Miami Personal Injury Attorney Blog
When you are injured at work and your employer tells you that they do not have workers’ compensation Insurance because they are self-insured, it might be concerning. You may be wondering what having a self-insured business means if you have been injured o become ill at work for your workers’ compensation claim.
In Florida, it is required to have workers’ compensation insurance if the company has four or more employees. The insurance company will pay workers compensation benefits when the company has an injured employee. However, a company can also insure themselves if that’s what they wish. This means that if an employee gets injured the business will have to cover all the expenses instead of an insurance company.
A business usually chooses to self-insure their liability of workers’ compensation because they save money on paying third party companies and because they have more control over the workers’ compensation claims in which they would grant or deny them. An employer must go through an application procedure and achieve certain financial conditions to lawfully run a self-insured workers compensation program.