If you're a law-abiding employer with a business in Florida, you should be aware that workers compensation insurance is required for specific establishments and number of employees. Having the right compensation insurance added to your employees' benefits enhances motivation and work relationships, notes an expert from Gracey-Backer, Inc. Here are three general groups of documents that you should always have on hand when applying for the first time.
Business Identification – First of all, you should prove that your business is legitimate. For those who are part of the state, you would need to prove that your company is Florida-based. Meanwhile, for those who are from another locality, you need to prove that you're allowed to do business in Florida. Also, for the knowledge of the insurance company and to help it categorize your business correctly, you should give a detailed description of the nature of your business and the other pertinent company-related information.
Employee Records – Next, you should be able to give an account of how many workers you have and give proof that they are indeed working for you. If you're applying for Florida workers compensation insurances, having such documents on hand helps determine if your company and employees are actually eligible for insurance. Meanwhile, if you're being audited, these documents will be used to determine the correct premiums.
Payment Reports – Since you're dealing with financial details that involve your workers, you should always have your payroll records ready. Like the aforementioned information and documentation required for processing your Florida workers compensation insurance, salary reports also help the insurance company determine your premiums. Also, submitting records of payments to subcontractors and temporary employees are also included in your submissions can assist in expediting your filing.
Having the above documents on hand at any given time reduces the hassle on both your filing and the insurance company's processing. Besides, having these vital records helps you stay on the right side of the law also keeps your business and your workers' jobs secure. After all, in business, it always pays to have everything ready.
