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Should the employer or employee file the Workers' Comp claim?
Workers' compensation can protect both your employees and your business. For example, it can cover medical expenses and lost wages if one of your employees got hurt on the job or legal fees if your employee sues you. Because of this, you'll be required in most states to have workers' comp coverage if you have employees. Remember, the laws surrounding workers' comp differ depending on the state, so it's important to check your state requirements. As the employer, you need to file the workers' comp claim. Make sure you contact your insurer as soon as possible after the accident. This is because many states have specific deadlines — some as short as a few days after the accident happened. What should you include in a Workers' Comp claim? When you file a workers' compensation claim, you'll be required to provide specific details and any supporting evidence, including photos and any relevant documentation, such as a medical report from the employee's doctor. Make a record of everything from start to finish and take statements from eyewitnesses as well as your employee. This can help in speeding up the process of resolving a claim. » Here's how to file a workers' comp claim with NEXT What is covered?Medical costsLoss of wagesRetrainingPermanent injuryDeath benefitsEmployer liabilityWhat isn't covered?"Acts of God" (events that can't be anticipated or be controlled, such as landslides or tornados)Accidents that didn't happen at work (including commuting to and from work)Pre-existing conditionsEmployees under the influence of alcohol or drugs Report your Workers' Comp claims effortlessly As a business owner, it's your responsibility to report workers' comp claims. But communication with employees is vital to avoid missed deadlines and potential claim rejections. Establishing guidelines with your employees for workers' comp claims will help you make claims in a timely manner. Don't let the complexities of workers' compensation claims slow you down. Take advantage of NEXT's innovative solutions and make reporting your workers' comp claims effortless. Apply for an instant quote online in less than 10 minutes and experience the convenience of managing your coverage with the NEXT app. Safeguard your business and provide your employees with the protection they deserve.
Asked a day ago
How many clients are needed before a gym can be insured?
Starting a gym may require significant investments in equipment and facilities. Business insurance is important to safeguard those investments. Understanding gym insurance, also known as fitness insurance, includes knowing how many clients you need before you can insure your business. The answer to that is simple: You should consider insurance from day one, even if you only have one client. Accidents and unforeseeable incidents can happen at any time. Without insurance, you could be responsible for paying for damages entirely out of pocket after an accident or lawsuit. Why is Fitness insurance important? It can provide financial protection in the face of unfortunate accidents or injuries.It can protect the business in case anything happens to the business property, including the gym equipment and other physical property.Most states have a law that requires businesses to have workers' compensation insurance when they have employees. One example of how gym insurance can help is in the case of a slip and fall accident in the gym. Without insurance, you could risk paying out-of-pocket for medical expenses. With gym insurance in place to help protect you against setbacks like this, you can focus on providing the best possible service for your clients. » Here's a guide if you're starting out as an online fitness trainer How NEXT helps gym owners Whether you're a small gym just starting out or an online fitness trainer, you need affordable gym insurance to help protect yourself and your business. We offer an easy way for gym and fitness studio owners to keep their businesses insured through custom coverage. And if you need help, our team of U.S.-based insurance advisors is standing by to answer any questions you may have.
Asked 2 days ago
Is long-term disability insurance tax-deductible if I am self-employed?
Disability insurance is typically not tax-deductible because the Internal Revenue Service (IRS) views these benefits as a form of income, not an expense. Other reasons why disability insurance is not tax-deductible: You are taxed on all business income, so if your sole income is from your disability benefits, this gets taxed first.You pay for this insurance with after-tax dollars, meaning your insurance payments come off after your income has already been taxed.The insurance benefits are received tax-free. But there are some exceptions. It's important to speak with a licensed tax professional who can help you with your specific situation. Depending on your terms of insurance, you may be able to deduct certain medical, dental and vision expenses from your taxes. In total, if these expenses can make up more than 7.5% of your adjusted gross income (AGI), you can itemize your deductions and may qualify for tax benefits. And if you have substantial medical expenses not covered by your insurance, it can be worthwhile to itemize these as they may be eligible for deductions. » Learn how workers' compensation insurance and disability insurance differ Deductible or not, disability insurance can help Long-term disabilities and illnesses are difficult enough without having to worry about medical bills too. So, even though your disability insurance may not be tax-deductible, it can give you peace of mind and help with financial support. If you have significant medical expenses, then you might want to opt for itemized deductions to avoid any unnecessary losses. And if you have workers' compensation insurance, you may be able to receive further financial support. That's where NEXT comes in. We offer custom insurance options that are affordable and tailored to your needs. It's an easy and instant process, all done online.
