How Do I Get Workers’ Compensation Insurance?

Worker’s Compensation Insurance is a type of insurance that provides compensation to employees who are injured or become ill because of their job. It can also provide benefits to the dependents in case the employee dies from work-related injuries. Here are some tips on how to get it for your business.

1. Look for An Insurance Carrier

This can be your first step to getting worker’s compensation insurance. Start by looking for insurers that offer coverage in the state where you operate your business or want to operate it. You can ask other employers who they use and if there are any companies that you should avoid because of past problems with their claims handling. You can also get recommendations from your state agency that regulates insurance carriers.

2. Decide on the Coverage

There are several types of worker’s compensation insurance so you must decide which one is most suitable for your business. Here are some tips:

  • The state where you operate will determine the laws and rules for your business. In Florida, for example, all businesses with more than four employees or employers with workers who are physically working on construction sites must have worker’s compensation insurance.
  • If your staff’s work is very hazardous and there is a high risk of injuries, it might be better if you get an “excess coverage” or one that will provide compensation over and above the minimum required by law.
  • Make sure you don’t only consider the premiums. Ensure that you also consider the deductibles and what is covered by the insurance.

3. Get the Insurance

After you have decided on which worker’s compensation insurance to get, it’s time to actually purchase it. Make sure you follow the application process carefully and ensure that all information is accurate.

If you want to ensure that your employees and business will be protected, then worker’s compensation insurance is a must. If you are in Pinecrest, FL, and you need help with getting the right coverage, Hamilton Fox & Company Inc. can help. Call us today to learn more.