In almost every state,
businesses are required to
buy workers compensation
insurance to protect
employers from lawsuits
resulting from workplace
accidents and to provide
medical care and
compensation for lost income
to employees hurt in
workplace accidents. Workers
compensation insurance
covers workers injured on
the job anywhere or in auto
accidents on business. It
also covers work-related
illnesses.
It provides payments to
injured workers, regardless
whose fault in the accident,
for time lost from work and
for medical and
rehabilitation services. It
also provides death benefits
to surviving spouses and
dependents.
Workers compensation
insurance must be bought as
a separate policy, no matter
what kind of package you
buy.
Professional Liability Insurance
Professionals that operate
their own businesses need
professional liability
insurance in addition to an
in-home business or
businessowners policy. This
protects them against
financial losses from
lawsuits filed against them
by their clients.
If they fail to use the
degree of skill expected,
they can be held responsible
in a court of law for any
harm to another person or
business. When liability is
limited to acts of
negligence, professional
liability insurance may be
called "errors and
omissions" liability.
Professional liability
insurance is specialty
coverage which is not
provided under homeowners
endorsements, in-home
business policies or
businessowners policies (BOPs).
