A tortfeasor is someone who commits a wrongful act, causing another party to suffer a personal or financial loss.
A tort is a wrongful act that harms a third party, either an individual or a business.
Standard of care refers to a professional's duty to act reasonably and provide quality services. If you fall short of the standard of care, a client usually has the right to sue.
A claimant is someone who files a request to receive payment under the terms of an insurance policy.
A claim is an official request for payment from an insurance company.
Arbitration is an alternative to going to court over a business dispute. Instead, a neutral third party is recruited to settle the dispute.
Exclusive remedy is a workers' comp provision that prohibits injured employees from suing their employer if they are receiving workers' comp benefits.
Because state laws regulate workers’ comp, you’ll need to research the laws in your state to find the requirements for your business or consult with a licensed Insureon agent.