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Workers’ Compensation Insurance

Worker’s compensation is an essential aspect of a comprehensive commercial insurance portfolio. It provides critical coverage to workers, and state regulations require many businesses to have it.

The experienced team at Clearwater Partners in Tampa, Florida, is ready to help you assess your workers’ compensation insurance needs and assist you and securing the right policy. Contact us today for more information.

What Is Workers’ Compensation Insurance?

Workers’ compensation insurance, or workers’ comp, is a type of policy that offers financial assistance and other benefits to covered employees if they suffer an injury or illness connected to the workplace. For example, it may provide the following:

  • Medical benefits—These may help cover medical bills.
  • Wage-loss benefits—These may help replace lost income.
  • Disability Benefits—These may provide financial aid to an employee who develops a permanent disability after a work-related injury or illness.
  • Vocational rehabilitation benefits—These may offer training or other services to an employee if they are unable to return to the work they were performing before the incident.
  • Death/dependent benefits—These may help pay for lost income and funeral expenses if an employee passes away due to a work-related injury or illness. The payments may be provided to the employee’s dependents or spouse.

Workers’ compensation may provide other benefits following an approved workers’ compensation claim. Additionally, it may offer businesses liability coverage that may help pay for the associated legal costs if a lawsuit related to the claim is filed. Contact our agents for details regarding terms, limits and exclusions.

Who Pays Workers’ Compensation Insurance Premiums?

Employers are generally responsible for paying workers’ compensation insurance premiums and, in exchange, the insurance provides benefits after an approved claim.

When calculating workers’ compensations costs, providers consider many factors, including:

  • The workers’ compensation class codes assigned to employees by the National Council on Compensation Insurance in most states and by state offices in others, based on employees’ duties
  • Your operation’s experience modification number, which is figured by reviewing your business’s history of incidents and its levels of future risk

A business’s location, number of employees, and payroll may also impact your workers’ compensation insurance cost.

Are Employers Required to Have Workers’ Compensation Insurance?

State laws dictate which employers need to carry workers’ compensation insurance, and in several cases, Florida businesses must have it. Examples of Florida employers that may need to secure coverage include:

  • Construction employers with one or more employees, including any non-exempt business owners
  • Non-construction employers with four or more employees, including any non-exempt business owners
  • Agricultural operations when there are six regular employees and/or 12 seasonal workers who work more than 30 days in a season but not more than 45 total days during a calendar year.

Laws and requirements are subject to change and each business’s needs are unique. Work with our agents to learn more about how the regulations may apply to your operations; even in a circumstance where workers’ compensation may not be required, we may still recommend it for the crucial coverages it provides.

Contact Us for More Information

The knowledge agents at Clearwater Partners are eager to help you get the right workers’ compensation insurance policy. Contact us today for more information or to get started with a workers’ compensation insurance quote.


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