Workers' Compensation

Accidents can happen even in the safest workplaces, and employers bear the responsibility to ensure protection even when their safety measures fail. To be prepared for employee accidents, employers must have Workers’ Compensation coverage. A Workers’ Compensation policy cover injuries and accidents that happen while an employee is on the workplace premises or away from the workplace on the course and scope of performing their duties. This insurance provides valuable benefits for the employer and for the employee who sustains injuries.

We believe in the importance of advising and educating our clients so that they understand what is covered by their Workers’ Compensation policy, as well as the basis for its pricing. Each state has varying statutes regarding workers’ compensation, and we pay close attention to each individual state’s statutes. Each state determines what injuries are covered, and to what extent. They also determine how much coverage employers should purchase. Businesses that expand or cross over into other states, as many do in New England, must consider the different rules of each state in which they operate.

Workers who are injured must receive the necessary medical treatment, and there are guidelines for what treatments and diagnostic tests are considered necessary. Benefits for income replacement are based on whether the employee’s disability is temporary or permanent. Although some states allow the benefits to be paid for the entire length of the disability, some place limits on the amount of time that benefits can last.

Employers may wonder whether they need Workers’ Compensation coverage or not. In most cases, unless employees are paid on commission or they’re company partners, employers need to purchase Workers’ Compensation coverage. While some states allow for exemptions, speaking with us about individual state laws regarding Workers’ Compensation insurance is key.

A low volume of claims history, or a positive experience rating, can be beneficial for employers. That’s why we take the time to focus not only on placing coverage for you, but on the safety programs that can help you manage your costs. Guidance like this is part of the partnership you’ll enjoy by working with Mason & Mason on your Workers’ Compensation insurance as well as the other pieces of your insurance program.

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Hospitality Industry & Restaurant Insurance Team

"I’m very grateful for the depth of knowledge possessed by our team at M&M Assurance, and their excellent commitment to customer service. Knowing that they are handling our risk management means I am freed up to focus on our restaurant and our guests."

Nora Mulkern-Bean, The Shannon Door Pub & Restaurant

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Small and medium-sized businesses often have employees that are “stars.” Sometimes the star is the CEO or president, other times there is a salesperson who consistently outsells every other sales team member by a two to one margin. Maybe you’re a software company that has a star coder whose ideas led to your product being a number one editor’s choice. The point is that most companies have an employee or two that helps their business thrive. What happens to your business in the short-term if a star employee, referred to by the insurance industry as a “key man,” dies?

According to a study conducted by the National Association of Insurance Commissioners (NAIC), only 22% of small businesses carry this type of coverage.

Death is an issue that most people do not like discussing, so many small and medium-sized businesses do not have detailed succession plans, and key person life insurance remains an unresolved issue. It is a discussion that helps your company survive the difficult times that can follow the death of a key person.

What is Key Person Life Insurance?

Key man life insurance protects a business from economic loss relating to the death of a key employee. The company buys the insurance, owns the policy, and is the beneficiary of the policy in the event of the sudden death of the insured. Payment from the insurance company to the business is a lump sum, and there are no restrictions on how the company can use the money. Most companies use the money to stabilize the business until they find the key person’s replacement.

Types of Key man Life Insurance

Businesses gravitate to two kinds of policies for key employee life insurance.

Term Life Insurance. Startups favor this type of policy. Startups always try to conserve cash, term life insurance is cheaper than any other kind of personal life insurance.

Policies that build cash value. Whole life or universal life insurance builds cash value that increases the cash value of the policy and is an asset on the company’s book. The company can get access to the excess cash value of the policy at any time for any purpose since the money from the cash buildup belongs to them.

Life insurance premiums vary between companies and smart companies comparison shop for the best insurance program.

The discussion is uncomfortable, but if you do not have key man insurance, it’s worth talking about.