Is Workers’ Compensation Required?
If you run a business, you may have some small business insurance, such as a commercial auto policy or professional liability insurance. When it comes to workers compensation insurance, you may have some questions.
- But what about “workers’ comp”?
- Is it worth it?
- Is it required?
- Should you get it?
Many business owners are unsure if they are required to carry workers’ compensation insurance. Depending on the type of business you run, workers’ compensation may be required in the state of Florida.
So, what exactly is workers’ comp and do you need it?
Let’s find out.
What is “Workers’ Comp”?
Workers’ compensation is insurance that protects both the employee and employer in the event an employee is harmed on the job. Workers’ compensation will provide compensation to the employee for their lost wages, medical expenses, and even long-term care, in the event of severe injuries and/ or illnesses. If an employee collects workers’ comp, then by law they cannot sue the employer. It protects you, your employee, and your business.
Is Workers’ Compensation Required for My Business?
In the state of Florida, if you have four or more employees, you must provide workers’ compensation insurance. If a business operates in the construction industry or in any other special trade, then it’s required. Even if your business is “seasonal,” you still have to provide workers’ comp coverage to seasonal workers.
Workers’ compensation must be compliant with local and state regulations. This means that you must purchase it from a licensed insurance carrier. Even if it’s not required, it’s a good idea.
What Does Workers’ Compensation Cover?
The most basic workers’ compensation insurance policy typically covers any injuries, illnesses or even death to a worker as a result of an accident that occurred on the property of a business or a job site contracted by the business. If an employee is harmed or suffers an injury or death while on your company’s watch, then they’re entitled to workers’ compensation…which could fall on you.
Workers’ comp provides compensation to employees for lost wages, medical bills and expenses, short- and long-term care. There’s a lot it covers.
The Dangers of Not Having Workers’ Compensation Insurance
Even if it’s not required, there are still dangers to not carrying workers’ comp insurance that you should be aware of. For example:
- If an employee gets cut on the shredder, you might be liable.
- If they fall off a chair, you might be liable.
- Asbestos in your ceiling, you might be liable.
- Burned on the stove, you might be liable.
- Car wreck in your parking lot, you might be liable.
- Hernia while lifting a box, you might be liable.
- Bad chair leads to a bad back, you might be liable.
As you know, a lot can happen. Protect your business. Protect yourself.
With workers’ compensation, not only are you protected in the event of an accident on the job but you’re also protecting the integrity and reputation of your business. You will have an easier time hiring good people if they know you have it. They know about it and ask about it. Show them you care, get covered.
How We Can Help with Workers’ Compensation Insurance Quotes
If you’re interested in learning more about small business insurance, including workers’ compensation, call Synergy Insurance today for a quote. Synergy Insurance can help businesses with various types of small business insurance in addition to workers’ compensation. Don’t take the risk.
Call Synergy Insurance today for business insurance quotes for workers’ compensation, or click the button to fill out a free quote form!