Why do I need workers compensation coverage?
Workers compensation is a benefit for both the business owner and the employee. Should an employee get hurt on the job, workers compensation is a form of insurance that will provide wage replacement and medical benefits to the injured employee. Providing worker's compensation seems like an obvious choice, however, some Florida businesses are on fence with purchasing the insurance; questioning whether the additional premiums are worth it.
The following includes three reasons as to why a business owner needs workers compensation.
Workers Compensation is required in Florida. Depending on the industry you are in, workers compensation is often required under Chapter 440, F.S. The following lists out the coverage requirements based on your field of business.
Construction Industry
An employer in the construction industry who hires one or more part or full-time employees must obtain workers' compensation coverage. If you sub-contract the work, you must obtain proof of workers' compensation or Certificate of Election to be Exempt from all subcontractors prior to work. If the sub-contractor is not insured or not exempt, the sub-contractors employees will become employees of the contractor. As a result, the contractor will be responsible to pay any injuries or lost wages should an issue occur. Therefore, it is pertinent for the contractor to obtain documents that verifies their worker comp insurance or Certificate of Election to be Exempt.
Non-construction Industry
If you employee four or more part or fulltime employees, you must obtain workers compensation coverage. If this insurance is not fulfilled, investigators can issue a "Stop-Work" order. This will cease all business operations if the employer does not have the required Florida workers compensation coverage
Protection
Mistakes happen and sometime those mistakes can be very costly. By having workers compensation coverage you are protecting yourself from any possible legal action. Lost wages, medical bills, attorney's fees can add up quickly. By providing workers comp to your employees, you are providing wage replacement benefits, medical treatments, vocational rehabilitation and other benefit
Quicker and Painless Process
Worker's compensation replaces legal liability with no-fault insurance. Employees who do get hurt on the job can immediately get medical attention, with no need to prove the employer at fault. Neither the employee nor the employer will have to go to court, therefore saving both parties a lot of time and money. It is important to speak with your local insurance agent to create a policy that adequately aligns with your individual requirements. Worker compensation is intended to help both parties should any mishap occur. The Pettineo Insurance Agency of South Florida assists hundreds of local contractors, small and large business with their workers compensation coverage. We would be happy to help review your current coverage and explore alternative options that suit your business.
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To learn more about workers comp visit http://pettineoinsurance.com/workers_compensation.html. The Division of Workers' compensation allow provides a detail list of questions for the employer, insurer, employee and provider. Click here to read more.
Pettineo Insurance Agency Inc. provides worker's compensation insurance in Fort Lauderdale, Lauderdale-By-The-Sea, Pompano Beach, Oakland Park, Coral Springs, Deerfield Beach, & all of South Florida.
Additional services include:
Professional liability in Fort Lauderdale, Pompano and Deerfield Beach
Malpractice Insurance in Fort Lauderdale, Pompano and Deerfield Beach
Real Estate E & O Insurance Lauderdale By The Sea.
