What Stop Gap Insurance Can Do to Help a Business
Many businesses wouldn’t think of operating without insurance as a way to prevent problems and save money in the long run. But there are certain instances where insurance does not cover a specific problem. It then becomes necessary to find stop gap insurance coverage. But what does this do? Learn more about the benefits of having this.
Understanding What Stop Gap Coverage Provides
For employees that live in a monopolistic state, regular insurance that an employer would normally carry does not cover employees in certain situations. This applies in cases where the employer failed to provide a safe work environment. This is especially helpful for employees that travel to different work sites.
Knowing The Risks of Not Having Coverage
While purchasing stop gap coverage might sound like an additional expense, it can actually provide a measure of safety for employers. It can protect the company from being sued due to an unsafe work environment, which the employer isn’t always able to vet before sending an employee there.
Having stop gap insurance coverage means that even if an accident does occur, employees are protected under the company’s plan. It eliminates risks the employer didn’t consider when selecting their main insurance plan. Overall, it can save the company money and protect it from having to close its doors should a problem arise.