Types of Life Insurance Fraud & How to Avoid Them
January 3, 2023
Group Life
Group Whole Life Insurance allows an employer to offer his or her employees coverage that provides permanent, portable, lifetime protection. Its benefits are guaranteed, with level premiums. It pays a death benefit to employees, and builds cash value that can be accessed for any reason. It’s offered at a group rate, which may be less expensive than individual life insurance coverage, or even at no cost to the employer in some cases.
Group Disability
Group disability insurance secures workers’ incomes and living standards when injuries or sickness prevent them from working. Unlike workers’ compensation, these group plans cover non-work-related injuries and sickness, as well as other conditions, such as pregnancy. Plan terms are flexible and can be customized according to your company’s size and needs
Where would your company be without your employees? Comprehensive workers’ compensation coverage can give them the peace of mind that they’ll be taken care of in the event of a work-related injury. This can include coverage of medical and rehabilitation expenses, disability benefits, lost wages, and even death benefits. Companies that do not provide workers’ comp coverage are vulnerable to lawsuits to cover those costs.
One of the keys to running a successful business is mitigating risk. General liability insurance is essential to protecting your company, as well as its products and services, from costs due to injuries or property damage..
General liability coverage can cover the costs of lawsuits, settlements, and medical expenses. Even if your business is ultimately not at fault, general liability insurance covers the legal fees that quickly accumulate.
Commercial automobile insurance can help cover the costs of legal fees, injuries, death, or property damage from auto accidents caused by your employees while on company business..
Whether you own company vehicles for delivery or employee use, or your employees use their own vehicles for company business, you should consider commercial auto insurance online here within your city and state.
Losing your building, inventory, tools, or equipment can put your business out of commission quickly. Commercial property insurance protects both your company’s buildings and its personal possessions from theft, and damages caused by accidents, fires, or natural disasters..
A business owner policy (BOP) combines protection for all major property and liability risks in one insurance package at a lower total premium cost than in individual policies. These include claims of bodily injury or property damage. They also include claims related to personal and advertising injury.
The costs of medical treatment and death settlements can quickly lead to massive financial liabilities. If these exceed your business’s existing liability coverage limits, they can put your company’s future at risk. Umbrella coverage mitigates this risk by augmenting your existing policy’s coverage limits to handle cases of catastrophic
losses. It can also expand coverage to the types of losses covered (e.g., slips and falls, injury or death caused by products, and libel or slander. This is often more cost effective than updating your existing policies.
