Statutory

CRUCIAL FOR PROFIT BUSINESSES

In this module, we will focus on Statutory Insurance, a crucial component required by law for for-profit businesses.

What is Statutory Insurance?

Statutory insurance includes mandatory coverages that every business must have to comply with legal requirements. Ensuring you meet these obligations protects your business from legal penalties and secures your operations.

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Examples of statutory insurance include:

Workers' Compensation Insurance:

This insurance is essential for covering employees in case of work-related injuries. The cost depends on your number of employees and the required coverage amount. It's vital to check your state laws or consult with us at Insuri to ensure you're fully compliant.

Auto Liability Insurance:

If your business uses vehicles, this insurance is mandated by state law. However, if you're running an all-volunteer non-profit or have no employees or vehicles, you might not need this coverage. Verify your needs based on state regulations or reach out to Insuri for expert advice.

Watch the video to make sure your business is fully protected and compliant with the right statutory insurance for your needs.

Transcript

First, let's discuss Statutory Insurance. This insurance is required by law. Therefore, for-profit businesses must meet specific statutory insurance requirements.

One example of this type of insurance required by law for business owners is Workers' Compensation insurance. Coverage costs are based on the number of employees in your company and the amount of insurance needed. You should check with your state law or contact us at Insuri.

Another example is Auto Liability Insurance, which is required by State Law.

However, all-volunteer non-profits or non-profits with no employees or vehicles may not require statutory insurance.

Again, remember to check with your state law or contact us here at Insuri

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