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Best In-Class Business Insurance for Technology Firms & IT Consultants
When you’re starting up a new restaurant, you tend to think about things like menu options, marketing, and design—one of the last things restaurant owners think about is insurance. That can be a costly mistake.
That’s right—about 2 of every 5 restaurants experience a liability or property loss every 10 years. That doesn’t include claims they need to file for other kinds of losses, everything from theft to water and wind damage, fires, customer accidents, damage to their reputations and vehicular accidents. If you don’t have the right kind of insurance, those losses can be expensive. For example, the average vehicular accident could cost you $45,000, and fire runs on average about $35,000.
That’s admittedly a lot to think about, but it’s important to carefully weigh your options when it comes to insurance for your restaurant business—choosing the wrong insurance, or the wrong amount of coverage, could hurt you substantially down the road.
As Small Business makes clear:
“It might not be the most exciting thing to think about when you’re planning to open a new restaurant, but it’s vitally important—you’ll need insurance. It’s one area in the restaurant business where you do not want to skimp.”
What that means more than anything else is that you should consult a competent insurance agent before making any final decisions. That said, there are some kinds of insurance your restaurant can’t be without. At a minimum, you should have the following 3 kinds of insurance:
You need property insurance to protect your restaurant if you have a fire, or if someone vandalizes the interior or exterior of your building. It’s important to note that property insurance won’t necessarily cover you if there’s a flood—be sure to check with your insurance company to be sure what is and isn’t covered by your property insurance policy.
There are several kinds of liability for which you need insurance protection. For example, if someone is injured or becomes ill from the food you serve, they could sue you to cover their medical costs. In addition, it might be prudent if you serve liquor to make sure you’re covered in the event a patron is injured or has an accident after drinking in your restaurant (some states make this a requirement). Finally, if your restaurant uses vehicles to deliver food, you’ll need to consider liability insurance that covers those vehicles.
When you hire someone to work in your restaurant, you assume certain responsibilities and obligations. For example, if they have an accident while working for you, you might be required to pay for worker’s compensation (again, you need to check the laws in your state, and with your insurance carrier for specifics).
In addition, you’ll be responsible to pay for unemployment for any worker who lost his job through no fault of his own. Each state has its own rules for how many former employees can collect, so be sure to check the laws for your state to understand the unemployment rules that apply to your restaurant business.
This list reflects the minimum insurance coverage for your restaurant. There are other kinds of insurance you might want or need depending on your individual circumstances. For example, you should discuss with your insurance company whether it makes sense for you to take out a life insurance policy, to take care of your family in the event you’re not able to. In addition, if you’re in a flood zone, you should consider flood insurance.
The specific insurance you need to protect your restaurant is something that’s not necessarily pleasant to think about, but getting the right insurance is critically important for the future of your business. Fortunately, there are experienced, competent insurance companies that can give you the advice and guidance you need.
To learn more about the ways our small business insurance services in New Jersey can ensure the protection—and profitability—of your restaurant, now and in the future, contact us today.
When you’ve been injured on the job, and it affects your ability to work, it’s normal to start strategizing ways to pay your bills. Of course, you logged your injury and began the process of applying for worker’s compensation right away. That’s the practical thing to do, especially if your employer is looking forward to your return after recovery. However, during this time, you may not be able to work your normal hours.
You may have also heard or been assured that worker’s compensation approvals take time, and in that time, you still need to pay your bills. So it’s only natural to start thinking in terms of unemployment. After all, you are technically out of work, and that unemployment is a portion of your wages specifically set aside to help when you aren’t clocking hours.
Today we’re here to answer the all-important questions: Can you pair these two income sources to cover your expenses or do you have to choose?
Officially, the answer to this question is yes, but you shouldn’t. You can apply for both. However, if you want to make a strong case for your worker’s compensation approval, it’s best to forego unemployment. Applying for unemployment suggests that you are currently looking for another job and/or do not consider yourself to still be working for the employer whose worker’s comp insurance you are making a claim for.
So while you can apply for both, it’s recommended that you do not. Rest assured, if you’re worried that your worker’s comp will be permanently rejected, that unemployment will still be available if that unfortunate worry comes to pass.
