When you run a small business, it can be difficult to understand whether or not you need to carry workers’ compensation insurance. Workers’ comp insurance sounds like something you would only need if you were running a construction business, however, nothing could be further from the truth. In Naples, FL, all businesses with four or more employees are required to purchase workers’ compensation insurance coverage.
Your first question is likely about how much this insurance coverage is going to cost, and that answer depends on a few different factors, including the type of business you run, the payroll for your business, the insurance company with which you choose to work, and the previous insurance claims made by your business. There are also options in Florida to receive discounts on your workers’ comp insurance, including a 2% deduction for running a workplace safety program and a 5% deduction for running a drug free workplace program. The start up cost of these programs is usually well worth the insurance savings, but it’s important to know that you must renew these programs every year to continue receiving the discount. It’s a good idea to use these discounts- if one of your employees files a workers compensation claim and you are found responsible, you will likely need to pay 100% of the employee’s medical expenses. Your insurance agent can walk you through the step by step process of ensuring you get the largest discount available.
Workers’ compensation insurance is absolutely necessary, and it’s important to work with an insurance agent whom you trust. Call Pro America Insurance serving Naples, FL today to get your workers’ compensation insurance quote.