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What You Need to Know About AD&D Insurance

What You Need to Know About AD&D Insurance

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While many business owners offer their workers life insurance as part of their employees’ benefits packages, have you ever considered offering accidental death & dismemberment (AD&D) insurance as well?

Here’s what AD&D insurance can do for your business.

What is AD&D Insurance?

As the name suggests, accidental death & dismemberment (AD&D) insurance offers compensation if your employees are accidentally killed or face dismemberment. Typically, this type of policy will offer coverage if death or dismemberment is the result of accidental or unavoidable circumstances such as an auto accident, murder, fall, drowning, or accidents involving machinery. Dismemberment refers to the physical loss or the loss of use of a body part or function (such as the loss of a limb or the loss of eyesight, speech, or so on).

How Does This Coverage Work?

This type of insurance works in tandem with life insurance. This means that if an employee dies as a result of an accident, their loved ones would receive compensation from the employee’s life insurance policy and their AD&D policy.

Are There Exclusions?

As with any other type of insurance policy, there are some situations that are excluded from receiving AD&D coverage. Common AD&D exclusions include the following:

  • Suicide
  • Illness or other natural causes
  • Overdose
  • Death resulting from accidents that take place while under the influence of nonprescription drugs
  • Injuries sustained during combat

This what you need to know about accidental death and dismemberment (AD&D) insurance and how this coverage could help your employees. Interested in learning more about your business’s insurance options? If so, contact the experts at Contractors Insurance Agency. We are ready to assist you with all your commercial coverage needs today.

workers comp mistakes that will cost you

Avoid These Mistakes to Save on Workers Comp Insurance

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While most business owners know that they need to have workers compensation insurance, they don’t give much thought to it. However, there are things to avoid if you want to save on Workers Comp Insurance costs.

Here are some of the mistakes to avoid.

Not Requiring Safety Training for Your Employees

Even if you feel like your business is part of a low-risk industry, it’s important to remember that the risk of employee injury is ever-constant. It’s vital to offer your employees workplace health and safety training. Your training program should educate your staff about the risks they face, how to mitigate these risks, and what to do if an accident occurs. When your employees understand risk factors associated with your business, they are less likely to sustain injuries on the job. This, in turn, will reduce your workers compensation insurance costs.

Not Reporting Claims

When business owners fail to report employee accidents or injuries to their insurers, they are making a costly mistake. While you might think that paying for an employee’s medical treatment out-of-pocket is cheaper than the official claims process, you are leaving yourself open to a considerable amount of risk. If your employee’s injuries end up being more extensive than you thought or if they decide to sue your company, you can no longer access your workers compensation coverage at this point. This means that you will be completely responsible for all of these expenses. Rather than leaving yourself and your business’s assets vulnerable to these possibilities, it’s far better to secure coverage through official channels.

These are some of the workers compensation insurance mistakes that could end up costing you. Do you need further advice or assistance with your business’s insurance? Don’t hesitate to contact the experts at Contractors Insurance Agency. Our dedicated team is ready to help you today.

What Business Owners Need to Know About Data Breaches This Year, cyber attacks and data breaches in 2018

What Business Owners Need to Know About Data Breaches This Year

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Here’s what you need to know about cyber attacks and data breaches in 2018.

Despite what you might think, every business is at risk for a major data breach. In fact, American businesses lose millions of dollars every year as a result of cyber attacks. As a business owner, it is important that you take this risk seriously.

They Are More Common Than Ever

In the current age of technological innovation and advancements, businesses are more plugged-in and connected than ever. However, this increased connectivity translates into an increased risk for cyber attacks. According to research, the rates of cyber attacks are already up 40% from 2017. This demonstrates that businesses need to be more concerned about this threat and be more serious about taking security measures.

They Are More Expensive Than You Might Think

Another thing you need to understand about data breaches is that they are extremely expensive. If your company is the target of a data breach, you would be responsible for the costs associated with informing your clients, recovering compromised data, restoring identities, and repairing affected computer systems. Additionally, your business might also have to deal with the expense of client-filed lawsuits. While larger corporations might have the capital to eventually recover from these losses, smaller businesses might be crushed under the weight of this financial burden.

