In Florida, construction companies with at least one employee and all other businesses with at least four employees are required to carry workers’ compensation insurance. This insurance is designed to cover injuries and illnesses as well as necessary time off if your employees are hurt while doing their jobs. This coverage can prove extremely important, as workplace injuries are more common than one might think.
In Florida, workers’ compensation rates are about 2% lower than the national average. The cost for coverage is based on the types of jobs your employees do. Florida is the only state that requires all insurance providers to use the same rate structure, which is established by the state according to recommendations by the NCCI. Therefore, there is little variance in cost between carriers. The only differences will be due to offered discounts, drug and safety discounts, and experience modifiers.
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Workers’ compensation provides employees with a safety net so that workplace injuries do not cause them large financial losses. It also shields employers from facing potential lawsuits related to these injuries. Policy holders can expect their workers’ comp insurance to provide the following coverage:
There are currently 1,583 independent insurance agents in Florida who are ready to help with all your insurance-related needs. These agents are familiar with workers’ compensation and other business insurance policies. Because they do not work for one specific insurance company, they can shop around to find you the best workers' compensation policy to cover businesses in your industry.