It’s hard to say which type of business insurance is most important for your business. They all cover specific things and keep your business protected in different ways. But there is one type of commercial insurance that you are most likely required by law to have if you have employees: workers’ compensation.
This type of policy covers you and your employee if they are hurt while working, or sick because of workplace conditions. Workers’ comp in nearly every state covers medical expenses, disability, rehabilitation, and death benefits. And while there is some uniformity in regard to the benefits available to injured workers across the country. There is considerable variation in the amounts and methods each state distributes. If you want to find out more about how workers’ comp works in your state, check out our state-by-state guide. Then talk to an EZ agent about what you need.
First, though, read on to find out more about how workers’ comp covers these four benefits (medical expenses, disability, rehabilitation, and death). So, you know exactly what to expect from your policy.
Medical Expenses
At its core, workers’ compensation covers medical expenses incurred by employees who get sick or hurt on the job. It will cover most medical expenses for most legitimate claims. Including bills that come from visits to the doctor, inpatient care, skilled nursing care, medication, diagnostic imaging, physiotherapy. And the cost of long-term supports like walkers and wheelchairs.
In some states, though, there’s no coverage for “alternative” therapies like biofeedback and massage. And it’s possible that one state may cover a treatment while another won’t. Additionally, in some states there are limits on certain treatments. For instance, the law might allow no more than twenty-four visits to a chiropractor or physical therapist.
In most cases, workers’ comp does not have spending caps, deductibles, or copayments. And workers will be eligible for benefits until they have made a full recovery from their injury.
Managed Care
A managed care organization (MCO) is a healthcare provider or group of healthcare providers that has a contract with an insurer or self-insured employer to provide managed healthcare services to enrolled workers. In many states, benefits through a managed care plan can be provided by employers or workers’ compensation insurers to get injured workers the care they need. In fact, insurers in some states legally have to offer this option to businesses.
Managed care plans are governed by a wide range of statutes. Typically, a plan will include some combination of the following:
Provider Networks – A network of medical professionals who have agreed to provide discounted services to members of an insurance pool or employee group. In some states, injured workers will have to receive care from in-network providers.
Utilization Management – This type of management is intended to ensure that the type of medical care that is provided to workers is necessary, appropriate, and efficient with regard to costs. Before carrying out particular medical procedures, providers might be have to get prior approval from the insurance company.
Pharmacy Benefits Manager – An administrator of a program that purchases prescription drugs whose job it is to limit spending. A pharmacy benefit manager (PBM) is responsible for establishing formularies, negotiating discounts with drug manufacturers, forming contractual relationships with pharmacies, and paying claims for prescription drugs.
Medical Care Management – This type of management provides supervising care to make sure that injured workers get the appropriate treatment they need. So, that they can get back to work as quickly as possible.
Disability
Disability benefits compensate an employee for a portion of the wages they lose while they are unable to work as a result of an injury on the job. For instance, if a construction worker breaks their leg in an accident. It is highly unlikely that they will be able to return to work until they have fully recovered. Because of the amount of time this will take, they will require financial assistance during this time when they cannot work.
“Disability” as it relates to workers’ comp has four distinct categories:
Temporary Total Disability (TTD) – To receive TTD benefits, your employee must have been injured so severe that they will not be able to return to work at all for a long time. For example, if a worker sustains an injury to their back and is subsequently unable to perform any duties for six weeks, but will then return to their regular responsibilities.
Temporary Partial Disability (TPD) – Your employee has a relatively minor injury that has only temporarily rendered them partially disabled. For instance, a worker breaks their arm while they are on the job and must work reduced hours. They’re able to still work just not to their full capacity.
Permanent Total Disability (PTD) – If your employee has an injury that will not heal and will be unable to generate income in the future by performing the kind of work they were doing at the time of the injury.
Permanent Partial Disability (PPD) – The injury your worker suffers might affect them permanently, like an injury that causes hearing loss, but they might still be able to work. The injury, though, might prevent them from earning as much income as they did before their injury.
Disability Payments
The severity of a worker’s disability will determine how much money they will receive from workers’ compensation benefits. In general, your employee’s average weekly pay prior to the injury is the basis for the calculation of benefits. This amount, though, might be subject to minimum and maximum limits, depending on your state. There will be a waiting period before benefits are provided, which is typically one week. If the disability lasts less than that period of time, your employee will not be eligible for benefits.
Typically, disability benefits are as follows:
Temporary Total Disability – With TTD, benefits will be paid while your employee is recovering. Typically, these benefits are calculated as a certain percentage of the worker’s average weekly wage. For example, if a worker whose normal weekly wage is $1,000 is unable to work due to a broken leg for a period of two months. They will get a total of $667 weekly over the course of the eight weeks.
