Key Facts on Workers Compensation for Florida Business Owners
There are many misconceptions about workers compensation, which you may also hear called workman’s or workmen’s compensation. Many employers worry about fraud, for example.
Luckily, only a very tiny fraction of cases related to workplace injury are fraudulent.
Most of the time, employees are even more upset to be on compensation than employers are to lose their services. This is especially true in Florida, where workers are not protected by laws requiring an employer to make their job available to them once they can return.
Let’s look at some essentials all business leaders should know about:
1. There Are Limits On Benefits
Benefits help protect a worker’s financial well-being while he or she recovers and/or seeks treatment after a workplace injury. Benefits do not completely replace wages for all workers, however: They are capped according to the Florida Maximum Compensation Rate Table. That is, weekly benefits can be no greater than the “Maximum” figure specified.
2. Employers Must Be Cooperative
Although benefits can be denied, employers cannot take steps intended to make it more difficult for employees to file a claim. It’s to your advantage to ensure that there is a clear, straightforward process for reporting an injury. Prospective beneficiaries are required to make their initial report of an injury within 30 days of the accident or awareness of the injury.
3. Not All Injuries Qualify
To qualify for compensation, an employee must sustain an injury while performing in the regular course of his or her duties for an employer. There are some significant exceptions: For example, an injury suffered while someone is under the influence of alcohol or illicit substances is usually not covered by workers compensation insurance.
4. Those That Do Qualify May Be Unexpected
Covered injuries include those that someone sustains while working from home, as long as they are performing their usual duties. Likewise, employees can seek compensation for injuries that are unusual or develop over a long period of time. As long as it is work-related, for example, it is possible to seek compensation for a repetitive stress injury like Carpal Tunnel Syndrome.
5. Different Workplaces Face Different Risks
In worst case scenarios, benefits may be collected for up to 104 weeks – that is, two years. Psychiatric claims are also covered and can entail significant costs. Because every workplace is different, workers compensation insurance plans should be tailored to a workforce’s needs. Oversights can be costly to you, your employees, and the reputation of your business.
As part of the covenant between you and your employees, state law mandates certain types of coverage. With expert help from Flagler Financial, you can optimize your policy and reduce costs on workers compensation, employee health insurance, and much more. For personalized advice, contact us today.
