Worker’s Comp Insurance

Worker’s Comp Insurance

What is workers compensation insurance?
This insurance pays benefits to your employees if they are injured while on the job. Specifically, it covers their medical bills, a portion of lost wages, vocational rehabilitation and death benefits. Almost every state requires by law that employers carry some form of workers compensation insurance. Because the coverage amount is established by state law, benefits do not vary from company to company within the same state.What does workers compensation cover?
Workers compensation covers all the employees of the small business. Special provisions must be made if employees work out-of-state. It can cover the business owner if the business is a corporation, and the owner is actively involved in the business. It does not cover independent contractors.

Benefits paid to employees generally include:

• unlimited reimbursement of medical expense
• portion of lost wages
• some vocational rehabilitation
• survivors death benefits

Benefits paid to employees generally include:

• Responses to lawsuits brought by injured employees or their dependents for grossly negligent acts by the employer
• Protection against employee claims for pain and suffering and loss of relationship (except in North Dakota, Nevada, Washington, West Virginia, Wyoming and Ohio)

How does workers compensation work?
When a worker suffers an injury, even a minor one, it is immediately reported to the workers compensation insurance carrier. The employee seeks necessary medical attention, and the insurance company pays the bills. If the employee misses work because of the injury, the insurance company pays the employee limited benefits for the lost time.

If the employee is not able to return to the job due to a permanent injury, the insurer pays to re-train the employee for another line of work. If the employee dies, the insurer pays a death benefit to the employee’s family.

What affects my rates?
1. Size of payroll Workers compensation premiums are based directly on the amount of your payroll. The higher your payroll, the more in workers compensation premiums you will pay!

2. Job classifications The cost of workers compensation insurance also varies widely depending on the work function of an employee. In general,

a premium for an employee who is a roofer is much higher than a premium for a clerical worker. Employers must accurately report payroll by classification of work performed. Your insurance company can advise you which classes apply to your employees.

Workers Compensation Forms

1. Information Sheet for Quote
2. Blank Resume Form
3. State Exemption Application
4. State Election of Coverage Application

What is the price of Worker’s Compensation insurance?
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Is insurance for Worker’s Compensation required in Florida?
In the State of Florida in accordance with the Statutes businesses do not have to have Workers Compensation until it has more than 3 employees. This is true for all industries except for construction. Owners may exempt themselves with the following form State Election of Coverage Application.

You should take into consideration that although you are not require to have Workers Compensation, your business is still responsible for any accident or employment disease / illness that an employee may incur.

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