Workers' compensation provides money and medical benefits to an employee who has an injury as a result of an accident, injury or occupational disease on-the-job. It is intended to benefit both the employee and the employer. The employee receives money and medical benefits and the employer receives immunity from court actions against them by the employee in exchange for accepting liability that is limited and determined. The question of negligence or fault is usually not at issue.
If an employer fails to obtain required coverage and an accident occurs, the injured employee may either file a lawsuit against the employer in civil court or file a claim against them in the state workers' compensation system. Monetary exposure to a suit in civil court can be extremely significant to the employer. Stop-work orders and fines can be levied in addition to injunction and assessments against the employer. Employers who try and circumvent the law may also expose their personal assets and other business assets as well.
Many different companies offer workers' compensation insurance. While rates are set by the state of Florida, different companies choose to write certain workers' comp. risks while avoiding others. Academy Insurance Agency has access to multiple companies to ensure that we can find a highly rated company to write your workers' compensation insurance.
Certain companies also will pay a dividend back to the employer at the end of the policy year. This dividend can be as high as 39% and is based on a variety of factors including the type of business, annual premium, number of claims, and the number of years with that company. Let Academy Insurance Agency help you navigate these sometimes confusing waters and make sure that you get insurance with the right company that best suits the needs of your business.