Imagine that one of your employees becomes critically injured on the job. The injury is bad enough that it warrants a trip to the hospital. When he gets there, you learn that the employee did not have any insurance. Because the employee was injured at work, you wonder if you are responsible for the bill. If you’re not, you have to wonder how the employee can pay for the bill. This is where workers’ compensation insurance comes in handy.

What Is Workers’ Compensation Insurance?

Workers’ compensation insurance, or workers’ comp, is an insurance that should be carried by the employer or subcontractor. This insurance assists both the company and the employee, should an injury occur on the job site.

The employer must apply for workers’ compensation insurance. But, the process can be tricky. The rules and regulations pertaining to workers’ comp vary from state to state. One of the strictest states is Florida.

In Florida, any construction company that has at least one employee must carry workers’ compensation insurance. A non-construction company with more than four employees must carry the insurance. Plus, all subcontractors must carry their own workers’ compensation insurance.

What Are the Benefits Provided By Workers’ Comp?

Workers’ Comp provides a primary benefit of peace of mind. The employee knows that an injury will be financially compensated for and so do you. Instead of the employee suing you over the injury, your insurance will cover the medical expenses and possible leave for the injured employee. More than likely, this will be at no additional cost to the employer because you’ve already paid for the insurance.

How to Obtain Workers’ Compensation Insurance?

Obtaining workers’ comp can seem tricky. But, try not to worry. There are plenty of companies that sell workers’ compensation insurance and they will be more than willing to walk you through the process.

If you’d rather not get advice from an insurance salesman, there are professional employment organizations that can assist you as well. These professional employment organizations or peo’s can assist you with many other HR related functions as well.

In Florida, workers’ compensation insurance is not just something that is nice to have. It is mandatory and you will need to carry it. Due to the strict guidelines, it is required that the majority of businesses carry workers’ compensation insurance. But, it is a good thing too. It protects the employer, employees, and the company from the financial burden that can result from a workplace injury