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Workers compensation insurance is insurance that covers employees in the event that they are injured or even killed while performing the work for which they are paid. This type of insurance, which is often called "workers comp," provides three types of benefits. These three types of benefits are for lost wages, medical expenses tied to the injury, and death benefits to the worker's family should he be killed on the job. The downside of taking advantage of workers comp insurance is that the worker waives his right to sue. Although all states have workers compensation statutes in place, and all employers are responsible for paying workers compensation claims, not all businesses opt to carry workers compensation insurance. Carrying workers compensation insurance can be an expensive burden for small companies. If a business demonstrates a track record over time showing few claims, then its rates may drop by being assessed a lower risk. This can take many years. Many new businesses elect not to carry this coverage because of its expense and the length of time it takes to reduce it. There are certain types of business that absolutely must carry workers compensation insurance. Even if it is not required by law, there may be too great a risk of accident, and resulting financial ruin, for a business not to carry it. A good example is the construction industry. As a highly physical, very manual labor intensive profession, the odds of a worker being injured on the job are very high. The chances of a construction worker being injured at some point in his career is too great. It is better to be covered in this case. Another field that should always carry workers compensation is food service. There are specific risks associated with working in a restaurant. For example, restaurant workers often work with knives, are around very hot cooking surfaces, and are exposed to wet, slippery floors. Yet another industry with the potential for injury is transportation. If your employees are going to be behind the wheel, out on the road, then they may be involved in an automobile accident, which could lead to injury and workers comp claims. It is better to have the coverage in place than it is to have to scramble to find a way to pay the expenses after the fact. For more than 40 years, C. Emory Cross has been helping businesses save money on their Florida workers comp. Visit www.cemorycross.com today to fill out an easy, two minute request for proposal. You will be surprised how much you can save on your workers comp.
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