Workman’s compensation insurance, also known as “workman’s comp”, is a state-mandated insurance program designed to protect workers who have been injured on the job or rendered ill because of workplace conditions. All companies, with a few exceptions, are required to maintain this type of insurance coverage no matter where they are located – all 50 U.S. states require it. Although some details of workman’s compensation coverage may differ slightly from state to state, the basics are fairly uniform.
Workman’s compensation insurance typically consists of two parts: compensation for the worker and employer’s liability coverage. The first covers the injured worker’s medical bills, rehabilitation costs, lost wages and most other costs directly related to the injury, even if the injury was the employee’s fault. Employer’s liability, on the other hand, covers the employer’s legal costs should an employee bring suit against the business.
The location and size of the business will determine what sort of workman’s compensation policy an employer must carry. Most states allow employers to purchase their plans through a traditional insurance company. There are some states, however, that require the insurance be purchased exclusively through programs run by the state itself. North Dakota, Ohio, Washington, West Virginia and Wyoming all require the use of state-run workman’s compensation programs. Puerto Rico and the U.S. Virgin Islands require this type of plan as well. Not all states that provide a state-run plan, however, demand that the companies within their jurisdiction use it exclusively. Arizona, California, Colorado, Idaho, Maryland, Michigan, Minnesota, Montana, New York, Oklahoma, Oregon, Pennsylvania and Utah all sponsor workman’s compensation plans that compete with programs in the private sector.
In some U.S. states, a company that is big enough and reputable enough may create its own workman’s compensation fund, without having to go through either the state or a private insurance carrier. The states that allow this option are: Arizona, California, Colorado, Hawaii, Idaho, Kentucky, Louisiana, Maine, Maryland, Minnesota, Missouri, Montana, New Mexico, New York, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas and Utah. Any company that is self-insured in this manner, however, must be authorized by the state.
Cost to the Employer
No matter where the coverage comes from, workman’s compensation insurance is expensive for an employer. Indeed, American businesses pay over $100 billion in premiums each year. The coverage is wholly paid for by the employer, who is prohibited from passing any portion of the expense on to his or her employees.
The cost of workman’s compensation insurance is dependent upon many factors. One important factor has to do with the classification of employees. Some employees are more expensive to cover than others because their jobs are considered more hazardous. For example, it costs more to cover a roofer than it does to cover a secretary because the roofer’s job duties require more potentially risky behavior.
Two other important factors that determine the rise or fall of workman’s compensation premiums are: the existence and implementation of a company’s safety programs and its history of accident and injury. If an employer shows a concern for workplace safety and can prove that concern by keeping accidents down to a minimum, then the likelihood of a rise in premium rates is minimal.
Keeping Costs Down
There are many ways in which an employer can make sure that he or she is getting the lowest workman’s compensation premium rate possible. The easiest way is for the employer to make sure that all workers are classified correctly. The premium rate for each classification is different – depending on the risk associated with it – and even the slightest error in classification can cost an employer dearly. For example, keyboard use is considered a somewhat risky behavior because of the possibility of developing carpal tunnel syndrome. If an office worker who does not use a keyboard is mistakenly classified as one who does, then the employer could be paying an unnecessary premium.
Another method of keeping workman’s compensation premium costs down is for the employer to institute safety programs, seminars and workshops. Very few employees purposefully injure themselves in order to obtain benefits. Sometimes workplace injuries are simply the result of an unaware and uneducated workforce. So, if an employer’s concern for workplace safety is evident and ever-present (posters, signs, announcements, etc.), safety issues are more likely to remain on the minds of the employees and accidents are less likely to occur – fewer accidents man lower premiums. An employer’s overt preoccupation with safety also lets the insurance carrier know that he or she is doing everything possible to enforce employee safety. This often leads to lower premium rates as well.
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Tampilkan postingan dengan label Antique Insurance. Tampilkan semua postingan
Antique Insurance for Your “Old Auto”
If your classic or antique automobile is covered under a traditional auto insurance policy, then you may be wasting your money. Most people who know they have a classic or vintage vehicle don’t use that vehicle as they would their “everyday car”, and the insurance carried for it should take that into account. You’re much better off acquiring an insurance policy that is designed especially for the older car. You’ll be giving your car the coverage it needs and might even save on premiums in the process.
Old Cars vs. Classic Cars
So, what makes a vehicle antique, classic or just plain old? Each insurance company has its own definitions; but, in general, a classic car is one that is anywhere from 15 to 30 years old. It must also have some value on the collector’s market, be in good overall condition and not be used for commuting or any commercial endeavor.
A vehicle that is deemed to be “antique” is more than 25-30 years old and is only used for show purposes. Antique vehicles are usually outfitted with some sort of historic license plate as well. They can be driven, of course, but only in association with a show. An older vehicle that does not meet the criteria for either the “classic” or “antique” classifications is considered to be simply an “old car” and if used at all, must be covered under a traditional auto insurance policy.
Why the difference in automobile classifications so important? There are many specialty auto insurance companies that deal exclusively with collectable vehicles. If your car or truck is “antique” or “classic”, then you may qualify for insurance rates that are lower than traditional auto policies.
