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Workers’ Comp / Bonds / Error & Omissions

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Workers’ Comp / Bonds / Error & Omissions

 

State and Federal laws require some employers to carry a Surety Bond or Error & Omissions Insurance. These policies secure money that is available to the consumer in the event they file a claim against your company. The secured money is in control of the State. A surety bond is defined as a three-party agreement that legally binds together a principal who needs the bond, an obligee who requires the bond and a surety company that sells the bond. The bond guarantees the principal will act in accordance with certain laws. If the principal fails to perform in this manner, the bond will cover resulting damages or losses. Although they often go unnoticed, surety bonds play a major role in countless industries across America.

Workers’ compensation insurance, commonly known as workers’ comp, is insurance that covers medical expenses and a portion of lost wages for employees who become injured or ill on the job. Coverage also includes employee rehabilitation and death benefits. State Laws require most employees to carry Workman Comp.