At First Florida Underwriters Inc, serving the greater Orange Park, FL area, we often have employers come to us wondering whether they should purchase a workers compensation insurance policy or whether they should become self-insured. Here are a few factors to consider that can help you make your decision.
The Amount of Money You Have
One of the biggest factors that affect whether you should be self-insured or not is how much money your business has available to it. In order to become self-insured, you have to post a huge bond with the state your business operates in. The amount of the bond varies based on the type of industry your business is in and the number of employees you have. But if you are a smaller business, you may not have the reserves to become self-insured.
The Number of Employees You Have
The other major factor that should influence your decision on whether to buy a workers compensation policy or become self-insured is the number of employees you have. Self-insuring is a good choice for a large business that has numerous employees. Smaller businesses simply do not have enough employees that wind up getting hurt and needing to utilize workers comp insurance. As such, dedicated employees to handling your claims, as is required to become self-insured, does not make much sense.
If you are in the market for a workers compensation insurance policy in the Orange Park, FL area, First Florida Underwriters Inc would be happy to assist you. Give us a call today and let’s discuss your worker’s compensation insurance needs and put together a policy that best fits your needs and your budget.