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First Florida Underwriters Insurance blog

What Is Workers’Comp Insurance and Why Do I Need It?

Have you ever thought about how your Orange Park, FL business would operate without the input of employees? Your employees are the most valuable asset in your business. Workers’ comp insurance is instrumental in covering job-related employee injuries and makes employers immune from some injury lawsuits filed by their employees. Connect with us at First Florida Underwriters Inc. to acquire outstanding workers’ comp insurance to safeguard your most prized asset in your business setup.

What is workers’ comp insurance?

This policy safeguards both the employees and employers in the event of work-related sickness, injury, or demise. Employees are guaranteed medical expenses, disability reimbursements, and lost income, and employers get protected from lawsuits for losses accrued and other probable personal and employer liability. Florida law requires workers’ comp insurance for nearly every employer in the state.

Why do you need workers’ comp insurance

Whether you are a new or seasoned business owner in Orange Park, FL the state of Florida requires you to maintain workers’ comp insurance. Failure to comply with these regulations of maintaining insurance, you become susceptible to civil and criminal lawsuits. However, besides observing compliance, workers’ comp insurance carries the following benefits.

Protect your business

The actual costs of accident-related medical expenses can sometimes be massive. Not many businesses can survive the financial burden of work-related injury costs. Luckily, when you carry workers’ comp insurance, you don’t have to settle employee’s medical bills out of pocket.

Some businesses may view workers’ comp insurance as a recurring expense, but the prevailing premium is far less than the medical treatment of an injured employee. As a matter of truth, one substantial work-related injury claim can culminate into hefty financial ruin to your business.

Protect your employees

Irrespective of how safety-conscious your working environment can be, accidents are imminent. Given the inescapable fact that injuries are never far off in the working premises, workers’ comp insurance safeguards your employees by reimbursing their medical costs and settling wage replacement benefits where applicable.

Possessing spectacular workers’ comp insurance is a prudent decision to safeguard employees and your business. If you are looking for magnificent workers’ comp insurance for your Orange Park, FL business, you can trust the First Florida Underwriters Inc. team to ensure your business is protected. Call us today and start your insurance journey with us.