Temporary Partial Disability – With TPD benefits, your worker will typically receive their normal pay in addition to a percentage of the difference between their normal pay and their reduced pay. This is the case when the worker receives compensation for work that they are able to perform. For instance, a worker who sustains an injury to their leg is unable to perform their regular job duties because those duties require them to stand. They typically make $1,000 a week. During the two months that it takes for their leg to heal, they are responsible for performing administrative work. This job only pays $500 each week. So, there is a difference of $500 per week between their regular pay and their current pay. They will earn $500 per week plus $333 (66.66% of $500). For a total of $833 per week while they are unable to perform their normal duties.
Permanent Total Disability – A worker who is totally and permanently disabled will typically receive compensation equal to 66.66% (or some other specified percentage) of their previous average weekly wage for the rest of their life. When an employee reaches the official retirement age in some states, the benefits they have been receiving will end.
Permanent Partial Disability – A permanent partial disability may be classified as either “scheduled” or “non-scheduled” in some states. Injuries on the schedule typically involve a specific limb, organ, or part of the body. A worker who suffers a permanent injury to a body part in the schedule can receive disability payments for a specific period of time. If an employee loses a finger on the job, for instance. They may be eligible for 45 weeks of disability pay at 66.66% of their regular wage.
Disability benefits for employees with a permanent partial injury not on a schedule are determined in accordance with applicable state law. Benefits may be calculated in accordance with the worker’s degree of impairment, loss of earning capacity, wages lost. Or some other factor, depending on the state.
Rehabilitation
The part of workers’ compensation that covers rehabilitation helps if something catastrophic happens to an employee that prevents them from working and requires long-term treatment for recovery. For example, if an employee has a history of mental breakdowns, such as after prolonged exposure to toxic stress. They may not be able to work for a time. But rehabilitation and therapy during this time may help them recover. Although they may no longer be able to return to your place of work.
Rehabilitation can also include a service called Transferable Skills Analysis, which can help the employee in these situations. The goal of this program is to assist participants in securing gainful employment that puts their acquired skills to use. Their benefits cover the cost of a case manager who will assist them in their job search.
Death
If an employee dies on the job, his or her dependents will receive workers’ comp death benefits. This protection is in place to help families deal with the monetary fallout of a loved one’s death. This type of coverage will help the deceased’s loved ones pay for funeral expenses. And help replace the income they would have otherwise received.
It’s important to be aware of the laws and regulations in your state before purchasing workers’ compensation insurance. It’s also vital that you stay well-informed on your insurance policies. So, that you can communicate effectively with your staff in the event of an accident.
Working With EZ
EZ.Insure knows that in order to succeed, businesses must have all the information possible. That’s why we’re here to answer all of your questions about the commercial insurance policies you need! But don’t worry, we know that your time and money are valuable. So, you won’t pay anything for our services. And you won’t have to worry about being inundated with calls from your agent as they answer your questions, help you compare plans, and sign you up when you’re ready. To start, either enter your zip code into the box below or call 877-670-3538 to speak with an agent. Thanks to EZ.Insure, getting insurance is a breeze.
You worked hard to create your business, building it from the ground up, research, elbow grease, and, of course, capital.
A simple mistake can happen, and just like that, your business is over. EZ.Insure knows how important it is to protect your business so it can thrive and grow. Do not let a simple error be the end of something when you’ve already funded so much. Instead, invest in protection with a policy that is a perfect fit.
We’re the only hassle-free quote engine.
Business Owner’s Policy
A Business Owner’s Policy (BOP) is insurance that typically combines both business property and general liability insurance into one. This bundle was made to protect businesses from risks such as fires or theft. Coverage can either be sold as one policy, a package, or can be sold individually.
A business owner can add to the basic policy and tailor it to the needs of their company. It is a safe way to protect your business from the unexpected, especially if you own the property.
It will cover:
General Liability-protects a business from a person claiming bodily injury from your business.
Property-Liability – protects your business from property damage. This will cover all equipment and furniture in the business and is good for up to 5 office locations.
Business Income/Interruption Insurance– protects your business from income loss due to unexpected interruption of operations such as a fire.
Professional Liability Insurance
Professional Liability Insurance, also referred to as Error & Omissions Insurance, offers your business protection from professional mistakes. Any business that offers professional services or advice should consider professional liability insurance in the event of a negligence lawsuit or undelivered services.