For this one, your official answer is no. Once you begin receiving your worker’s compensation settlement, you are officially still working for your employer and being paid for the time that you can’t work or that your reduced wages for a light-work position. So, if you’re wondering, ‘Can I collect unemployment after workers’ comp settlement?’ the answer is no. Applying for unemployment could jeopardize your settlement, and you are more likely to get rejected while receiving worker’s compensation.
Now that we’ve covered the short answers, let’s go into the why and how. There are three important differences between unemployment payments and a worker’s compensation settlement. The first is how much they pay-out. The second is how quickly they are approved and begin paying. And the third is the premise under which they are collected.
Unemployment undeniably pays less and is available faster. In Minnesota, your unemployment benefits will equal to roughly 50% of your weekly pay each week, for up to 28 weeks. With a maximum of $640 per week, no matter how much you used to make. But unemployment is usually approved within the month of the application so it can be tempting when finances get thin.
Worker’s Compensation, on the other hand, can take months of negotiation and waiting for settlements to come in, but the pay can be as much as three-fourths your previous year’s salary without a hard limit on the duration that the payments are meant to cover. Your worker’s comp settlement amount can be significantly greater than the total amount you could receive from unemployment, though it takes longer for the funds to become available.
However, the premises are inherently conflicting. Unemployment is specifically designated to those who are out of work. Worker’s compensation, on the other hand, is provided under the premise that you are still working for your employer and that they are paying you for hours that you are unable to work due to a workplace injury.
If you are considering filing a worker’s compensation claim and aren’t sure what the next best step is, it’s best to run things by an experienced professional. If you are a business planning to buy a worker’s compensation policy that will cover all the bases and be easy for your employees to navigate when it is needed, contact us today.
Workers’ compensation is an amazing financial benefit that assists employees throughout the country who experience work-related injuries. It provides them with a portion of their paychecks while they recover from such injuries. You may want to give the benefit to your workers if you run a business. In some cases, you may have to provide it to them to uphold the laws. These are four situations in which you should purchase a policy for your business.
If your business is in the state of New Jersey, you can almost guarantee that you’re required to purchase a workers’ compensation policy. All sole proprietorships, LLCs, and corporations with at least one employee must obtain the workers’ compensation coverage. The penalties for not doing so can be crushing. The state of New Jersey can charge you with a fourth-degree disorderly person’s offense that can cost you an initial $5,000 fine. You may also have to pay an additional $5,000 every 10 days if you don’t purchase a policy after that. That’s far more than you’d ever have to pay for a monthly premium.
All businesses are subject to a certain level of vulnerability when it comes to lawsuits. Personal injury and liability lawsuits are among the most common sources of financial loss for businesses of all types. Therefore, it would be wise for you to obtain a workers’ compensation policy if the state doesn’t require you to do so. The benefit will provide injured employees with wage replacement and medical bill coverage while they’re recovering. They’re less likely to go for a fault-based or personal injury lawsuit if they have a workers’ compensation policy to help them through their difficult time immediately.
As stated before, the workers’ compensation policy pays for diagnostic tests, medical expenses, and medication for people who have experienced injuries on the job. If you do not invest in a workers’ compensation policy, you subject your business to multiple expenses. Your employee might have to see a doctor more than once for the injury that he or she experienced. You will have to pay each bill out of pocket if you do not have an insurance policy. For that reason, it’s worth it for you to pay the premium.
Light duty is another reason that you might want to consider purchasing a workers’ compensation policy. You may not have to lose your healing employee entirely if you have a workers’ comp policy. That person will have to see a company-assigned specialist for an evaluation to see if light duty work is possible. The insurance company may require that person to come into work and perform light duties for a specified time frame. The employee would be obligated to do some form of work for you in that situation or risk losing the benefits. On the other hand, you may lose your employee altogether if he or she has to use FMLA or another benefit during the recovery process.
Now you know of at least four good reasons that you should invest in workers’ compensation for your employees. Now all you need to do is contact us about a policy. We can help you start protecting your business and employees today. We have been in business for almost two decades, and we’ve helped hundreds of companies connect with outstanding insurance providers. You can have 100 percent confidence in our ability to find you the best workers’ compensation provider so that you can invest in your employees’ wellness.
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