Depending on the state in which you live, you can get workers’ compensation insurance through private insurance providers or through state-funded programs. Workers’ compensation is legally required in just about every state and situation so you will want to make sure that you are covered not only to protect your business, but also so that you’re sure you are compliant with all local laws and regulations so you don’t end up facing fines or imprisonment.
Finding the right coverage for you and your business is just as important as having it itself so be sure you find a trusted insurance agent to assist you with this process. The four main factors taken into account when insurers estimate a premium are location, claims history, type of work and payroll.
Here at advantage plus insurance, we can shop the best workers compensation coverages for your business that protects you and your business from lawsuits and any injury that can occur to your employees while on the clock. This coverage is important for both you and your employees.
Workers’ Compensation is a form of insurance created to both benefit the employer and the employee. Providing this coverage also results in a mandatory relinquishment of the employee’s right to sue his or her employer for negligence. This essentially means that workers’ compensation is a no-fault system. This type of policy can help cover:
- Missed Wages
- Medical Expenses
- Vocational rehabilitation
- Death benefits
Some form of workers’ compensation is compulsory for most employers in most states however businesses may purchase insurance voluntarily as well. When regulated by the state, the state sets their premium amounts and benefits based on their economy and the risks their businesses face. The state also determines who can sell and handle the workers compensation policies whether it be state-run agencies, private insurance or the state itself.
In Florida, it is required that every person working for another person, group, firm, or corporation to have workers’ comp.This includes people working under any type of contract, even implied contracts. The requirement also includes all lawfully and unlawfully employed immigrants and minors.
As it pertains to your business, workers’ compensation can benefit you by limiting your business’ liability in lawsuits for work-related injuries or illnesses. It can help make sure you are compliant in following your particular state’s laws and it helps injured employees get back to work in their old role or a new one that is better suited for them in their situation.
Statistically speaking, the most common types of workers’ comp claims are sprains and strains which make up about 30% of call claims and are usually the result of lifting something heavy. The second most common type of workers comp claim is falls, slips and trips. These types of accidents make up about 27% of all claims.
Managing cost on an insurance policy is something that all customers, whether it be commercial or personal, are always looking to do. You need to make sure that you are protecting your assets while simultaneously making sure your premium doesn’t become too costly. This type of balance isn’t always easy to do but with a little patience and a knowledgeable agent that you trust, you can be sure you are getting what you need without breaking the bank.
- Shop around – Here at Advantage Plus Insurance we like to take this step out of your hands and handle it for you. As your agent, we proactively shop among the companies in our network at renewal times to make sure you are getting the absolute best rate but this isn’t always the case elsewhere. Be sure you know what you have and are paying for and don’t be afraid to look around to make sure you have a competitive rate.
- Look for package deals – Not every company offers package deals but depending on what you are looking for it can sometimes be done. Businesses usually need to have general liability policies in conjunction with commercial property or commercial auto policies and certain providers incentivize the purchase of multiple policies for discounts, so don’t be afraid to ask the question.
- Raise your deductibles – This is a fairly common way to reduce premiums. If you are okay with potentially paying more for a deductible in the event of a loss, raising your deductibles will ultimately lower how much you pay in premium. Be realistic with yourself though, make sure the amount you select for your deductible is manageable for you in the event something should happen.
- Eliminate Overlapping/Unnecessary Coverages – In most cases, commercial policies don’t duplicate other types of insurance but it can happen. An example of this would be that both a general liability and a commercial auto policy can offer coverage for hired and non-owned autos. Any duplication of coverage across multiple policies means you are paying more than you need to. This kind of checking should be done when you or your agent shop around for you anyway which emphasizes cultivating a relationship with an agent you trust so you don’t have to worry about details like this.
- Pay in Advance – This is simple and applies to most insurance, not just commercial. Most companies will offer a discount, whether it be off the premium itself or by eliminating fees if you pay your premium up front for your term. If you have the money to lay out, this can end up saving you hundreds of dollars in the long run.
- Eliminate Risk – The insurance industry as a whole is really a simple mathematical calculation. The company assesses you and your particular situation, they consider the protection you desire, then they assign a risk level to it and give you a price. Knowing that, if you lower your risk then you will lower your premium. Some ways to lower your risk are to take proactive steps to prevent potential losses. Things like properly training employees, not only in the area of your business but as it relates to human resources and workplace safety are helpful as well. You can also include theft prevention programs and technology for your business. Steps like these will look favorably in the eyes of the insurer and can ultimately help your wallet.
- Ask for discounts – This is more of an obvious one but I will say again, never be afraid to ask the question. As I mentioned in the previous step, you may be eligible for safety discounts or organizational discounts depending on your business. In addition to those there are loyalty discounts, autopay discounts, paperless discounts and potentially more. Have dialogue with your agent and ask what applies to you.
Florida is what we call a no-fault state what that means is that if you’re in an accident in the state of Florida your insurance company is supposed to pay for your medical bills.
The type of coverage is called PIP personal injury protection and PIP together with PD property damages all that the law requires in the state of Florida. This does not mean that all of your medical bills will be paid by your insurance company. What it means is that your insurance company is obligated to pay up to ten thousand dollars in coverage at a rate of percent based on what’s reasonably necessary and related.
You have to go after the other drivers insurance company if they have what’s called bodily injury coverage in order to make a recovery for the percent difference or any expenses that you have above and beyond the amound covered by your PIP.
Another type of insurance is called comprehensive and collision this means that your insurance company will pay for your property damage to the extent that the other drivers insurance company doesn’t. It’s good to look to see what type of coverage you have before you have an accident so stop what you’re doing now look and see what kind of coverage you have.
The last and best type of insurance is what’s called uninsured or underinsured motorist coverage and this is the kind of insurance coverage that provides you for coverage when the other driver does not have bodily injury.
Lets assume that you’re in a car accident. The other driver which is very frequent in miami-dade County even Broward and Palm Beach doesn’t have bodily injury coverage. If you have uninsured motorist coverage, you too can still be covered for the injuries that you sustained, and you can recover benefits for the amount of your uninsured motorist coverage.
Again, it’s important to know what kind of coverage you have before you get into an accident so that you’re prepared. when you do have an accident you should take pictures if you can. Call 911 and make sure to get a proper police report as well. Whether you are looking for the very best coverage to protect you and your family, or just the bare minimum; make sure that you know exactly what coverages you need.