What is Workers’ Accident Compensation Insurance? Workers’ compensation insurance covers employee injuries, deaths, and work-related illnesses. As an employer, you are responsible for anything that happens in your workplace, even if the employee was at fault.
Workers’ compensation insurance covers lost wages, medical expenses, and rehabilitation costs for employees who are injured or become ill on the job. It also pays death benefits to surviving family members of employees who die on the job.
Are organizations expected to have laborers’ remuneration protection?
Most states expect businesses to convey laborers’ remuneration protection. However, small businesses may be exempt, depending on the size and structure of the company and the state in which it is located.
For new employers, it is important to know the workers’ compensation insurance laws in each state, as laws can vary widely from state to state.
How much does workers’ compensation insurance cost?
Workers’ compensation insurance varies depending on the industry you work in and the state in which you do business. Each state determines and approves a base rate for workers’ compensation insurance, and that base rate is usually adjusted based on the frequency of on-the-job injuries and the severity of the injuries. Insurers then consider a number of additional factors, including risk classifications, and may adjust the rates according to the employer’s unique circumstances.
Contact Nexus Protection for your laborers’ remuneration protection needs.
Each Nexus Insurance agent is dedicated to ensuring that your business has the right workers’ compensation coverage. Your employees work hard for you, and both you and they deserve coverage for the unexpected.
Medical Malpractice Insurance
Most states in the U.S. have adopted minimum requirements for medical malpractice insurance. The only exception is Florida, which does not require medical providers to purchase medical malpractice insurance and instead allows “lump-sum” coverage.
Most states have minimum limits for health care providers to purchase insurance, both per claim and aggregate limits.
Find out about the most well-known types of misbehavior insurance, claims-made and event contracts, and keep perusing underneath to find out about the ordinary costs of those negligence contracts.
Claims-Made Policy Pricing and Occurrence Policy Pricing
Claims-made policies and occurrence policies are the two most common types of malpractice insurance. Of the two, most suppliers pick claims-made arrangements.
Claims-made pricing
Claims-made policies are relatively inexpensive in the first year, with premiums gradually increasing until the fourth or fifth year, after which premiums level off.
It should be noted, however, that providers will almost always need to purchase tail coverage after claims-made coverage ends. Tail coverage typically costs two to three times the maturity premium. By purchasing a stand-alone tail coverage, providers typically save on premiums.
Occurrence Pricing.
Contrasted with claims-made strategies, event strategies will quite often begin at a higher cost than normal and remain along with some built-in costs. However, there is no need to purchase a tail when the policy lapses.
Thus, generally speaking, the overall cost of claims-made and tail policies and the overall cost of occurrence policies tend to be comparable, and providers should select policies based on the type of coverage desired and their financial situation.
If the provider wants to save money on up-front premiums and pay more for post-paid coverage, then a tail should be added to the claims-made policy. If you want to pay higher and more stable premiums without having to worry about the cost of the tail several years down the road, you should opt for occurrence insurance.
To learn about other factors that affect liability insurance premiums, click here.
Liability Insurance for International Students
Known for giving fantastic preparation and profession potential open doors, the US is an exceptionally beneficial country for worldwide clinical understudies finishing transient revolutions, temporary positions, externships, and residencies. But what about malpractice insurance?
Is it mandatory for international medical students?
Like students studying medicine in the United States, international students are required to have malpractice insurance. Sadly, numerous clinical schools don’t offer this sort of protection to worldwide understudies. On the plus side, you can purchase insurance for the length of your stay in the U.S., even if it is only for a short period of time. For example, even if your stay in the U.S. is only one or two months, you can still get an insurance policy and the process is very easy.
Why Work With Us
Our dedication and commitment to customer service puts us in a unique position. We help students like you and fully understand your specific needs. Being in a foreign country, especially as a medical student, can be challenging. We want to help make your transition into the U.S. health care system as easy and smooth as possible. We will provide you with full coverage and peace of mind in the event of an emergency.
Need more information?
If you have further questions about medical malpractice insurance for international medical students, please don’t hesitate to contact us. We are sticking around for you continually.
About Nexus Insurance Services
Nexus Insurance Services helps doctors, lawyers, realtors, and other professionals who need professional liability insurance to build their careers with peace of mind. Our services include medical malpractice insurance, E&O insurance, and workers’ compensation insurance.
Our goal at Nexus Insurance Services is to provide helpful and friendly service. We believe that our relationships with our clients are the foundation of our long-term success, not only for our own success, but also for the success of the professionals we serve.
Why Choose Professional Liability Insurance?
Why Professional Liability Insurance?
Professional liability insurance, such as Malpractice Insurance and Errors & Omissions (E&O) Insurance, is essential to your business.
Professional liability insurance provides protection and defense against claims that are the result of unintentional acts or errors in your work.
Most physicians should expect to be sued for medical malpractice at least once during their careers. Gain peace of mind by obtaining adequate coverage for your situation at a price you can afford.
For proficient responsibility protection, you can depend on us.
As a provider of professional liability insurance services, Nexus Insurance wants to be a company you can count on.
We conduct business with integrity and high standards and strive to make the insurance buying process as easy and seamless as possible.
In addition to competitive premiums, we are committed to customer service, so you can count on Nexus Insurance.
How does the Malpractice application process work?
The process is simple and easy.
- Fill out our free estimate form.
- We will contact you to obtain additional information about your unique practice situation.
- We will send you the essential structures to finish and get back to us.
- We will then submit your quote. We will audit your statement with you and answer any inquiries you might have.
What information do I need to apply for Malpractice Insurance?
Request a quote now.
Commonly requested documents
In order to obtain liability insurance, most people will need to submit several documents to the insurance company. These documents include
- Application form
- Loss reports from previous insurance companies
- a written history of the damage
- Any extra documentation mentioned by the insurance agency.
What is a loss run?
When applying for insurance, most insurance companies will request copies of loss runs from all previous insurance companies with which you have had policies, dating back 7-10 years. This document contains a list of all open and closed claims made against you while you were with that insurance company in the past.
In lieu of a loss run, the carrier may accept a National Practitioner Data Bank Self-Query Report. This is a report of all closed cases, including claims, administrative actions, and board actions. Most insurance companies do not accept this report because it does not include unresolved medical malpractice claims.
How long does the application process take?
At Nexus Insurance Services, we understand that you do not want to spend more time than necessary to obtain medical malpractice insurance.
If necessary, we can secure coverage in as little as two to three days, provided we have all the requested documents.
If you are in a hurry, please let us know and we will be happy to assist you.