Will my Umbrella Policy Cover a Worker’s Compensation Award?

Umbrella insurance can be a lifesaver for a small business if it is used correctly. Members of the Fuhriman Insurance Agency who serve the Boise, ID area and the surrounding communities can explain the nuances of umbrella insurance and what types of companies will benefit the most from adding it to their portfolio.

Worker’s Compensation Coverage

Worker’s Compensation coverage is a unique form of insurance that protects a company from financial loss after an employee has been injured while on the job. Depending on the severity of the injuries they receive, the treatment they need can last months or even years. This can be extremely costly and may surpass the funds the company has available to cover their medical expenses.

The Benefits of Umbrella Coverage

Umbrella insurance doesn’t include coverage for Worker’s Compensation claims, but it does help to take up the slack during liability cases. This type of coverage may also be beneficial in terms of storm damage, especially if the cost to make the necessary repairs the exceeds your current policies limits.  Umbrella coverage works better for some types of businesses than it does for others, so it’s important to talk to your insurance agent before making a final decision.

Umbrella insurance is an excellent way to protect your small business from financial loss and devastation. Although umbrella insurance doesn’t help with Worker’s Compensation cases, it can help in many types of liability cases where your traditional coverage may not be sufficient. In Boise, ID, the agents of Fuhriman Insurance Agency encourage small business owners to call their office if they have any questions about this type of coverage.

What’s Covered by an Umbrella Insurance Policy- and what Isn’t?

A general insurance policy has limitations on coverage that many don’t realize until they experience a situation not covered by the policy. Having an umbrella policy is added protection on top of your home insurance policy, and is proactive instead of reactive.

What is an Umbrella Insurance Policy?

An umbrella insurance policy is put in place to offer additional coverage to protect a person’s home from theft, lawsuits, injuries, disasters and more. An umbrella policy can be customized to a policy holder’s specific needs and the policy picks up to cover where a general policy caps out.

If you are in the Boise, ID area and considering an umbrella policy, remember to work with an experienced and professional Insurance Company, like Fuhriman Insurance Agency to help you pick the right umbrella insurance policy.

What is Covered Under an Umbrella Policy?

An umbrella policy is separate, additional liability coverage purchased on top of a general policy. Coverage includes legal situations and lawsuits- including fees and damages- rental properties, injuries and other unexpected situations that may arise.

In example- you have $250,000 worth of liability insurance on your policy and someone falls in your house and gets hurt, sues you and a judgment of $400,000 is found against you. The umbrella policy will now kick in to pick up the balance of the $150,000 not covered by the general policy.

What’s Not Covered Under an Umbrella Policy?

An umbrella policy will not cover personal property, business contract disputes, or intentional, reckless criminal behavior.

Having an umbrella policy adds a sense of safety and protection for you and your family, as well as your belongings. If you are seeking an umbrella insurance policy, Fuhriman Insurance Agency services the Boise, ID area and has experienced, professional insurance agents available to steer you toward the right policy for you. Contact one of our agents today to get started.

What Happens If You Don’t Buy Workers Comp Insurance as an Employer?

By law, everyone who employees one or more person in Idaho is required to have some form of workers compensation coverage. This may be placing a bond with the state, having a self-administered program or purchasing workers compensation insurance. Here at Fuhriman Insurance Agency, serving the Boise, ID area, we are often asked what happens if an employer does carry workers compensation coverage through one of the options allowed by the state. Here is the answer. 

Who is Required to Have Coverage?

In the state of Idaho, you are required to have workers compensation coverage if you have one or more employee who works for your business. This law excludes business partners and owners, as well as a potential spouse who may be working for you. In most cases, the law also excludes any freelance employees. All other employees must be covered by a workers compensation coverage plan. 

What Happens If You Don’t Have Worker’s Compensation Coverage?

If you do not have worker’s compensation coverage, there are many potential problems you could encounter. You could be forced to pay a fine by the state, you may face increased premiums when you finally do get insurance, and if an employee becomes injured and you lack coverage, you may be forced to pay for their injuries and future compensation out of your business or personal money. 

If you are looking to meet the worker’s compensation coverage guidelines required by the state of Idaho, Fuhriman Insurance Agency, serving the Boise, ID area, can help. Contact us today to discuss your needs and let us provide you with a quote.