Business Insurance – Employee and Specialty

Introduction

Risk of injury and risk of job loss are two types of risk that businesses cover for their employees. Worker's Compensation laws vary from state to state. Some small businesses may be exempt from buying worker's compensation insurance, but they still must abide by Occupational Safety and Health Administration (OSHA) rules. Federal and state laws also require employers to provide unemployment insurance for employees who are laid off through no fault of their own.

Essential Questions

Why is Worker's Compensation Insurance necessary?
What is the Cost/Benefit of Worker's Compensation insurance?
What is unemployment insurance?
What other specialty insurance does a company need?

Key Terms

OSHA 2 Types of risk: Risk of injury & Risk of Job Loss : Occupational Safety and Health Administration

unemployment insurance: Payments to individuals who lose their job through no fault of their own.

worker's compensation: medical, rehabilitation, and funeral expenses for a worker injured or killed on the job.

safety equipment: safety glasses, hard hats, steel-toed boots, safety harnesses. All equipment is designed to protect a worker from injury.

private sector: businesses not owned by the government

benefits: funds and services made available

harmful substances: chemicals that might cause injury or death

willful misconduct: misbehaving on the job on purpose

identity theft insurance: Coverage for expenses incurred as the result of an identity theft

title insurance: Title insurance in the United States is indemnity insurance against financial loss from defects in title to real property.

title search: A title search is a process that is performed primarily to determine the answer to three questions Does the seller have a saleable interest in the property? What kind of restrictions or allowances pertain to the use of the land? Do any liens exist on the property which must be paid off at closing?

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