There are Other Costs to Consider

In addition to monetary losses, cyber attacks can also have other ill effects on your business. This can lead to a mistrustful client base and lost business opportunities. Additionally, you may have to deal with your competitors referencing your data breach as a means of promoting their own companies.

These are some of the things you need to know and consider regarding cyber attacks and data breaches in 2018. If you want to secure your company against this risk, it’s important that you have the proper business insurance in place. For assistance with all your commercial coverage needs, contact the experts at Contractors Insurance Agency today.

Equipment Breakdown Coverage Explained, insuring your business’s equipment

Equipment Breakdown Coverage Explained

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Stop for a moment and imagine what would happen if an essential piece of business equipment experienced some kind of breakdown. You would miss deadlines, halt production, and more.  It’s easy to see why it is important to be insuring your business’s equipment. This is where equipment breakdown coverage comes in.

What does equipment breakdown insurance cover?

As the name suggests, equipment breakdown insurance offers coverage for the equipment your business utilizes.   It offers coverage for events such as mechanical breakdown, electrical arcing, boiler explosion, and so on. Should your equipment experience these types of issues, your policy would offer compensation for repairs or replacement.

Equipment breakdown insurance extends coverage to the following types of equipment:

  • Electrical
  • Air Conditioning
  • Refrigeration
  • Boiler and Pressure Vessel
  • Computer and Communications
  • Mechanical
  • Renewable and Alternative Energy
  • Production Systems

Do I really need this insurance?

Commercial property insurance offers coverage for equipment that is damaged or lost as a result of vandalism, theft, fire, and so on however it will not extend coverage to equipment damaged due to internal breakdown or malfunction. Only equipment breakdown coverage will ensure that you receive the immediate equipment repairs or replacement that your business needs.

Do you have additional questions regarding your business’s insurance? Please do not hesitate to contact the experts at Contractors Insurance Agency.  We are ready to assist you with all your commercial coverage needs today.

helping during a workers comp claim

The Importance of Cooperation During a Workers Comp Investigation

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Here’s why you need to cooperate during a workers compensation insurance investigation.

As a business owner, you are probably aware that an injured or ill employee will likely file a workers compensation insurance claim. Not only is it important to report this claim in a timely manner, but it is also vital that you do what you can to assist with the investigation.

By cooperating with your claims adjuster, you can ensure that the claim process is handled quickly and efficiently. Additionally, your assistance can even help the claims adjuster identify possible third-party involvement.

How to cooperate during the claims process

  • Anytime an employee is involved in an accident, you should require supervisor reports that record the initial details of the incident. This way, if the employee does decide to file a claim, you will have the details of the event recorded so the information cannot be forgotten or changed.
  • You should also help your claims adjuster gather witness statements and speak to the injured employee. For instance, you can help schedule meetings between your employees and the adjuster. Additionally, if a meeting cannot be organized, you can supply your adjuster with the injured worker’s personal contact information.
  • When meeting with your claims adjuster, you should be sure to inform them about any concerns or issues you may have. Something that seems insignificant at first could have a huge impact on how the claim actually turns out.

In addition to these things, you can also help your adjuster identify third-party involvement in a claim.

Here are some of the things that you can do to help.

  • If your adjuster suspects that a product defect or machine malfunction has something to do with the employee’s injury, you should make an effort to preserve the scene of the incident. This means removing the suspected machine from production to allow for further investigation.
  • You can also play an important role in preserving the scene by taking pictures immediately after the incident takes place. This will allow you to capture details that your adjuster might not be able to recreate.
  • Finally, sharing police reports, contracts, and other documents with your adjuster can be important in helping them determine third-party involvement.

These are some of the ways in which you can cooperate during a workers compensation insurance claims investigation.  Do you have further questions regarding your business’s insurance needs?  Then contact the experts at Contractors Insurance Agency.  Our dedicated team is ready to get you the coverage that you need today.

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