What to Do When Workers’ Compensation Isn’t Enough
Your insurance policy isn’t always enough. This is especially true when it comes to workers’ compensation insurance. This is why stop gap insurance coverage is so important. It helps cover financial losses where insurance stops.
Compensates for Bodily Injury Limits
In some cases, workers’ compensation has a limit on the amount of money you can pay for bodily injury. If the employee’s medical bills exceed that, then they will most likely sue you for damages. After all, your company is liable. Gap insurance steps in to pay for bodily injury.
Complies With Other Business Policies
Gap insurance complies with other business policies. You don’t have to sacrifice the coverage that you have in order to invest in gap insurance. Instead, it usually works with your current policy to give you adequate coverage.
Additional Coverage for Workers’ Compensation
The worker’s compensation laws do not cover everything. If you have a simple policy that covers the basics, then there is still a chance that your employee won’t have the coverage that they need to heal up or to get back to work.
When it comes to workers’ compensation, you don’t want to go without the right coverage. To be underinsured can cost you and your business. Stop gap insurance coverage gives you a safety net where workers’ compensation doesn’t reach.