Breaking Down Workmans Comp Insurance For New Business Owners

Breaking Down Workmans Comp Insurance For New Business Owners

Securing insurance for your business can be a challenge for new owners. The complicated terminology combined with the number of coverages available can make it tough to find what you need. One of the key coverages that you’ll need to carry in order to protect yourself and your employees is workmans compensation. Here’s what you should know about Orlando workman’s comp insurance when searching for coverage for your business.

What is Workmans Comp Insurance?

Also known as workers’ compensation insurance, it’s coverage that protects your company and employees in case of a work-related injury or illness. Your policy will pay for your employees’ medical expenses, rehab expenses and lost wages while they’re out of work.

What are the Requirements for Workmans Comp?

The requirements for workmans comp vary from state to state. Some states require that you have coverage if you have at least one employee while others don’t make it a requirement until you have three or four full-time employees. According to Florida laws, businesses are required to carry workmans comp if they have four or more full- or part-time employees.

The exact coverages included in your policy can be worked out with your Orlando workmans comp insurance agent. They can ensure that you get the coverage that meets your business and regulatory needs.