Do I Need Workers Compensation Insurance?

As a business, there are many different ways that you can help your employees and lead through a fulfilling career or work experience. When one of your employees is injured while on the job, you are obligated by law to provide compensation to them. There is a kind of insurance available to help you make this possible, but the question often comes up as to whether or not you must have it.

Though the laws vary from state to state, in Florida any company with four or more employees must provide workers’ compensation insurance for their employees. This applies across the board to every field and includes public service companies and organizations as well. Most of the time this will be through a legitimate insurance carrier, however in some situations, and if the company is large enough, the company can be self-insured.

The obvious exclusion to this is if a company is small enough, in other words, has three or less people in it. It is still advised however that worker’s compensation insurance still be provided however, as any injured employee will still be able to seek compensation. Individuals within a company can opt out of worker’s compensation benefits through insurance, but only if they own at least ten percent of the company and exclusively note that they wish to pass up on benefits.

Overall, enough though it is a legal requirement, you as a business owner will want to have worker’s compensation insurance for your employees, as it limits the costs of compensation when an injury does occur. Severe penalties may be accrued against your business if you are not providing workers’ compensation.\

If you are an employee that has been injured on the job and are not receiving benefits from your company and its insurance carrier, you do have legal grounds for a lawsuit to see compensation administered to you. When going through this process, we at the Franco Law Firm are here to help. To schedule a free consultation with us today, please call us at (813) 872-0929.