An insurance policy that provides coverage for an employer’s two key exposures arising out of injuries sustained by employees. Part One of the policy covers the employer’s statutory liabilities under workers compensation laws, and Part Two of the policy covers liability arising out of employees’ work-related injuries that do not fall under the workers compensation statute. In most states, the standard workers compensation and employers liability policy published by the National Council on Compensation Insurance (NCCI) is the required policy form.
When an accident happens on the job, who pays? That’s right – you do. Generally, any maritime business is legally required to have Workers Compensation Insurance. As you may or may not know, Workers Compensation covers: •Medical Expenses •Permanent Disability Costs •Lost Wages (to some extent) Should a job-related injury result in the death of an employee, Workers Compensation Insurance will cover the related expenses. Note: an additional death benefit is paid to the worker’s beneficiary. No maritime business can afford to be without Workers Compensation coverage. We can design a Workers Compensation policy as a stand-alone policy or as vital part of one of our Marine Program packages. If you would like more information about Workers Compensation Insurance, our Marine Program in general, or the premium carriers we work with, please contact us at your earliest convenience.