Workers’ Compensation Insurance
What is Workers Compensation Insurance?
Employers have a legal responsibility to make the workplace safe. However, accidents happen even when every possible safety measure has been taken. Workers compensation laws were created to ensure that employees who are injured on the job are provided with fixed monetary awards and designed to help companies pay these benefits. This eliminates the need for litigation and creates an easier process for the employee. It also helps control the financial risks for employers.
Workers compensation provides payments to injured workers, without regard to who was at fault in the accident, for time lost from work and for medical and rehabilitation services. It covers workers injured while on the clock, whether they’re hurt on the workplace premises or elsewhere, or in auto accidents while on business. It also covers work-related illnesses and provides death benefits to surviving spouses and dependents.
In the state of Florida, for non-construction industries if you have more than 4 employees you are required to provide Workers Compensation. For the construction industry you must have Workers Compensation unless a designated owner or officer has an exemption filed with the state.
Coverages
Coverage for employers that provides state-mandated benefits to employees due to job-related injuries, including death, resulting from workplace accidents or occupational diseases.
This endorsement provides the option to either include or exclude specific partners, officers or others on the policy.
Provided with a Workers Compensation policy, this coverage helps protect the employer if they become liable for injury to an employee for a job-related injury that is not covered by the Workers Compensation.
Employers who implement a Safety Program are eligible to receive up to a 2% premium credit on a qualified program.
Provide resources and loss control consultants who can help identify solutions for potential gaps in safety programs and risk mitigation.
Employers who implement a Drug-Free Workplace Program are eligible to receive up to a 5% premium credit on a qualified program.