Must-have Coverage for Your Business: Workers’ Compensation Insurance

Florida businesses need several types of commercial insurance to protect their assets. One of the most important is workers’ compensation insurance, often called “workers’ comp.”

Workers’ comp provides benefits for employees who are accidentally injured or become sick in the course of doing their jobs. Not only is workers’ comp insurance an important liability protection for your business, you’ll face costly penalties if you are required to carry workers’ comp insurance and don’t have it. Though it depends on the type of business and the number of employees you have, most businesses in Florida are required by law to carry workers’ compensation insurance.

Workers’ comp protects you and your employees

Workers’ comp benefits can help pay for medical expenses, lost wages, rehab expenses, and even funeral costs. Workers’ comp protects your business from being sued by an injured employee, and helps injured employees get help for the medical treatment they need. On-the-job  injuries, illnesses caused by the work, and even death are typically covered by workers’ comp. There are a few times when benefits will be denied—such as if an employee intends to hurt or kill themselves or another person, or if an accident primarily results from an employee being drunk or under the influence of drugs.

Is workers’ comp insurance expensive?

Workers’ comp insurance is usually quite affordable, especially compared to facing a lawsuit or being fined. Insurance companies use several factors to calculate premium for workers’ comp including your total payroll, the type of industry you’re in, your workers’ comp claims history, and the type of work your employees do (an office worker will have a lower risk of injury than a construction worker, for example). Discounts may be available for safety training programs.

Lakewood Financial Services—your partner for all your business insurance needs

In Florida, most businesses buy their workers’ comp insurance from private insurance companies—that’s where Lakewood Financial Services can help! We write with several competitive private workers’ comp insurance companies and we can help you find customized coverage to meet your business needs. Find out more by talking to one of our insurance professionals—give us a call at 941-747-4600, or click here for a no-obligation quote.