Workers Compensation

Business owners have a seemingly endless list of responsibilities. Still, one item that should be at the top of that list is ensuring that their business has the proper insurance policies. One necessary type of insurance, especially if you have employees, is workers’ compensation insurance. 

What Is Workers’ Compensation Insurance? 
Workers’ compensation insurance is a policy that helps protect employees if they are injured on the job. It has the following two essential purposes: 

• It can help cover the cost for an injured employee to get medical care and income compensation for those unable to work or work at a reduced capacity.
• It can help protect employers from lawsuits initiated by injured workers. 

Who Is Required to Carry Workers’ Compensation Insurance? 
Every state has specific laws about what types of businesses are required to provide workers’ compensation insurance. No two states have the same rules and regulations. 

Workers’ Compensation Requirements in Florida 
According to the Florida Department of Financial Services, the following types of businesses are required to have workers’ compensation coverage: 

• Construction employers who have one or more employees, including nonexempt business owners
• Businesses not in the construction industry who have four or more employees, including nonexempt business owners
• Agricultural businesses with six regular employees and/or 12 seasonal workers who work more than 30 days during a season, but no more than a total of 45 days in a calendar year 

How Is the Cost of Workers’ Compensation Insurance Determined? 
Workers’ compensation insurance costs are determined by various factors, such as the business’ industry, payroll, employee classification, location and claims history. For example, a business in an industry more prone to injuries, such as construction, will have a higher premium than an accounting firm. 

Workers’ Compensation Insurance Quote in Southwest Florida 
Contact Nolan Family Insurance Agency for a workers’ compensation insurance quote today! Our experienced team will ensure you have the coverage you and your employees need.