Don’t Rely on Luck! Know the Facts About Worker’s Compensation Insurance

Do you have luck on the brain as we approach St. Paddy’s Day? While it’s fine to lean on a little bit of luck when you roll the dice, play a scratch-off ticket, or open a blind bag surprise, depending on luck to protect your employees at work is a risk you shouldn’t be taking. Worker’s Compensation is a common topic among both business owners and employees in this world where benefits matter almost as much as pay. It’s no secret that having worker’s compensation can be an added hassle for business owners. There are a lot of questions and stipulations that go into purchasing this type of insurance, and it can be a complicated jumble of insurance and legal lingo that leaves employers scratching their heads and worrying that they are either paying too much for the worker’s compensation coverage, or that they aren’t carrying enough coverage for their employees.

Worker’s Compensation is required by law if you are a business owner, so while you can’t get out of facing it, you can lessen the headache by learning a bit about what this coverage entails, and by getting help from an insurance advisor that understands the loopholes, legal jargon, and competitive pricing for the policies (that’s us!).

In essence, worker’s compensation insurance gives you the ability to provide compensation to any employee injured while on the job. This includes paying for things such as…

• medical care due to injury or illness directly related to the job
• replacement of income (based off of current salary at the time of the incident)
• costs for retraining or additional training upon return to work, if needed
• compensation for any permanent injuries or illnesses related to the job
• benefits for surviving family members if job injury or illness results in death

Obviously, this list gives you an idea of why worker’s compensation insurance is so important. If you are required to offer these benefits to employees by law, but didn’t have insurance to cover them, you would be left with a significant amount of money coming out of your pocket each month. If you have multiple employees who could be injured at any given time, this could be catastrophic to your business with just one incident. While safety on any job should be a top priority for any business owner, accidents can and do happen, and it is wise to make sure you are adequately covered for both your own peace of mind, and the peace of mind of your employees.

Stop leaning on luck to carry you through. Carroll Marshall Insurance is ready to help our Polk County clients make sense of the details by providing business owners with quality coverage at affordable prices from some of the best companies in the industry. We can help you evaluate your business, your employees, and the risks they face and then determine the coverage that is right for you. Winter Haven businesses trust us to take care of them like neighbors, because at Carroll Marshall, everyone IS our neighbor. Call us to get started!