When signing a contract with a client, you are bonded to provide the services expected by meeting a client’s expectations. At times your business may be required to have professional liability insurance to sign a contract. This insurance will give you peace knowing if there is an issue with a client, your business will be safe from the impact of a lawsuit.
You no longer have to figure it out on your own!
It covers:
Attorney fees and court costs and settlements—Your business is covered in the event of a lawsuit from a client, regardless of fault.
Work Mistakes—If your business makes a mistake that ends up costing your client money, then your business is covered if you must pay for the client’s losses.
Negligence/Undelivered Services—If your work does not meet standards, such as giving incorrect advice or you did not finish work that was supposed to be completed by a specific time, then you are covered if a lawsuit ensues.
Besides these examples, common accidents occur. Someone can fall or get hurt on your property, and then turn around and sue. BOP can save you from this catastrophe. If something were to happen that was out of your control, it is better to have coverage for these things that can be replaced. If not, you could lose your business. The same goes for any professional mistake. Things get overlooked sometimes, and the wrong thing will lead to your business taking a huge financial hit.
EZ.Insure gets it. We are a business too, so protecting yours is what we will do best. Do not get your dream business started, only to have to lose it all to some minor faults that could have been avoided. To get your business protected, make sure you are covered with BOP insurance and professional liability insurance. We will provide you with free quotes on all plans within your area, to make sure you are getting the best deal for your business and its needs. Call 888-615-4893, or email us at replies@ez.insure to speak directly with one of our agents, or enter your zip code in the bar above to get free instant quotes. We will never sell your information to telemarketers as others do. Our state-of-the-art technology protects your information like no other company out there.
Medicare and Medicaid are two government-run health care programs. The two programs sound similar, but they are far from it. They serve different people, and are both operated and funded by different parts within the government. It’s easy to confuse the two; they even sound similar, but there are different requirements for each program, and who they cover.
This is a big decision, so make sure you talk it over with family and trusted advisors!
Medicare
Medicare is a federal insurance program that provides health coverage for people 65 and older. It is not based on income, and it is not free. In order to be eligible for Medicare, you must meet some requirements:
You must be 65 and older.
You must have worked and paid at least 40 qualifying quarters, or 10 years, of Medicare taxes to receive Medicare Part A.
You must be a U.S. citizen.
Medicare Part A covers hospitalization, and is free as long as you have paid 10 years of necessary Medicare taxes. Medicare Part B covers doctor visits and outpatient care.
Medicare will cover 80% of your Part B expenses, leaving you with 20% to pay out of pocket. If the expenses get to be too much to budget, you can look into additional coverage to pay for the 20%, such as Medicare Supplement plans. These plans vary by premium, deductible, and coverage. Additionally, they are helpful to those who travel, as some cover international health care costs.
Medicaid
Medicaid is a government assistance program that is available in every state and is for individuals and families with low income. The income must be below 100% of the poverty line. Medicaid is typically free since most people receiving it have little to no assets. In rare cases, individuals are expected to copay.
Poverty levels dictate how many people are eligible.
Medicaid covers:
Hospitalizations
home health care
doctor visits
labs
x-rays
preventive services
maternity and pediatric services
It will cover individuals and families, and if you have a disability, you might be eligible.
The Differences
Eligibility:
Medicare is typically for seniors 65 and older, and cannot be used for families. Medicaid is based on income, while Medicare is based on age and how many years you paid taxes in the U.S. while working.
Enrollment:
In order to enroll into Medicare, you must be within 3 months of your 65th birthday, and 3 months after your 65th birthday. It totals to 7 months when you include your birthday month. Medicare’s annual enrollment is from October 15 to December 7 and is when you can make changes to your plan.
Medicaid does not have an open enrollment period, you can just sign up anytime you are eligible (meaning below the poverty line).
Options:
Your health and happiness are priorities. Talk with our experts if you have any questions!
Medicare has many options you can choose from. For example, you can choose a Supplement plan to help pay for Part B expenses. There are about 10 different Supplement Plans to choose from, making it easier to cover more of what you need, and gives you more control of how much you spend. There are different premiums, out-of-pocket costs, and deductibles for each plan.
Medicaid, on the other hand, has very few options to choose from.
If you are in the market for a Medicare Supplement plan, we can help. EZ.Insure has trained agents in the industry that will provide you with quotes on all the different plans, and which suits your needs and budget mist. The agent will go over each plan, and even sign you up when you are ready- for free. We can help you get started when you are ready to sign up for Medicare, or just have questions on how to save money, or how to get more coverage. To get started, contact an agent at 888-350-1890, or email us at replies@ez.insure. You can also get instant quotes by entering your zip code in the bar above, it’s that simple. No hassle, no obligation.