The Antique or Classic Car Appraisal
If you want your car insured for any amount greater than its book value, you may have to get an appraisal done (appraisals also come in handy in cases of divorce or estate planning). In the course of an official appraisal the car is properly categorized, its condition is documented and a list of comparable vehicles (along with their values) is made.
Choosing the right appraiser is very important. The person you choose to evaluate your vehicle should be knowledgeable about similar makes and model, should provide references and should make his or her résumé available to you. If you have trouble finding a qualified appraiser on your own, check with the American Society of Appraisers (ASA). The ASA will at least be able to point you toward the most helpful resources.
In order for the automobile to be properly insured, it must be properly categorized. Information such as body style, make, color, model, year and Vehicle Identification Number (VIN) or engine number are all noted. For some vehicles (i.e. Corvettes and Ferraris), the VIN is needed in order to verify authenticity.
Proper consideration of the vehicle’s condition is very important when appraising its value. The appraiser will need to thoroughly examine the vehicle, run it if possible and document the condition in a detailed written report. The appraiser will also record the vehicle’s condition through the use of photographs.
In order to add additional validity to the appraised value of the vehicle, the appraiser will also include in his or her report a list of comparable vehicles and their prices. This information can come from sale and auction results, vehicle price guides, advertisements and any other printed material that documents a similar vehicle’s market worth.
Insurance for the Antique or Classic Car
Obtaining insurance specifically designed for classic cars is very important. The correct policy will provide just the right amount of coverage for your vehicle. Furthermore, agencies that specialize in vehicles like yours are more likely to understand your special needs and concerns.
There are three types of insurance coverage for classic or antique cars, all of which are substantially less expensive than standard auto insurance: actual cash value, stated value and agreed value. Actual cash value (ACV) sets a value for the vehicle at the time coverage is obtained; and, as the vehicle ages, the ACV decreases. If a claim is made, the insurance adjuster is the one who sets the final ACV. In case of a claim, stated value coverage (SV) pays either the stated value of the vehicle, the cost to repair the vehicle or the ACV, whichever is less. Agreed value coverage (AV) is the most recommended type of coverage for an antique or classic vehicle. AV guarantees a set amount of coverage (set at the time the policy is purchased) should a claim arise.
Old Cars vs. Classic Cars
So, what makes a vehicle antique, classic or just plain old? Each insurance company has its own definitions; but, in general, a classic car is one that is anywhere from 15 to 30 years old. It must also have some value on the collector’s market, be in good overall condition and not be used for commuting or any commercial endeavor.
A vehicle that is deemed to be “antique” is more than 25-30 years old and is only used for show purposes. Antique vehicles are usually outfitted with some sort of historic license plate as well. They can be driven, of course, but only in association with a show. An older vehicle that does not meet the criteria for either the “classic” or “antique” classifications is considered to be simply an “old car” and if used at all, must be covered under a traditional auto insurance policy.
Why the difference in automobile classifications so important? There are many specialty auto insurance companies that deal exclusively with collectable vehicles. If your car or truck is “antique” or “classic”, then you may qualify for insurance rates that are lower than traditional auto policies.
The Antique or Classic Car Appraisal
If you want your car insured for any amount greater than its book value, you may have to get an appraisal done (appraisals also come in handy in cases of divorce or estate planning). In the course of an official appraisal the car is properly categorized, its condition is documented and a list of comparable vehicles (along with their values) is made.
Choosing the right appraiser is very important. The person you choose to evaluate your vehicle should be knowledgeable about similar makes and model, should provide references and should make his or her résumé available to you. If you have trouble finding a qualified appraiser on your own, check with the American Society of Appraisers (ASA). The ASA will at least be able to point you toward the most helpful resources.
In order for the automobile to be properly insured, it must be properly categorized. Information such as body style, make, color, model, year and Vehicle Identification Number (VIN) or engine number are all noted. For some vehicles (i.e. Corvettes and Ferraris), the VIN is needed in order to verify authenticity.
Proper consideration of the vehicle’s condition is very important when appraising its value. The appraiser will need to thoroughly examine the vehicle, run it if possible and document the condition in a detailed written report. The appraiser will also record the vehicle’s condition through the use of photographs.
In order to add additional validity to the appraised value of the vehicle, the appraiser will also include in his or her report a list of comparable vehicles and their prices. This information can come from sale and auction results, vehicle price guides, advertisements and any other printed material that documents a similar vehicle’s market worth.
Insurance for the Antique or Classic Car
Obtaining insurance specifically designed for classic cars is very important. The correct policy will provide just the right amount of coverage for your vehicle. Furthermore, agencies that specialize in vehicles like yours are more likely to understand your special needs and concerns.
There are three types of insurance coverage for classic or antique cars, all of which are substantially less expensive than standard auto insurance: actual cash value, stated value and agreed value. Actual cash value (ACV) sets a value for the vehicle at the time coverage is obtained; and, as the vehicle ages, the ACV decreases. If a claim is made, the insurance adjuster is the one who sets the final ACV. In case of a claim, stated value coverage (SV) pays either the stated value of the vehicle, the cost to repair the vehicle or the ACV, whichever is less. Agreed value coverage (AV) is the most recommended type of coverage for an antique or classic vehicle. AV guarantees a set amount of coverage (set at the time the policy is purchased) should a claim arise.
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