Figuring out your worker’s compensation obligations can be difficult since every state has their own requirements and regulations about compliance, and it gets even more complicated if you have facilities in more than one state. It gets cheaper to consolidate policies, but if you have facilities in monopolistic workers compensation insurance states, you don’t get to choose. Even in states where you have choices, you might not be able to use the same insurer across state lines, and sometimes you still need a different policy even when you use the same insurer. That’s a lot to balance, but if you live in a monopolistic state, it’s also important to understand stop gap coverage.
What Is Stop Gap Liability Coverage?
In a nutshell, it’s customized liability coverage that complements either your workers compensation or general liability coverage. In monopolistic workers comp states, it provides coverage for employer liability that is generally not included in the core compensation package. For those who are not in a state with those regulations, World Wide Specialty Programs explains how it complements general liability, filling in the cracks that those general policies don’t. This is done with an assessment of the existing coverage and the environment in the workplace, to identify sources of risk that might be falling through the cracks in your coverage right now. That means a better risk management plan, and who doesn’t want that?