Workers Compensation
Workers Compensation Information
Employees are the backbone of your business. They are the faces your clients see as well as the hands putting in information and handling money for your company, so it is crucial to make sure your employees are protected.
Workers compensation insurance is one way you can protect your employees while they’re working under your care. Florida Best Quote works with several top insurance providers to help business owners like you protect their employees and their company with reliable insurance.
What is Workers Compensation?
Workers compensation insurance is a form of liability insurance specifically designed to protect your employees and your business in case of work-related injuries. This insurance is crucial for protecting your employees and covering lawsuits related to an accident involving your employees on the job.
What Does Workers Compensation Cover?
The main coverages available under workers compensation insurance include:
Medical Benefits
Medical benefits for workers compensation can help cover medical bills an employee may face after a workplace accident. If an employee is injured at work, workers compensation insurance can pay for medical benefits such as emergency medical care, doctor’s visits, surgeries, medical procedures and more.
Disability Benefits
Disability benefits cover expenses if an employee is rendered disabled due to a work-related injury. There are four sections of disabilities:
The compensation an employee may receive for a disability may depend on the severity of the injury. This insurance may also provide compensation for vocational disability in case the employee is unable to return to their previous injury due to a workplace injury.
Wage Replacement
After an employee is injured, they may not be able to work for a certain period of time. In these cases, workers compensation insurance will provide replacement for a portion of the employee’s wages for as long as they are unable to return to work.
Common Workers Compensation Questions
Workers compensation is unique in that the policyholder isn’t generally the one to file a claim. Instead, an injured employee can notify their employer of the accident and file a claim with their employer’s insurance provider. Once a claim is approved, the employee can receive compensation for expenses related to their injury.
In most states, workers compensation is required for a majority of industries. In Florida, for example, most businesses are required to offer workers compensation to full time, part time and seasonal employees. Speak with an insurance agent to discuss what workers compensation policy is best for your business.
Aside from being required, workers compensation is critical for preventing lawsuits and protecting your employees. Without it, employees could look to pay for medical expenses out of pocket or turn to your business in the form of a lawsuit for compensation.
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