When you shop for business insurance coverage, workers’ compensation may not immediately come to mind, but it can protect you and your employees from the financial tolls of a job-related injury. Workers’ compensation can replace lost wages, reimburse medical expenses, protect your company from a lawsuit, and more, making it a sound business investment for companies of all sizes.
Below is a list of 5 reasons why your business needs workers’ compensation insurance today.
1. Florida legally requires most businesses to carry it
Florida requires employers with four or more employees to provide workers’ compensation. Coverage is also mandated if:
- You own a construction business and employ at least one person, or
- You are a farmer with at least five employees and 12 additional seasonal workers
Securing workers’ compensation will ensure that your company complies with state law, so that you aren’t aren’t caught unprotected in the future.
2. Injured employees get the benefits they need to recover
No matter how diligent you are in matters of workplace safety, accidents and illnesses can happen. According to the Bureau of Labor Statistics, there were 2.9 million non-fatal workplace accidents and illnesses in the U.S. in 2016. Workers’ compensation can cover medical and wage replacement costs so that an injured employee is not left financially bereft.
3. Your business is protected from most injury-related lawsuits
Workers’ compensation also protects you and your business. In most instances, offering coverage prevents an employee from suing you for negligence if they are injured on the job. In exchanging for having their lost wages and medical bills covered, they are agreeing to forfeit their right to seek these damages from the company.
4. Injured employees can be retrained more quickly
Employees who have been away due to illness or injury may require rehabilitation or retraining before they can return to work. Workers’ compensation insurance provides such assistance via training, education, vocational counseling, transferable skills analysis, and other services. If they cannot resume their position with your company, they will receive help with both training and searching for a job that matches their abilities.
5. Funeral costs are included
In Florida, if an employee passes away within one year of a work-related accident or five years of ongoing disability due to the injury, the workers’ compensation system will pay a death benefit that helps cover funeral costs and regular payments to eligible dependents. You can rest assured that your worker’s loved ones will have financial assistance to help cope with the loss.
Workers’ compensation insurance offers so many valuable benefits to employer and employee alike that obtaining it makes good business sense. You can secure the coverage you need through an insurance carrier that is willing to work with you as your coverage needs change. For more information, contact We Insure Agent Rick Leal today. Rick will review your company’s particulars and assist you in obtaining a workers’ compensation package that will give you and your employees peace of mind.