As a business located in St Lucie Florida or Fort Pierce Florida, you may be required to purchase Workers' Compensation Insurance. In order to make the best possible selection for you and your employees, it is important to understand the basics of what workers’ compensation is and why it’s critically important.
Worker’s compensation protects both employees and their employers in the case of an on-the-job accident or injury. In the unfortunate event of an on-the-job fatality, Workers’ Compensation Insurance also provides assistance to the decedent’s loved ones.
Let’s look at the type of benefits covered under a workers’ compensation policy.
Generally, workers comp policies in St Lucie Florida and Fort Pierce Florida cover the following for job-related injuries:
* Medical Treatment
Workers’ Comp Insurance covers the cost of medically necessary treatments, including physicianvisits, diagnostic tests, physical therapy, psychiatric care, hospitalization, medicine, medical supplies, travel to treatments, and custodial care.
* Lost Wages Workers’ Compensation Insurance covers a number of different lost compensation categories,
including temporary total or partial disability, permanent total disability and impairments as a result of a workplace accident.
* Re-Employment Assistance For employers, Workers’ Compensation Insurance provides protection for businesses in the event that a lawsuit is filed by employees or their dependents for acts of gross negligence.
How Workers’ Compensation Insurance Works
If a worker is injured, even if the injury seems to be minor, it is important to record the incident and report it immediately to the Workers’ Comp Insurance provider. If the employee is out of work for more than 7 days, the Workers’ Comp Insurance company, not the employer, pays the medical expenses and the required portion of the injured employee’s lost salary or wages. If the employee dies, his or her family receives payments from the insurance company. Claims not reported within 30 days are at risk.
What Types of Companies Are Required to Offer Workers’ Compensation Insurance?
The requirements for Workers’ Comp Insurance coverage in St Lucie Florida and Fort Pierce Florida depends on a number of factors, including the type of industry, number of employees and the kind of organization. In construction industries, companies with one or more employees must provide Workers’ Compensation Insurance. Non-construction industries have a four-employee threshold. In agriculture, the requirements begin with six regular or 12 seasonal employees who work more than 30 days in a season.
For out-of-state employers, contractors and sole proprietors, other guidelines apply.
What Are the Costs of Workers’ Comp Insurance?
A range of factors determine the cost of Workers’ Compensation Insurance in St Lucie Florida and Fort Pierce Florida. The employer is responsible for the full cost of premiums. Among the cost-determining factors are:
* Work Type Insurance rates vary based on the job function of the employees. Premiums for clerical and accounting staff are less expensive than for heavy-equipment operators or mechanics.
* Number of Employees The premium cost is based on how large the employer’s payroll is. A larger employee base means a larger premium.
Employers can reduce the costs associated with workers’ compensation by completing regular inspections of the physical plant, store and equipment. Remedying any hazards quickly reduces the likelihood of a workplace accident. In addition, proper worker training, including retraining more seasoned employees, helps ensure that safety is prioritized.
The Ft. Pierce, Florida-based Browning Insurance and Financial Services has been helping businesses with insurance needs since 1982. Our agents work closely with Fort Pierce, Florida, and St. Lucie, Florida, businesses to provide Workers’ Comp Insurance, group health insurance, and a range of employee.
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