As most employers know, Florida workers’ comp is an insurance coverage that allows your business to take responsibility for occupational injuries. This type of insurance policy pays for your employee’s medical bills, wages and legal expenses, in case of a suit. Most state laws require workers’ compensation. In Florida, in some cases, it is mandatory.
Charges Without Workers’ Comp Insurance
Even if you live in a state where workers’ compensation is optional, you’re still at risk. As an employer, you are the liable party. If you forego Florida workers’ comp and you are not exempt from purchasing it, then you can be in serious trouble. If you are exempt, there are still problems that arise.
For instance, you may still suffer the following:
- Payment for medical bills out of pocket
- Pay your own legal fees
If you didn’t insure your business when you should have, you may have to:
- Pay a fine
- Face charges
- Face jail time
It’s more cost-effective to have workers’ comp insurance than it is to go without.
At the end of the day, Florida workers’ comp protects your employees. Likewise, it protects you from any fines or lawsuits. The insurance makes sure that you don’t have to pay extra out of pocket fees.