Worker’s Compensation Insurance: The Facts

Worker’s Compensation is a common topic among both business owners and employees.  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’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 a business owner 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.

We know that the world of worker’s compensation insurance can be confusing, and Carroll Marshall Insurance is ready to help our Polk County clients make sense of the details.  We can help you evaluate your business, your employees, and the risks they face and then determine the coverage that is right for you.  If you are in the greater Winter Haven area, call on us to take care of you and your employees.