As an owner of a small business, it’s important to understand the basics of workers’ compensation insurance. Your responsibility is to provide a secure work environment for your employees. Should there be an instance where you fail to do so, then you will be held accountable for any occupational injuries your employees may sustain.
If an employee suffers certain injuries at work, they are entitled to compensation for medical bills, recovery costs, and partially missed wages. However, employers and employees should know more about emplyee’s’ compensation than just the bare basics.
To help further your learning, we’ve listed the top 5 things you need to know about workers’ compensation below.
Workers’ comp is mandated in most states
With a little bit of research, you’ll find that nearly every state has its compensation laws. The number of employees, type of work and type of business you have is all influential factors in determining whether an employee will be eligible for employee’s compensation or not.
Either way, you should be familiar with your state’s requirements and comply accordingly. Not complying with your state’s law can result in paying fines or jail time. To avoid this, make sure you read and get familiar with the workers’ compensation law in Tampa, Florida.
Workers’ compensation costs
Workers’ compensation costs may vary widely from country to country because each state decides the minimum coverage employers have to carry.
Cutting workers’ compensation by classifying workers correctly
Every small business owner should know that every type of job has its own code which denotes its occupational risk. If someone has a riskier job then the insurance cost is higher for that professional. Make sure you classify your employees properly to avoid paying more than you should.
Workers’ compensation policy should keep lawsuits at bay
A long time ago, when employee’s compensation insurance didn’t exist, the only way an injured employee could receive their compensation was to sue their company. However, now, if an employee accepts the employee’s compensation settlement, they can’t sue their company. As laws vary in different states, check in with yours to verify its legal terms.
Workers’ compensation policy
Some of the most common workers’ compensation claims are related to overexertion, slips or falls, struck by an object or machinery accidents. In order to avoid these accidents, employers need to implement safety requirements and organize safety training courses.
Apart from this, it’s important that all employers have their employee’s compensation policy and possibly meet with their independent insurance agent to review the terms of the policy. The reality of sudden accidents is that you never know when one will happen, so always ensure your business is readily equipped to handle these incidents when necessary.
Whether you’re an employer or employee that has questions regarding workers’ compensation and accidents, feel free to call the Law Office of Dan Zohar PA. Our phones are answered 24/7. Don’t delay, call today at (800) 963-3311!