Workers Comp

Posted by Florida Resource Management on February 7, 2023

Workers’ compensation can be one the most contentious issues in the American workplace, but only if you’re not prepared. If you run a business, whether big or small, you need at least some coverage for workers’ comp, or there’s a risk of incurring heavy expenses. Let’s review the best reasons to have coverage for your company and offer our comprehensive services for this matter.

workers' comp florida

Reasons to Have Workers Comp Coverage

  • It’s the Law in Most Places
    • In many jurisdictions, employers are legally required to carry workers’ comp insurance once they have at least two employees. Florida law requires most employers to have coverage as well. Fortunately, there are plenty of options and support with this, and we’re more than happy to help you make the best decisions.
  • Make the Hiring Process Smoother
    • Are you struggling to attract solid candidates to work for your company? Well, one way to incentivize more applicants is to mention workers’ comp coverage in job advertisements. While this wouldn’t mean that you intend for there to be workplace accidents, prospective employees will appreciate that your business manages safety and takes these matters seriously.
  • Qualify for Business Loans
    • Another difficult hurdle for many small businesses involves obtaining credit before they develop sustainable cash flow. It’s just the simple truth that traditional lenders are strict with who they offer loans. One way to improve your qualifications is to carry workers’ comp coverage. It shows lenders that you ARE a reputable business, and that you have contingencies for managing expensive risks (like workplace injuries).
  • Shield Your Business from Lawsuits
    • Since there are enough reasons to incur a lawsuit these days, you owe it to yourself to mitigate the chances wherever possible. Employees can sue employers if there isn’t a workers’ compensation program in place. This goes a long way in protecting your business’s financial health.
  • Tax Benefits
    • Did you know you can claim workers’ comp payments as tax deductible? This is yet another reason businesses benefit from these policies as much as employees. It always helps when you can write off legitimate business expenses like these to receive tax credits.

Manage Workers Comp Better with Florida Resource Management

If you’d like to get ahead of the power curve and minimize accident-related expenses, then we’ll show you how to implement effective workers comp management. Don’t forget that we specialize in all aspects of HR administration, including several ways to reduce workers’ compensation fraud.

Florida Resource Management offers reliable HR solutions, accounting services, and workers’ compensation assistance to small/medium-sized businesses in the Sunshine State. If you’d like to excel in these areas, without enlarging your staff, then we’re here to assist. Call us anytime to learn more about this at 941-343-6160.

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