Fort Lauderdale Workers’ Compensation Insurance Policy Providers

Workers’ Compensation often benefits employers most when it is sought from private insurance carriers in Fort Lauderdale.

Workers’ Compensation policy carriers in Fort Lauderdale pay benefits to workers who become hurt on the job. Such benefits include compensation for an employee’s medical expenses and lost wages. Workers’ Compensation also pays death benefits to survivors of deceased employees. Notably, Workers’ Compensation does not cover benefits for pain and suffering. If employers do not have Workers’ Compensation in Fort Lauderdale, they may have to pay such damages to an employee in a work injury lawsuit. While employers might be eligible to self-insure or get coverage from the state fund in Florida, doing so might not provide the same protections as getting a policy from a private insurance policy provider.

To have our Fort Lauderdale Workers’ Compensation insurance brokers get an insurance quote for your company, call NPN Brokers now at (561) 990-3022.

Benefits Paid by Workers’ Compensation Policy Providers in Fort Lauderdale

Companies that get Workers’ Compensation policies from insurance providers do not have to cover expenses caused by a workplace injury in Fort Lauderdale. Your policy provider will pay the appropriate benefits to a hurt worker, provided they have filed a valid claim.

Medical Benefits

Medical benefits cover the medical expenses incurred by an employee following a workplace accident in Fort Lauderdale. For a Workers’ Compensation provider to cover these expenses, the worker must get medical care from approved medical professionals. Medical benefits provide compensation for all necessary treatment, including prescription medications, surgeries, physical therapy, and other care. Medical benefits can be paid for as long as a worker requires treatment for their work-related injury or illness in Fort Lauderdale.

Lost-Wage Benefits

The lost-wage benefits a worker receives from an insurance carrier will depend on the severity of their injuries. For temporary total disability cases, Workers’ Compensation policy providers generally pay two-thirds of an employee’s regular wages at the time of injury for up to 104 weeks. Workers can also receive temporary partial disability benefits if they are able to return to work with restrictions. Workers’ Compensation carriers also pay permanent total disability benefits to employees who can never work again following a workplace accident in Fort Lauderdale.

Death Benefits

If an employee dies as a result of injuries sustained at work, their survivors can recover death benefits from an employer’s Workers’ Compensation carrier. Death benefits include up to $7,500 for funeral expenses are, with a total limit of $150,000.

Benefits Not Paid by Workers’ Compensation Policy Providers in Fort Lauderdale

Certain damages, such as non-economic damages, are not compensable via Workers’ Compensation claims in Fort Lauderdale. If an employer does not have coverage from a policy provider and an employee is hurt at work, the employer might be liable for additional losses.

Workers’ Compensation does not provide benefits for pain and suffering. Employee claims are limited to compensation for economic damages. This reduces the amount employees can recover via Workers’ Compensation claims and the amount that carriers have to pay. However, if a company does not follow insurance requirements in Fort Lauderdale, an injured employee can sue them for a workplace injury. This is not possible when Workers’ Compensation is available.

In a workplace accident lawsuit, an employee will be eligible to recover economic and non-economic damages. This means that an employer can be held liable for all damages incurred by an employee. Depending on the severity of an injury and its impact on an employee’s life, an employer might face considerable financial hardship if they do not have Workers’ Compensation. There is no cap on recovery of non-economic damages for personal injury lawsuits.

Alternatives to Getting Workers’ Compensation Insurance from a Policy Provider in Fort Lauderdale

As an employer, it is understandable that you want to know your options regarding Workers’ Compensation. In addition to getting insurance from a private carrier, companies might be able to self-insure or obtain coverage from the Florida Workers’ Compensation Joint Underwriting Association (FWCJUA). Just because you can take these routes does not mean you necessarily should.

Self-Insuring

Not all companies are eligible to self-insure for Workers’ Compensation in Fort Lauderdale. To apply for approval, employers must submit payroll reports, statistical reports, financial statements, and actuarial reports, among other information. Submitting this information to the Division of Workers’ Compensation is done so that the agency can confirm that your company is financially stable enough to handle the costs of workplace accidents and injuries, should they arise. By self-insuring, you will be responsible for handling and processing Workers’ Compensation claims yourself. Alternatively, when you obtain coverage through our Workers’ Compensation insurance brokers, your carrier will deal with employee claims and pay them out as necessary. Self-insuring can put your company at risk of financial hardship and possibly lead to bankruptcy. Furthermore, you could be fined if you do not follow the necessary procedures as a company that self-insures for Workers’ Compensation in Fort Lauderdale.

Florida Workers’ Compensation Joint Underwriting Association

If a company has been denied Workers’ Compensation by non-affiliated private carriers multiple times in the past, it can get coverage from the Florida Workers’ Compensation Joint Underwriting Association. Because this is often reserved for high-risk businesses, coverage from the FWCJUA might be more expensive. Since you will be getting coverage from a state fund instead of a private carrier, there may be little room for negotiation when determining insurance premiums. Your company might also be subject to costly audits, deposits, and contracts. This is avoidable when you work with our brokers to find coverage in Fort Lauderdale. There are many carriers that offer affordable Workers’ Compensation policies to all types of companies, even those that are considered high-risk.

Call Our Fort Lauderdale Brokers to Get a Workers’ Comp Policy

Contact our Workers’ Compensation insurance brokers at (561) 990-3022 to find coverage from NPN Brokers today.