Monthly Archives: March 2017

New Jersey large account Workers’ Compensation

Options for Large Account Workers’ Compensation in New Jersey

All businesses must carry insurance coverage in case an employee is injured or sickened on the job. Larger companies often struggle to meet this requirement while keeping costs under control. Fortunately, insurance companies can help. There are options for New Jersey large account Workers’ Compensation plans that provide the needed coverage with flexible financial arrangements.

One option is a retrospective rating plan in which the final cost of the plan is finalized after it expires. Corporations with predictable losses benefit from lower costs under this plan, as the final premium is determined by the actual losses incurred during the coverage period.

Guaranteed cost plans help businesses looking for a more traditional insurance plan. The premium for these plans is set at the start of the policy and adjusts upon expiration. Insurers determine cost by multiplying the predetermined rate by the client’s payroll.

Another option for New Jersey large account Workers’ Compensation is the large-deductible plan. These plans are a form of self-insurance in which the insured establishes a payment account to cover losses, and the insurance covers the balance over the deductible. These plans require less paperwork than traditional self-insurance; however, the insured must offer collateral for the difference between predicted and actual losses.

The appropriateness of these options depends on the size and coverage requirements of the insured. An experienced insurer can help your business choose the Workers’ Compensation plan to meet its needs.

Freight liability insurance

Protecting Your Business With Freight Liability Insurance

Freight transportation creates a complicated web of responsibility when it comes to assigning responsibility for damaged or missing goods. Recipients might file claims against any or all of the entities involved in the damaged product’s transportation. Freight liability insurance provides critical coverage for businesses that risk financial losses over missing or damaged cargo.

Understanding Your Liability

If a recipient files a claim against your company, evidence of damage may not be sufficient for them to collect compensation. There must be documentation reflecting the condition of the freight at each point in the shipping and delivery process. If you can prove that the freight was in good condition in your care, you may not be held responsible for the damages or loss. You may also be protected from liability if the recipient fails to document the damage upon delivery. Some claims may also be time-barred. Petitioners must also file their claims within specified time periods to collect compensation.

Securing Adequate Coverage

Your freight liability insurance needs depend on your business’s role in the shipping process. That is why working with an experienced insurance underwriter is essential. The underwriter should be highly knowledgeable about the liability needs of your profession. Carrying the right level of coverage will guard against financial losses in the event of a loss.