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What is Workers’ Compensation Insurance?

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...

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  • 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.

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