Workers Compensation Insurance

Workers’ Compensation Insurance is a benefit to both employer as well as employee. One of the most important benefits from having this insurance is it will protect you from lawsuits and legal liabilities due to alleged negligence. Although laws vary from sate to state, one thing is definite to all states; it is mandatory to provide some kind of compensation insurance to your workers. Remember, having Workers’ Compensation Insurance provides you with protection from legal action should an employee get hurt on the job.

broken-armIt will also protect you from unexpected, uncertain and uneven future financial obligations arising from any legal liabilities to your workers that have been hurt on the job. This type of insurance will save you millions of dollars in the long run, especially if the risk of one of your workers getting hurt on the job is always present.

This insurance only covers employees and the medical care they need when hurt on the job. This will pay for medical services to the employee for such treatments as: rehabilitation services, medical bills and recovery ‘lost-time’ payments should they not be able to continue working or work duties have been modified due to a work-related injury. This insurance is NOT a substitute for regular health insurance.

Although only a handful of states does not require Workers’ Compensation Insurance, most states do require this type of coverage when you have one or more employees.

Most all states are known as having an “open market” for the purchase of Workers’ Comp. This means the protection policy has been underwritten by privately owned insurers. Some states like: ND, WY, WV, OH, and WA are “closed market” and are underwritten by a state-sponsored fund. In an “open market” state, like Florida, rates can vary according to your type of business and are very competitive. The employer cost for Workers’ Comp. depends on your payroll, amount and job titles of your employees as well as past loss experience and classification of your particular business.

Our agents can set you up with a worker’s compensation plan to meet your business needs. Call us at (813) 962-3082.