WORKER'S COMPENSATIONWorkers' compensation insurance is a valuable asset for employers and employees. If you think of workers' comp as an expense, consider what it would cost to pay for an injured worker without this protection! It also helps to reduce chances of being sued for medical costs by an employee, which makes good business sense. There are a variety of options available for workers' compensation coverage and cost can vary depending on the number of employees and your overall payroll. To discuss your workers' comp needs with a trusted associate, email, call, visit us or start the process by requesting a business quote online.
What does workers' comp insurance cover?What does workers' comp insurance cover? In the event that an employee is injured on the job, workers' compensation coverage provides payment for medical care, rehabilitation and a portion of wages if the person is unable to work. If the worst situation happens and an employee dies while performing his job, it provides a death benefit to a worker's dependents. Workers' compensation law requirements can vary from state to state. As a result, if you have employees who work in other states, you may have to purchase additional workers' compensation in another state to protect your business in the event that a worker is injured outside the state your business is headquartered. In Florida, it is mandatory for all private sector employers to purchase workers' compensation for each employee. The Division of Industrial Accidents (DIA) manages the compensation system in the Commonwealth.
Coverage is generally effective on the first day of employment. Workers' compensation is "no fault" insurance, meaning blame for injury is generally not a factor in determining coverage. In the event that an employee is unable to work, there is a five day waiting period after which workers' comp provides a portion of the person's weekly income a specified number of weeks for temporary or partial disability, and if a person is permanently disabled it will provide a portion of wages on an ongoing basis.
Sole proprietor and partnership options of coverage: If you are a sole proprietor or part of a partnership, you as the business owner are not automatically included for coverage; however, you may choose to elect coverage. Having this coverage can be important if you act as a subcontractor for other companies as it is unlikely they will carry workers' compensation protection for you.
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