Workers’ compensation is a type of insurance that protects not only your business from financial loss, but it is also required by law in most states if you have employees. How much workers’ compensation in Maitland, FL, you will need depends on a number of factors, including state law and your industry. Professional insurance agencies will be able to help you determine how much you need, but here are some factors to consider.
What Does the State Require?
Texas is the only state that doesn’t mandate that companies provide workers’ compensation for their employees. State laws further require that your workers’ compensation policies be regularly audited to ensure you are paying an appropriate amount for the risk your workers face on the job.
What is the Age of Your Workforce?
The propensity for injury increases with age. Older workers tend to have a harder time proving that their injuries or illnesses happened on the job, given their higher occurrence of pre-existing conditions. It is essential to make sure your employees are educated about their rights and what they are entitled to.
What Risks Do Your Workers Face?
Many factors affect how much workers’ compensation coverage a business owner will need and how much it will cost, including the job risks workers face. With higher levels of risk comes the need for high levels of coverage. These risk factors will determine the cost of your workers’ comp insurance.