Three Types of Insurance Plans You Need to Cover Your Volunteers

Do you operate a nonprofit or charity that makes use of volunteers? If so, you should know that volunteers are not typically covered under the insurance policies which protect your salaried employees. Without an insurance plan for your volunteers, your organization may be responsible for the costs associated with any illnesses or injuries that occur while they are volunteering. You will also be responsible for covering any public liability claims they incur. Below are the three types of policies you need.

  1. Volunteer Injury or Illness

Coverages for volunteers should pay for the medical expenses associated with illnesses or injuries sustained during an authorized volunteer activity. Moreover, if your organization’s workers’ compensation insurance does not extend to volunteers, it would be wise to make sure that your volunteer policy offers this protection.

  1. Public Liability

In addition to protecting your volunteers, your organization needs a public liability policy to cover any injury or property damage claims caused by your volunteers.

  1. Directors and Officers

Finally, if the board of directors of your non-profit or charity consists of volunteers, they need the specific coverage offered by a D&O policy. This will protect them from any claims of wrongful acts or mismanagement.

Your volunteers work hard for you. They can save your organization money, lighten the workload of your paid staff, and act as a valuable conduit to the community which your charity or non-profit serves. You owe it to them to make sure that they and your organization are protected by policies designed specifically for the risks they face.

What Types of Worker’s Compensations Plans Are There?

Good employers understand how important it is to offer a competitive benefits package that includes health insurance and worker’s compensation. This attracts talent to your company and is an incentive for them to stay employed with you. As health costs continue to rise, however, many businesses are starting to think about other options that may be available to them.

There are two different types of worker’s compensation plans employers can choose from – self-insured plans and fully insured plans. Taking a look at worker’s compensation self-insured vs fully insured may help you better understand which is best for your business.

The Difference Between Self Insured and Fully Insured

Under a fully insured worker’s compensation plan, an employer will pay a premium to their insurance provider. In exchange for this monthly premium, the insurance company assumes all the risk when it comes to paying for a claim.

A self-insured plan, however, makes the employer responsible for the financial risk associated with a worker’s compensation claim. While employers, in this case, don’t pay premiums to insurance companies, they do have to pay out-of-pocket when their employees get hurt.

According to Caitlin Morgan Insurance Services, many employers find self-insured worker’s compensation plans to be preferrable. This “pay-as-you-go” system helps improve cash flow for businesses and help them control costs. Self-insured plans can also make sure that employees are taken care of sooner rather than later.

How an Insurance Broker Can Help

Finding a specialty insurance broker can be important, depending on what type of insurance you are looking for. Discover what types of insurance this could include and why you would find these services helpful.

Types of Speciality Insurance Services

A specialty insurance broker can provide specific services that you might need help getting coverage for. These can include:

Education Insurance
Professional Liability
Medical Malpractice
Worker’s Compensation

Depending on what you need help with and what types of things you need to be covered, finding the right policy can make a difference in keeping your business protected from further problems, as seen on

How a Broker Can Help

A broker can make the process easier by helping you find the right insurance policies you are looking for, and narrowing them down. You can sort by price, or by what is covered until you find the right coverage you are looking for. A specialty insurance broker can take the guesswork out of the policy you are trying to find, and bring the policy to you. This can save you time from searching for what you need.

Choosing to Work With a Broker

Choosing to work with a broker can save you time. Your broker can help you locate specialty insurance policies that you are looking for, and then help you narrow down the right policy for you.

Coming to Terms With Experience Modification Rates

Workers compensation payouts are a possibility for any business, and this is something all business owners should keep in mind. Accidents frequently occur outside of the workplace, so it is only a matter of time until someone receives an injury at your place of work. Hopefully, this does not occur, but it is wise to have a workers compensation policy as a preventative measure. With this said, EMR rating is an aspect of workers compensation that is seldom discussed. EMR pertains to past injuries that have occurred and any potential for risks to occur in the future. Depending on the number of damages that have occurred at your workplace, this rate will either be below or above one.

Lowering Your EMR

If any injuries have occurred at your workplace, the likelihood of your EMR rating being above one is relatively high. When this number is higher than one, the amount of your worker compensation insurance premium will increase substantially. While this is alarming information, it is possible to lower your EMR rating when you perform particular actions. The first preventative measure involves creating a safety program that all employees follow. With a robust safety management plan for your organization, you will be able to lower this rating over an extended period.

How the Right Insurance Agency Can Protect Your Employees

One of the most important benefits you will ever provide to your employees is workers compensation coverage. Choosing the right policy for your employees begins with choosing the right provider. Follow these three tips to make the best choice.

One Size Doesn’t Fit All

If an insurance agency suggests that its workers compensation policy can cover any business, regardless of size, step away and consider speaking with another company. Experience carriers will want to know everything it can about your business: the industry you cater to, how many people you employ, what your budget can manage, and federal and state regulations to which you must comply.

Available 24/7

Like the employees who work for them, businesses come in all shapes, sizes, schedules and business hours. A good agency will ensure they have agents available when you and your employees need them. That includes employees who travel for business, across the country or around the globe.

A Broad Network

Finally, review the insurance agency’s network of medical professionals. The network should be extensive and service the most likely workers compensation claims your employees might file.
Following these three tips will help you select the best insurance agency for your employees. It will also help you secure the right workers compensation plan for them.