Health insurance is complex. With a variety of coverage options offered by dozens of insurance companies, shopping for a new policy can go from a chore to overwhelming quickly.
You have so many different factors to consider premiums, deductibles, and coverage, and your budget and medical needs. Thankfully, EZ.Insure can do the heavy-lifting for you.
Hassle-Free Quotes
Own a business? Need personal coverage? Not matter what you need protecting, we have your back.
Searching online consumes so much time, but it doesn’t have to be strenuous. EZ.Insure will do all of the research and comparisons for you. Think of it like changing your oil, you go to an expert because they have the tools and knowledge to take care of it easily. We’re your neighborhood insurance experts!
When you enter your zip code in the bar above, you will instantly get quotes on all the health insurance plans that your area has to offer. What’s even better is that we promise your information will stay safe with us. You will not have to worry about people immediately contacting you after you fill out a form online.
Knowledgeable Agents
Instead of spending an eternity comparing different plans online, one of our agents will do it for you within 5-10 minutes. Our agents are highly trained in the health insurance field and will go over each plan with you, what it covers, and how much it is. This way, you can be guaranteed you will get the plan you want and need within your budget.
What’s better? You will be given one and only one agent. Think of him or her as your personal advisor. No bouncing around from agent to agent with endless phone calls and bothersome messages.
Accurate Quotes
Avoid all of the work of trying to find an accurate quote. Searching online can leave you with inaccurate quotes, and false information. If you’re not an industry expert, scams, errors, or simple ignorance can cost you tons of money, making this process even more difficult. It’s your health, and it’s important.
EZ.Insure offers accurate quotes instantly. You will not be left in the dark. We will provide you with quotes of all the plans, without any hidden fees. Just instant, upfront information, and what the plan covers exactly. This will help you make the best decision regarding your own healthcare, and also alleviates further headaches like unexpected bills for medical expenses.
We’re the only hassle-free quote engine.
It’s FREE!
That’s it. Everything that we offer you is completely free. No obligation, or surprise charges.
We provide you with an agent, instant accurate quotes, and will even sign you up, for free. You don’t give us a single cent because our main goal is to help you.
We do not get paid from whichever company you choose to go with. We just want to provide you with the best options out there. That is the reason our business was created. To help you without the bouncing around of agents, without the surprise bills, and without telemarketers hounding you. When we said hassle-free, we meant it.
If you are in the market for health insurance, then we’ve got your back. We offer more guidance than any other agency out there with our well equipped and informed agents in the industry. Simply enter your zip code in the bar above, or to speak directly with an agent, call 888-350-1890, or email us at replies@ez.insure.
Insurance is a huge part of our daily lives, and when you get a new plan you are flooded with forms and contracts. But do you really know what all the forms are and what they mean? One form, the most important form is your insurance contract. This is an important piece to be familiar with because it’s the main document you reference whenever your policy is brought up. It’s the main source of information describing your obligations and your insurance provider’s.
Make sure you’ve read everything thoroughly. You don’t want any surprise fees down the line.
It doesn’t take long to understand this document. We’ll get you up to speed in no time at all.
Know Your Terms
Probably the quickest way to lose someone is to speak in insurance lingo. For someone outside the industry, the lingo can get confusing. Here is a general list of broad insurance terms to get you on the same page:
Beneficiary– a person named in a policy that receives the benefits
Policy Owner or Holder– person who holds the plan
Premium– the amount paid to the insurance company to keep the policy valid
Deductible– the amount you pay out-of-pocket every year before the insurance company begins assisting
Carrier– the insurance company providing your policy
Claim– a formal request for benefits by the insured to the carrier
Everyone’s contract will be a little different, depending on the policy type. Your document should have a list of definitions in it describing what they mean.
Declarations Page
The first step anyone will tell you is to locate the declarations page and read that first. Fortunately, it comes before anything else in the insurance contract and has an overview of both the policy and you as the insured. If you’re looking for specifics, on the declarations page, you’ll find:
Who or what is insured
How long the policy will provide coverage
The deductible
The plan’s dollar limits
Your expected payment (premium)
When your payments are due
If you’re looking for answers, the declarations page is the place most likely to have them. General policy and payment details are contained therein and should be formatted to be easily read.
If you’re not sure about something, look it up. You don’t want to misunderstand an important term.
Insuring Agreement
This is the meat of your contract as it covers everything the carrier will be responsible for. After you’ve familiarized yourself with the terms and oriented yourself with the declarations page, this portion will give you the in-depth look at what benefits you’ll receive from your policy.
