While your workers’ compensation coverage may be the smallest item in your casualty and property insurance portfolio, it is perhaps the most important.
Employers are mandated to ensure their employees’ safety in the workplace. However, accidents may still occur, even when the company has the right safety protocols and procedures in place. The Florida workers’ comp insurance makes sure that workers injured in the performance of their job are properly compensated for lost wages, medical care, and rehabilitation.
Gracey-Backer, Inc. outlines why companies need a workers’ compensation policy below.
Because the Law Says So
Most states, including Florida, require companies to have workers’ compensation insurance. It provides protection to your most precious asset – your workers. In case one of your employees sustains an injury on the job, the policy will cover the lost wages, and shoulder the medical expenses as the patient recovers – making sure that your worker gets back to work in the shortest time possible.
Flexibility and Portability
If your workers are sent to different states from time to time, make sure that the workers’ compensation policy provides protection for employees crossing state lines. This is because the workers comp requirements vary from one state to another, and the coverage may be refused if the policy isn’t properly written.
Savings on Premium Costs
Aside from keeping your workers safe, an active and aggressive safety program will help keep your expenses down. With less accidents experienced by your workers, you can expect to get lower monthly premium payments for workers’ compensation coverage in the future.
Because various states have different workers’ compensation coverage requirements, it is important that you make sure that your employees are covered in all the countries or states where you have business operations. Likewise, since workers have varying job classifications, make sure that your employees are accurately classified. Some employees face more work-related risks than others. Improper classification may have expensive repercussions.