4 Types of Employer Insurance

Employer insurance comes in several varieties. Employers are required to carry certain types of insurance, and they might also provide insurance that they are not required to carry. These insurance policies can cover employees and their businesses in many ways. Here are some of the different types of employer insurance that are available.

1. Worker's Compensation

Worker's compensation is a type of employer insurance that businesses in the United States are required to purchase if they have employees. This type of insurance will provide payments for medical expenses that are incurred by employees as a result of injuries sustained on the job. If an individual is injured on the job, she can get the necessary medical care and then file a worker's compensation claim. The insurance will then pay the medical bills for her. In return for having this type of coverage, the employee agrees to waive the right to sue her employer for negligence. This type of insurance is also referred to as workman's compensation. 

2. Disability

Another type of employer insurance is disability insurance. This is a type of insurance that an employer will purchase for its employees in order to protect them against loss of income as a result of becoming disabled. If an employee is disabled, this form of insurance will kick in and provide him with a regular income. Most insurance policies have a waiting period that must be adhered to by individuals. Once they are injured, they might have to wait 60 days before they can start to receive benefits. Most employers carry only short-term liability insurance coverage for their employees. This means that they will typically provide payment to a disabled individual for only one year or less. If the individual is still disabled after this point, he can turn to Social Security disability or to a private disability insurance policy. 

3. Health Insurance

Many employers also offer health insurance plans to their employees. These are group insurance plans that are purchased at discounts because the employers are doing large amounts of business with insurance companies. As an employee, you will gain access to this plan after working for your employer for a certain amount of time. These plans will often allow you to obtain medical service at any of the facilities that are included in the insurance company's network. When services are rendered, you may be required to pay a copay to the doctor. If you have a serious medical procedure completed, you will most likely have to come up with a deductible. The deductible will vary from one health insurance plan to the next. 

4. Life Insurance

Some employers also take out life insurance on their employees. Certain life insurance policies can be payable to the company on important employees. Other life insurance policies are taken out for the benefit of employees' families. If an employee dies, a lump sum will then be paid to the family members. 

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