost-effective insurance package that’s customized to fit your needs and address your unique exposures.