States require workers compensation insurance but there have been reports that some businesses may have been skipping their payments in order to cut costs. As well as being possibly illegal, there are other very good reasons to keep your workers compensation insurance current and up to date.
A. Lawsuits – If an employee becomes injured and you don’t have workers comp insurance, you would have to cover the costs of a lawsuit and claims. These injury costs and legal fees obviously can get very expensive or cost your business everything.
B. Employment – most employees will not work for a company if they know or feel the business doesn’t have proper workers comp coverage.
C. Fines - if you don’t carry the proper coverage, you may face very costly fines.
D. Discontinue - you may also face business operations to shut down if you miss payments or don’t have the proper workers comp insurance coverage.
To get a free quote on your Florida workers comp insurance, or to just review your current coverage to make sure your business is completely compliant, just give us a call at Wells Insurance today.