It can seem scary stepping into the world of workers compensation but you need not fear! It seems like most laws add complication to our lives and businesses but a recently passed law allows a change to workers compensation applications that actually makes the process much easier for you. Here is what you should know.
There is a long and speckled past with laws involving injured workers, with support for both the company's and individual's rights dating back nearly 100 years. In reality though, that conflict has probably existed in every generation. I'm not going to go into that, but it has resulted in the system we have now so that's what we have to deal with.
Workers compensation insurance policies follow the local laws of the states in which they apply. Private insurance companies offer this type of insurance in all but 4 states, who have their own monopolistic programs through state-run companies instead. There is little variation in the wording of these policies across insurance companies but there can be territorial restrictions so be sure to tell your agent if you plan on traveling out of the state for work. If you have even a single employee, it's probably a good idea to have this insurance.
Effective July 1, Florida made an improvement this year in the law that removes the notarized signature requirement on the application for workers compensation insurance. This is a big win for you and an extra level of trust in your insurance agent. It means applications can be signed electronically and you don’t have to physically come into the office to complete it. I'm in favor of anything that makes your life easier and give you time to grow your own business.
The advantage of a local insurance agent is you CAN walk into the office if you still want to, and with something as important as work comp I would still recommend meeting face-to-face with an insurance agent. That's why we opened an office in Destin after all and I went through all the trouble of becoming a notary myself.
I hope the change doesn't make insurance agents or business owners more cavalier in writing workers compensation policies because it is still a very serious coverage with strict compliance penalties. Norton Insurance remains committed to setting up these policies to properly cover your business and has over 30 years experience in business insurance. If you would like to learn more about workers comp for your business, whether you are a new business or a seasoned work comp pro, give us a call to see if there is a better insurance package we can offer. We would love to work with you!