Employers Liability Insurance (Stop Gap)
Employers liability insurance is an additional coverage employers can purchase to protect their assets against employees claims of injury or harm as a result of their employment. Employers liability will help you pay legal fees associated with your defense against these claims.
What Is Covered
Employers liability will cover an employee’s medical expenses for injuries sustained as a result of a work-related accident. This includes disability coverage, lost wages, support payments to dependents and costs for funeral expenses.
What Is Not Covered
Not every situation is covered under employers liability insurance. Some items are excluded from coverage, such as wrongful firing of an employee or sexual discrimination.
Workers’ Comp and Employers Liability Insurance
Employers liability is part two of the standard workers compensation policy. Workers compensation benefits are set by the state. Employers may purchase any amount of employers liability coverage they feel is necessary.
Insurance carriers take several factors into consideration when determining the premiums for employers liability policies. Factors considered include how large the operation is, the hazards of the work involved, how many employees are to be covered and the size of payroll. One other important consideration is occupational class code rating. Different occupations are assigned different class codes depending upon the work duties involved.
Employers liability coverage is beneficial both to employees and employers. It provides important protection for employees should the unthinkable happen. Employers are protected from financial ruin in lawsuits against them for employees’ injuries.
We welcome you to take some time while you are visiting us online at Globe Insurance to explore our website. You will find a number of helpful and informative pages concerning the insurance coverage we have available.