Operating a maritime business can bring along a number of specific obstacles. When you are selecting the right insurance coverage for your company, you may need to take extra steps to guarantee you are getting the right policy. For example, many businesses need to stay compliant with the Longshore and Harbor Workers’ Compensation Act. Also known as USL&H, this is a regulation that dictates all maritime establishments must have certain workers’ compensation policies in order to stay operational.
As reported by the experts at U.S. Risk Insurance, this type of coverage protects your workers and your assets in a number of scenarios. Whether you have employees engaged in full-time or part-time maritime work, this is a type of coverage that is vital to your success. Additional areas of coverage under this act include:
- Compensation for lost wages
- Legal fees for claimants
- Benefits to those disabled due to the job
A failure to stay compliant with the Longshore and Harbor Workers’ Compensation Act can lead to a number of problems for your company down the line. To avoid legal and financial troubles, be sure to look into how you can stay compliant with federal regulations of your industry.
For your business to thrive, you need to protect your workers. Understand what policy options are required for your industry and get started today.