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The cost of employer-provided group-term life insurance on the life of an employee's spouse or dependent, paid by the employer, is not taxable to the employee if the face amount of the coverage does not exceed $2,000. This coverage is excluded as a de minimis fringe benefit. Some cases may allow more. [5]
According to Progressive, in 2022, the average general liability policy cost new customers $72 a month ($864 a year). The Hartford estimated that general liability costs $1,057 a year ($88 a month).
Texas is unusual in that it allows employers to opt out of the workers' compensation system, with those employers who do not purchase workers' compensation insurance being called non-subscribers. [57] However, those employers are exposed to legal liability in the event of employee injury.
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
[1] [3] Depending on the project, there may be endorsements providing additional coverage such as Contractors Pollution Liability (CPL), Builders Risk Insurance, terrorism insurance and umbrella insurance. OCIPs are also frequently referred to as "wrap-up insurance" or "wrap policies" in the insurance industry. [1] [4]
The primary reason for professional liability coverage is that a typical general liability insurance policy will respond only to a bodily injury, property damage, personal injury or advertising injury claim. Other forms of insurance cover employers, public and product liability. However, various professional services and products can give rise ...
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