Workers’ Compensation Protection
Workers’ compensation insurance is intended to protect your employees and your company from incurring extraordinary expenses resulting from injuries or illnesses connected with work. It provides coverage for medical expenses, some lost wages, rehabilitation expenses and even death benefits when an employee incurs an injury or illness relating to their job or loses their life.
Workers’ comp coverage is unique in that it is purchased by your company, for the benefit of employees, is underwritten by insurance companies and can even be supported by state funds in some states. Payroll Managers has insurance specialists to help you get the workers’ compensation insurance coverage you need for your business at the best price.
Do I Need Workers’ Compensation Insurance?
Workers’ compensation insurance requirements are determined at the state legislative level, and every state can structure those requirements differently. For example, in Texas, private companies are not required to carry workers’ comp coverage at all. A few other states require companies to purchase coverage from state-funded entities. Most other states allow businesses to purchase workers’ comp coverage from independent insurance companies.
Requirements for businesses that must carry workers’ comp insurance vary somewhat between states. There are differing guidelines for public businesses, private businesses, certain amounts of employees, different industries and even payroll sizes. In those states that require companies to carry workers’ compensation coverage, failing to do so can result in heavy fines and even criminal charges.
As an example of how states structure differing regulations, here is a sample of requirements from Florida state law regarding workers’ compensation coverage:
- Construction businesses with one or more employees and non-construction industry employers with four or more employees (full-time or part-time, including corporate officers and LLC members) must carry coverage.
- Agricultural businesses with six or more regular employees and/or 12 or more seasonal employees who work for more than 30 days must carry coverage.
- Sub-contractors are responsible for providing coverage for their workers, but primary contractors are responsible for ensuring that the sub-contractor has it.
- Out-of-state employers must immediately notify their carrier that they have employees working in Florida, carry a Florida workers’ compensation policy or have the out-of-state policy include Florida.
How Does Workers’ Compensation Insurance Benefit My Business?
Regardless of how careful you are or how safe your particular industry may be, accidents still happen. This is why most states require the majority of businesses to have coverage. This not only benefits your workers, it benefits your business as well.
Workers’ Comp Helps Employees
Worker’s comp insurance covers the cost for medical treatments, rehab, lost wages and possibly, death benefits, for employees who become injured or suffer an illness due to job-related factors or events. This coverage does not rely on the employee’s personal health coverage and they pay nothing for this benefit.
Workers’ Comp Helps Businesses
Workers’ comp insurance prevents your company from paying huge medical and rehab expenses out of your excess revenue, plus covering the employee’s wages while they cannot work. The investment in workers’ comp insurance is much more affordable than a sudden hit from unplanned medical expenses.
Seasoned Workers’ Compensation Assistance
With all the different rules and regulations, classification codes, cost variances and compliance issues involved, workers’ compensation insurance coverage and claims can become a real burden. Payroll Managers’ seasoned insurance specialists can save time, money and headaches with our experienced workers’ comp assistance.
Is Your High–Risk Workers’ Comp at Risk of Expiring?
If your business is in danger of losing workers’ compensation coverage because of a high number of claims and/or excessive premiums, Payroll Managers in Tampa, Florida will facilitate the adequate workers compensation coverage you require at the most competitive pricing, not just in Florida, but nationwide.
Are You Paying Excessive Premiums?
Payroll Managers assists thousands of businesses in securing affordable workers compensation insurance. PM offers free workers compensation policy reviews as a courtesy to business owners. Have your existing workers compensation policy reviewed by one of our workers compensation insurance experts. This is a no-pressure, complimentary service.
Do You Need Fast, Accurate Quotes?
Workers’ compensation premiums can be costly – especially if you are not sure about what you are getting or what drives the costs. Payroll Managers is able to provide some of the most competitive rates in the industry. We make it simple for you to obtain fast, accurate quotes for the most affordable coverage. And, we handle all paperwork and state research so you can focus on running your business.
Call Payroll Managers in Tampa today and ask for a complimentary review of your workers’ compensation insurance coverage. Our insurance specialists are happy to answer any questions and explain how we can help you be compliant and economical with your workers’ compensation insurance coverage. Contact us today!