What is Workers’ Comp Insurance?

The worker’s compensation program was created in order to help employees that are injured while on the job recover in financial security by covering medical costs and lost wages. By law, companies are obligated to dispense these funds any time that someone is injured while in the workplace. If you are an employee, it is important to understand your right to this if you do sustain a workplace injury. If you are an employer, you may be wondering how you can best provide this service to your employees.

Worker’s comp insurance was created for just this purpose. This kind of insurance can be bought by companies with more than four employees and is meant to pay out the necessary funding to the employee in the event of an incident. This is beneficial to companies because otherwise they would have to pay the entire cost out of their own pockets, a burden that smaller businesses may not necessarily be able to handle without risking the life of the company.

Worker’s compensation insurance is almost always provided by a licensed carrier, however in certain situations a company can insure itself. However it is acquired, workers’ comp insurance is legally required to be provided for employees, as worker’s comp itself is a right given to all employees. This may vary from state to state, but in Florida there are severe penalties for failing to provide workers comp insurance.

If you or someone you know has been injured on the job and denied worker’s compensation or if you suspect that your employer does not carry the proper insurance, you may be eligible to file for a lawsuit. We at the Franco Law Firm would be happy to help you fight for your right of worker’s compensation and see companies that try to dodge this brought to justice. To schedule a free consultation with us today, feel free to call us at (813) 872-0929.