There are two distinct types of insuring agreements that you should be aware of:
Open Perils Coverage– Previously known as “All Risk” the name was changed in the industry recently to clarify that it does not actually protect from “all” risks. This plan covers everything except for exclusions named in the contract.
Named Perils Coverage– This policy type is much more specific and details each loss that the carrier will cover, rather than state only exclusions.
You’ll find both policy types outlined considerably in this section as the carrier wishes to keep everything as clear as possible. Coverage definitions are specific for a reason.
Exclusions & Modifications
These are grouped together as the side-dishes if we’re sticking with the food metaphor. Exclusions are detailed examples of what the carrier will not provide coverage for in the policy while modifications (or endorsements) are the alterations made to the original contract. Here are examples of both exclusions and modifications:
Exclusions:
Theft exclusion
Freezing pipes and systems in a vacant property
Settling, wearing of property
Government actions
Modifications:
Additional storm coverage
Home business coverage
Detailed property item coverage (valuables or otherwise)
Conditions
Lastly, you should review the requirements to maintain your coverage. After taking note of everything in your contract, you don’t want to miss out on benefits because you failed to meet the conditions outlined in the document.
There are professionals in the industry waiting for your calls. Don’t hesitate to ask for help.
These are actions you as the insured must take to keep your policy valid. For example, one popular condition added to most contracts involving property is to notify the police once the damage is done. If you haven’t filed a police report, or have the report handy for the insurance company, then your carrier can consider you breaching their contract, and will withhold the benefits you need to get your home or business up and running again.
Once you have all these checked off your list, you should have a well-rounded idea of what your policy will cover and how to keep it. Important details from the contract should be noted separately or highlighted on your copy(like premiums and exclusions) so that you can easily reference them later.
As always, EZ.Insure is around to assist with your insurance needs. Your agent will answer any questions you have, compare different plans for you, and even sign you up when you’re ready, free of charge and without having to worry about being hounded by endless calls. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing replies@ez.insure, or calling 888-350-1890. EZ.Insure makes the entire process easy, and quick.
Small business owners know the value of covering their employees. After all, everyone gets sick at some point. If you support your team’s wellness, you make a stronger team.
You might also see the value in comparing and then choosing the best option. Two of these are either QSERHA or group health insurance, but which one has the most value for your business? For the answer to that question, we’ll need to break each one down first.
It is important to sit down and compare all the options available to your business.
QSERHA
This choice was unavailable until now. The ACA has now widened the usefulness of HRAs. Previously, you couldn’t set up an account unless it was tied to a policy. For more info on this, read about 2020 HRA changes here. Thankfully, this puts a Qualified Small Employer Health Reimbursement Arrangement or QSERHA on the menu.
So, what does it offer for your business?
This option skips the sometimes expensive group health insurance plans. While you’re missing out on the robust coverage insurers provide, the cost-saving benefits might be redistributed amongst your employees.
With this HRA, you must follow the requirements: employees must already have minimum health insurance, and you have to set-up your HRA properly. Afterward, you simply make contributions to the account, and later, the funds will be available to help pay for your employee’s medical expenses, tax-free.
Group Health
It comes down to which is better for your business. To help guide your decisions, see what your answers to these questions are:
Do my employees need healthcare assistance?
Is everyone on staff covered by an HRA already?
Does my budget include funds for a robust insurance option?
After answering these, you should have a better idea of which option to go for. If not, then consider the following:
QSERHA
Group Health
Cost
You can choose how much you contribute to the account.
Premiums vary by provider but are generally more expensive.
Participation
All employees must be offered coverage, but they do not have to accept.
Generally, around 60% of your staff must be enrolled to qualify.
Coverage
Can’t be in tandem with group health.
Employers can choose to reimburse medical expenses or premiums.
Primarily covers medical, dental, and vision
Eligibility
1-49 full-time employees
2-50 employees
Note: some states requirements go up to 100
Hopefully, this chart helps guide your decision. No matter which you choose, remember that the health of your employees is important to your continued business. A healthy team is a happy team. However, if your budget allows, consider choosing the group health option. You’ll have an agent to help you with the tough questions plus the bonuses offered are well worth the price tag.
If you are looking to get more coverage for your company, EZ.Insure offers solutions. Your personalized agent will answer any questions you have, compare the plans available to you, and even sign you up when you are ready, free of charge. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing replies@ez.insure, or calling 888-998-2027. EZ.Insure makes the entire process simple, easy, and quick.