Asked 2 days ago
Is it worth insuring power tools for your business?
If you own a construction or cleaning business that relies on tools and equipment to serve your clients, power tool insurance, also known as tools and equipment insurance, can provide coverage to protect you. Businesses that rely on power tools and equipment can insure a wide range of devices depending on their needs. These power tools may include drills, nail guns, grinders and other specialized equipment. If you're on the fence about insuring your tools for your business, think about these factors: the cost of your tools, the nature of your work and the level of financial risk you're able to handle. Tools and equipment insurance can provide coverage for losses or damages to power tools and related accessories caused by events like theft, fire or accidental damage. Here are a few reasons why business insurance and insuring power tools may be useful for your business: Protection against financial loss Power tools are often a significant investment for businesses, and they can be expensive to replace or repair if they're damaged or stolen. But insuring them can provide financial assistance and help minimize the impact on your bottom line if you face an unexpected loss.Minimize business interruption The last thing you'd want is to lose income or miss deadlines if your power tools are damaged or stolen. Some insurance policies can provide coverage for business interruption and help offset the financial impact of these disruptions, so you can focus on maintaining your work.Liability coverage Using power tools has some risks, like injuries or damage to third parties. Policies like errors and omissions insurance can help provide liability coverage in case someone is injured or the property is damaged due to your work.Contractual requirements If your business operates in a regulated industry or has contractual obligations with clients, you may need to carry insurance as a condition of your contracts. Which tools can be covered by tools insurance? Tools in your daily business operations can include almost all items used to do your work. Power tool insurance can help cover these, including: Handheld tools such as hammers and screwdriversPower tools such as welders and electric drillsHeavy equipment tools such as cement mixersIn-shop equipment such as workbenchesBusiness equipment such as laptops and mobile phones » Want to know more? Here's how tools and equipment insurance can help Insure your tools to help protect your business We know that your business may rely on your tools and equipment, and the last thing you need is high costs to replace or repair those. That's where power tool insurance can help minimize financial losses and reduce the negative impact on your operations. That way, you can focus on your clients and tasks with peace of mind. NEXT has licensed U.S.-based advisors that are available to help you if you have any questions. And with easy access to our services online, you can get an instant quote, buy your coverage and share your certificate of insurance in no time with the NEXT app.
Asked 2 days ago
Is Product Liability insurance different for online retailers and brick-and-mortar stores?
Product liability insurance generally protects both brick-and-mortar stores and e-commerce businesses in the same way. The U.S. Consumer Product Safety Commission reports that 29.4 million injuries occur each year due to unsafe or defective products. While online retailers may have distinct prerequisites or terms, such as Amazon mandating sellers to possess general liability insurance, product liability insurance can mitigate financial losses for both online and offline stores. » Do you have an online store? Check out this guide to internet business insurance What can Product Liability insurance help cover? Some situations and claims where product liability can help offer protection are: Harm caused by your products: For example, a jewelry store may face legal action if one of their sold items pierced a customer's skin, causing injury.Product defects: For instance, an electronics seller shipping out a batch of smartphones with faulty batteries that cause them to overheat and catch fire.Lack of warning labels: Take a dietary supplements retailer. If a customer experiences adverse health effects because the packaging had no allergy or side effect warnings, the retailer could be held liable.Customers' property damage: If items aren't packaged correctly, for example, and dislodged and damaged a customer's car or home, the store or distributor may face legal claims. Although product liability insurance can be helpful, it may not cover all types of damage or injury. For instance, employee injuries can be covered with workers' compensation insurance, while customer injury not caused by a product in a physical store would require general liability insurance. How NEXT can help retail businesses with Product Liability insurance Whether you have an online or a brick-and-mortar store, product liability insurance can give you peace of mind by helping with legal fees and liability claims resulting from product issues or defects. With NEXT, you'll get affordable and tailored insurance coverage that suits your business needs. To view your options, simply apply online for an instant quote in less than 10 minutes. Once you purchase the coverage you need, you immediately get access to your certificate of insurance to share it 24/7 with the NEXT app.
Asked 2 days ago