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How Much Workers’ Compensation Coverage Does Your Business Need?

As a business owner, you are responsible for the wellbeing of your workforce. Part of this responsibility includes having workers’ compensation to cover any medical bills or lost wages your employees incur due to job-related injuries. So, how much workers’ compensation insurance in Maitland, FL, does your business need?

The answer to this question depends on the nature of your business and the size of your workforce. In the State of Florida, having a workers’ comp policy is mandatory for construction companies of any size, non-construction companies of more than 4 employees, and agricultural companies of 6 regular workers or 12 seasonal workers. In addition, contractors are required to make sure that any sub-contractors have the necessary workers’ comp before beginning work.

The age of your workers and risk factors of the job will also come into consideration when calculating your workers’ compensation coverage. In Florida, the average amount on workers’ comp that employers pay comes out to $1.43 per $100 covered in payroll. Your actual payment may be more or less depending on the specifics of your business. To get a better idea of how much workers’ compensation insurance is right for you, consult with Mike Elliott Insurance Agency, Inc.