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What is the advantage or disadvantage to having workman's comp insurance separate from your general liability insurance?
Wiki User
∙ 13y ago
They cover different contingencies, so it is not really a question of "advantage" or "disadvantage". Furthermore, they are written on different "forms" (contracts), although the same commercial insurance agent may be able to place both coverages, sometimes with the same insurer. If so, there may be some sort of "package policy" available so that the insurer allows a discount in premium if the "package" is purchased.
Workers compensation insurance is often required by State law for employers having a given number of employees. It is intended to ensure that medical expenses and a percentage of lost wages sustained by the employee are paid if an injury occurs within the "course and scope" of employment. Whether an injury occurred within the course and scope of employment is often in dispute when a claim is made and may be raised as a defense by the employer (or, more accurately, the workers compensation insurer of the employer).
General liability coverage is different. It may not be required by law, but may be required by the contract between the provider of services and the recipient of services. An example might be a general contractor and a company that wishes a new roof on its building. Like other insurance, general liability coverage transfers the risk of loss from the insured to the insurer in return for the payment of a premium. This benefits the contractor by limiting its financial risk for money damages arising from a mishap covered by the policy. It benefits the injured party by ensuring that is a stable source of funding for compensation for the damages.
Wiki User
∙ 13y ago
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