Key Person Insurance for Your Small Business
Key person insurance assists with financial resources for small businesses suffering from a loss of a key employee because of unexpected death or disability.
Experts estimate that workplace injuries and illnesses cost U. S. businesses more than $125 billion annually. Effective job safety and health programs not only help reduce worker injuries and illnesses, they save employers money in the long run.
OSHA's primary goal is to carry out the Occupational Safety and Health Act (OSH Act), which Congress originally passed in 1970. The OSH Act has undergone several amendments and revisions since its inception, but it is still in place "to assure so far as possible every working man and woman in the nation safe and healthful working conditions and to preserve our human resources." OSHA contributes to job safety and health by enacting regulations that forward this ideal. Title 29 of the Code of Federal Regulations (CFR), Parts 1902-1990, houses all the OSHA standards, though OSHA also allows states to enact occupational safety and health laws of their own under federally-approved plans. State-run programs are at least as strict, and sometimes more so, than federal standards. This ensures a minimum standard of job safety and health that all employers must follow to protect employees.
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The OSH Act covers all employees except public employees in state and local governments and those who are self-employed. Public employees in state and local governments are covered by their state's OSHA-approved plan, if applicable.
Federal employees are covered under the OSH Act's federal employee occupational safety and health programs, which are outlined in 29 CFR Part 1960. United States Postal Service employees, however, are subject to the same OSH Act coverage provisions as those in the private sector.
Other federal agencies that have issued requirements affecting job safety or health include the Mine Safety and Health Administration (MSHA) and some agencies of the Department of Transportation (DOT), including the Federal Motor Carrier Safety Administration (FMCSA). Employees in these industries are subject to their respective regulations.
Additionally, businesses in the retail, service, finance, insurance and real estate sectors that are classified as low-hazard are exempt from most OSHA requirements, as are small businesses with 10 or fewer employees. Exceptions are discussed in 29 CFR Part 1904, which also explains which OSHA regulations exempt employers are still required to follow.
If you are an employer covered by the OSH Act, you must provide your employees with jobs and a place of employment free from recognized hazards that are causing, or are likely to cause, death or serious physical harm. You must also comply with the OSHA statutory requirements, standards and regulations that require you to:
When working with OSHA, you may do the following:
All employees are obligated to help prevent exposure to workplace safety and health hazards by becoming familiar with and adhering to all applicable OSHA requirements.
With regards to OSHA regulations, employees have the right, among other actions, to:
OSHA plays a key role in making your facility a safe, healthy place to work. Beyond providing the tools and guidance to work toward an injury- and illness-free workplace,
OSHA is important in identifying businesses that are not committed to safety. Employers that do not carefully follow OSHA regulations often face hundreds of thousands, if not millions, of dollars in fines.
OSHA provides free publications, standards, technical assistance and compliance tools to help you understand the nuances of the regulations. OSHA's website also offers extensive assistance by way of workplace consultation, voluntary protection programs, grants, strategic partnerships, state plans, training and education to guide you in your quest for workplace safety. To learn more about OSHA and the critical elements of a successful safety and health management system in your workplace, visit www.osha.gov.
Updated 7-8-25
Key person insurance assists with financial resources for small businesses suffering from a loss of a key employee because of unexpected death or disability.
We all know there is no stopping a hurricane. However, there are steps you can take to help protect your business from destruction.
Start a quote or call us at 866-COUNTRY (866-268-6879). Find out more about business insurance.
Contact your rep or call us at 866-COUNTRY (866-268-6879). Find out more about business insurance.
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Business insurance policies issued by COUNTRY Mutual Insurance Company®, Bloomington, IL.
The information is for general educational and informational purposes only and is not intended to be comprehensive. The information is not intended to serve as safety advice and should not be used in place of a consultation with appropriate professionals and/or a safety or risk evaluation. The COUNTRY Financial® group assumes no liability for any injuries or damages resulting from the use of the information, materials or opinions provided in this document. The COUNTRY Financial group disclaims all warranties, either express or implied, statutory or otherwise.
1Occupational Safety and Health Administration
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This document is an introductory guideline. It does not address all potential compliance issues with OSHA standards. It is not meant to be exhaustive or construed as legal advice. Contact your licensed commercial property and casualty representative at COUNTRY Financial or legal counsel to address applicable compliance requirements. © 2009-2012, 2015 Zywave, Inc. All rights reserved.