Workers Compensation Limits | Workers Comp Coverage Amounts ...

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A workplace injury happens against one of your best employees?did you choose the right amount of coverage knowing this injury will impact them for the rest of their lives?? These are important considerations when buying workers compensation insurance.? Knowing the future of your employees or dependents will be dramatically impacted by your decision.

A typical worker compensation insurance policy has various limits to choose for liability purposes.? Many limits on existing policies were chosen without any basis for determining an appropriate limit.? Many insurance brokers rely on the existing amount of coverage without any due diligence.? It?s important to think through with your insurance broker what?s appropriate amount of protection for your business.

The example below illustrates $1,00,000 of coverage.? However, you could select more or less coverage depending on your situation.? For example, coverages could be set for? $100,000 up to $2,000,000 with the companies approval.?? Here?s a typical breakdown of limits you can choose for workers comp in Colorado:

Limits of Liability

Limits for workers compensation insurance are represented as follows with varying limits of insurance: Bodily Injury By Accident: $1,000,000 Each Accident?? (Most paid for all damages covered because of bodily injury to one or more employees in any one accident) Bodily Injury By Disease: $1,000,000 Policy Limit? (Most paid for all damages arising out of bodily injury by disease regardless of the number of employees) Bodily Injury By Disease: $1,000,000 Each Employee ? (Most paid for all damages arising out of bodily injury by disease to any one employee)

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One reason is the risk exposed to your employees.? If you operate a construction or asbestos removal company, your employees are exposed to dangerous situations likely to have someone get injured or die.? There are nearly 5,000 employment related deaths each year in the United Sates.? If the employee dies, the dependents will be looking for financial assistance because this person is no longer able to provide for them financially.? How would you feel if the amount paid was simply not enough?

Another reason is the cost for higher limits is not exponentially more expensive.? The jump from $100,000 to $1,000,000 in coverage is affordable for most businesses.? It could be only a few hundred dollars.? Just imagine if your limits were low and you needed to tell the family the additional cost for $1,000,000 was only a few hundred dollars.

The last reason to purchase higher limits would include a moral obligation.? If your employees are good enough to represent your company, they should be good enough to protect properly.

Source: http://www.gpbusinessinsurance.com/work-comp-coverage-amounts-how-much-are-your-employees-worth-alot/

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