Commercial Insurance

Florida Worker’s Comp: Myths You’ve Most Definitely Heard

By March 13, 2018 No Comments

Everyone has heard of worker’s compensation, and because of how attractive it seems (from afar) for employees, there are of course, many myths that have been spread around via the telephone game. This misinformation can lead you to not being able to protect your business the way you want, making you vulnerable to getting pinned down hard when you need to use it.

  1. “It’s Far Too Expensive!”

One of the most common myths for worker’s compensation in Florida is that it’s extremely expensive, leading some businesses to not even do their research to see if they can afford it. They might think that paying this much is disastrous and not worth it because they “trust their employees”. Accidents don’t stop for trust! If your business doesn’t carry worker’s compensation, and there are requirements for your industry and job, you may be sitting on a hefty fine far more inconvenient than paying for it in the first place.

  1. “Only Big Businesses Need That!”

Just because your employees are part-time, or you run a small business, that doesn’t mean you shouldn’t get worker’s compensation within your facility. In Florida, your industry might require you to carry it, though, despite the lack of employees within your business.

  1. “The Job They’re Doing Isn’t Dangerous!”

An extremely common excuse is that an employee’s job isn’t dangerous, therefore the worker’s compensation protection isn’t needed; however, did you know that those who work in an office see twice as many injuries as those who work in non-office related settings?

  1. “My Employees Are My Family – They Won’t Go That Far!”

You can never truly trust someone, but it’s nice having that cushion of comfort that your employees would never sue; however, if they get hurt enough, their families could sue you, not them. Furthermore, your industry might require it within the state of Florida.

  1. “I’ll Just Pay for Employee Injuries Directly!”

Even if you have less than a handful of employees, the lack of employees means you’re not a large commercial business. Knowing this automatically means that if a lawsuit does hit, your business might not be able to take it, and may go under. Having this protection is more essential for small businesses than it is larger.

  1. “They’re Just Independent Contractors, Though – I Don’t Need Worker’s Comp!”

This is where a shady gray line comes into play. While that’s technically a true statement, just because you call them an independent contractor, doesn’t mean they actually are. If they fall under the IRS’ definition of an employee and get seriously injured, they could have an incredible case on their hands.

Something similar could be for subcontractors, but if they don’t provide worker’s compensation to the employees under them, you would take the hit, not the subcontractors.

  1. “Most Claims Are Fake, Though! I’m Safe.”

The University of Michigan recently found that less than 2% of claims are actually fake, and this has lead to thousands of businesses taking a huge hit for not being prepared and having worker’s compensation.

Now, just because your family friend who owns a business says you don’t need worker’s compensation, it might be nice to have a bit of comfort under your business, especially since you worked so far for it. Beyond this, your industry might require you to have it – despite what you wish.

Let us help you choose the right worker compensation insurance plan for your business.