I am on my insurance soap-box again. I do not know why, but it probably has to do with some of my clients getting a raw deal.
This one is simple. As a small business owner, or any business for that matter, you may have an auto insurance policy. For your policy, you have liability coverage. But, do you have uninsured motorist coverage? And, if not, should you?
Uninsured motorist coverage pays for your employees injuries if he/she is injured as a result of an accident that was caused by an uninsured motorist. (If the motorist is underinsured, your insurance would also pay.) But, a lot of businesses do not carry it. After all, it does not protect your assets. So, why should you pay the extra premium for it?
First, it is a cheap benefit for your employees. Uninsured motorist coverage is inexpensive. By providing it, if your employee is injured in a motor vehicle accident with an uninsured or underinsured driver, he/she will be compensated. They may have workers comp coverage, but the uninsured/underinsured motorist coverage may provide more benefits.
Second, what if it is you in the accident? Now you are limiting your, or your partner's, or your key employee's, rights. Do you really want to do this?
Uninsured motorist coverage is an inexpensive way to protect you and your employees. At your renewal, ask your agent about it.
Workers compensation will cover an employee who sustains a work-related injury as a result of an auto accident caused by an uninsured motorist. However, small business owners have a tough time as it is doing business in California. If the work comp carrier is paying for benefits and medicals to an injured employee as a result of the auto accident, why should the small business also have to incur additional costs via their uninsured/underinsured motorist coverage? The injured employee should not be able to "double dip" by collecting monies from both work comp and UM coverage. Work comp is designed to be the sole remedy for on-the-job injuries and, for a while, all businesses in California were paying an arm and a leg for the coverage. It just doesn't make sense to pay additional premium for UM coverage (regardless of how much or how little it costs) when the injured worker is already entitled to benefits through work comp. Not only would the small business pay an additional premium for UM coverage, they would also pay out any monies (via deductibles or their insurance limits) that arise from a claim an injured worker may make against the UM coverage when s/he would already be entitled to work comp benefits. In my opinion, UM coverage is an additional and unnecessary business expense. Although this would be a business decision on the part of each individual company, I say to businesses of any size looking to cut costs, don't buy UM - you don't really need it.
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Small business
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Posted by: Robert | February 15, 2010 at 02:01 AM
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