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workers comp

Workers Comp Insurance

In the state of Florida, many businesses are required to carry workers compensation coverage. Even businesses who are not under a statutory requirement to carry it can be held liable for injuries to their employees.

Workers compensation coverage provides coverage to employees who become ill or are injured because of their work. Depending on the amount of time out of work and the severity of the injury or illness, injured employees may receive compensation for time out of work and medical treatment.

If an employee is injured on the job and the employer does not carry workers compensation coverage, the employer may be held liable for compensating the employee for their injuries.

Controlling Work Comp Costs

Workers compensation coverage can be very costly for some businesses. The number of claims, the length of time claims are paid, and the severity of claims all affect the cost of the policy. It is important that employers are proactive and have a plan in case an employee is injured.

Businesses can take important steps to control their workers compensation costs. Erb and Young provides several types of no cost workers comp support for our clients.

  • Manage your mod- Erb and Young can help make sure the insurer is using the most up to date information when determining rates. The “Mod” is a factor insurers use to calculate premiums. It is based on the frequency and severity of previous claims.
  • Timely reporting of injuries- The first step an employer should take to reduce costs is designating a person responsible for managing workers compensation related issues. Reporting injuries in a timely fashion can greatly reduce the severity of claims. Having a designated person and a plan in place can greatly reduce the severity of claims
  • Return to work programs- All employers should have a return to work program for injured employees. In general, more employees keep their jobs, and work comp costs are kept down when injured employees can return to work with modified duties until they able to fully perform their job. Erb and Young can help employers draft and implement a return to work program for their business.
  • Workplace Safety-  Reducing the number of claims reduces costs. Employees should receive necessary safety training for their job functions and tasks to reduce the occurrence of injury. Erb and Young can provide employers with industry specific safety related materials to help a business implement a safety training program.