Why Florida Businesses Need 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
The main benefit of Workers’ Compensation Insurance is that it can help pay for medical expenses, lost wages, rehab expenses, and even funeral costs for your employees. Workers’ comp protects your business from being sued by an injured employee. It also 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.
Choose L & M as your Workers Compensation Insurance Broker
We act as an intermediary between your business and the insurance companies. Our agents look for the best policy to meet your companies’ needs specific to your industry, size, and other risk factors. We provide guidance on coverage options and potential savings. We’ll take the time to explain policy terms, limitations, and other potential cost-saving measures. Working with our brokers simplifies the insurance process so your business can keep focusing on what it does best.
L & M Insurance Group—your partner for all your business insurance needs
In Florida, most businesses buy their workers’ comp insurance from private insurance companies. That’s where L & M Insurance Group can help! We write with several competitive private insurance companies and we can assist you in finding customized coverage to meet your business needs. Find out more by talking to one of our workers’ compensation insurance brokers—give us a call at 813-672-4100, or click here for a no-obligation quote.
