Worker's Compensation Insurance

What is Workers' Compensation Insurance?

Workers' Compensation Insurance is a type of insurance that provides financial and medical benefits to employees who suffer work-related injuries or illnesses.

This coverage is essential for businesses, as it helps protect both the employer and the employee by ensuring that medical expenses, lost wages, and rehabilitation costs are covered if an accident occurs on the job. In return, employers are typically shielded from lawsuits related to workplace injuries.

What Does Workers' Compensation Insurance Cover?

• Medical Expenses: Coverage for medical bills related to an injury or illness that occurs while an employee is on the job.

• Wage Replacement: If an employee is unable to work due to a work-related injury or illness, Workers' Compensation can provide a portion of their lost wages.

• Disability Benefits: If the injury results in temporary or permanent disability, Workers' Compensation may cover a portion of the employee’s income while they are unable to work.

• Death Benefits: In the unfortunate event of a fatal workplace accident, Workers' Compensation can provide benefits to the deceased worker’s family or dependents.

• Legal Costs: If the worker files a claim or lawsuit against your business, Workers' Compensation can help cover your legal costs, protecting you from financial losses.

Why Does My Business Need Workers' Compensation Insurance?

• Legal Compliance: Florida law mandates that businesses with four or more employees (including part-time workers) carry Workers' Compensation Insurance. In certain high-risk industries (like construction), the requirement applies regardless of the number of employees.

• Employee Protection: In the event of a work-related injury or illness, Workers' Compensation ensures your employees receive the medical care and compensation they need, without the burden of financial stress.

• Liability Protection: Without Workers' Compensation Insurance, your business could be exposed to costly lawsuits and legal liabilities if an employee is injured. The insurance protects your company from legal claims in exchange for providing benefits to injured workers.

• Attract and Retain Talent: Offering Workers' Compensation shows your employees you care about their well-being and safety, making your business more attractive to top talent.