Florida Workers’ Compensation Insurance Policy Providers + Quotes
The burden of procuring workers’ compensation insurance policies is greater in Florida than it is in other states because of strict laws that force most businesses to get this important type of insurance. Businesses in Florida are required by law to provide workers’ compensation for almost all employees. If a business employs more than a certain number of people, they are required to provide workers’ compensation insurance for all of them; the minimum threshold varies by industry.
Due to Florida’s stringent workers’ compensation laws, most businesses are required to get workers’ compensation insurance; failure to do so can result in severe penalties. The rates that businesses can expect to pay for their workers’ compensation insurance depend on the level of risk that a certain job carries as well as the number and severity of claims that a business has filed in the past.
Many businesses in Florida may feel daunted by the task of seeking workers’ compensation insurance for their employees due to both the price of coverage and the work that goes into comparing rates between companies. NPN Brokers makes the process of finding and buying workers’ compensation insurance easy. Get in touch with NPN Brokers at (561) 990-3022 to learn more about how you can get a workers’ compensation policy quote for your business in Florida.
How Much Does a Workers’ Compensation Policy Cost?
The prices of workers’ compensation policies are determined by the level of risk associated with each job and the number of past claims that a business has filed. Therefore, businesses that do riskier work can expect to pay more for their workers’ compensation policies.
Getting a Quote for a Workers’ Compensation Policy in Florida
To get a quote on a workers’ compensation policy for your business in Florida, go to the NPN Brokers website and enter some basic information about your business, your employees, and yourself. You’ll be asked simple questions about the number of years that your company has been in business, when you need coverage to start, the type of company you have, and the number of people that you employ.
After submitting your information to NPN Brokers, you can expect a quote within minutes; if you are interested in acquiring coverage based on that quote, you can secure it within 24 to 48 hours. NPN Brokers only works with insurance carriers that require no contract, deposit, or audit from policy buyers. Policy buyers are able to pay as they go, which affords maximum flexibility.
For businesses that are considered to be high risk, finding insurance carriers that will offer workers’ compensation insurance at an affordable rate can be difficult. (High risk businesses are those that have made prior workers’ compensation claims, have been operating for 3 years or less, or are in an industry that has a high risk of injury.) NPN Brokers prides itself on its relationship with insurance companies that offer workers’ compensation policies to high-risk businesses and welcomes them to seek insurance either online or by calling NPN’s offices.
It’s easy to get a quote on a workers’ compensation policy if you visit the NPN Brokers website and provide some facts about your business, the industry you work in, your employees, and yourself. After submitting this information, you can expect a quote within several minutes. If you are interested in securing coverage at the quoted price, you can have it in place in under 48 hours. Buyers of workers’ compensation policies through NPN are not required to sign contracts, make deposits, or endure audits to get their policies. Policy buyers can also make payments on a flexible schedule.
What is Covered in a Workers’ Compensation Insurance Policy
Workers’ compensation insurance is important for both employees and employers to have. It protects employers from being sued if an employee is injured while on the job, and it is important for employees because it ensures that they will be compensated for any injuries that happen while they are working.
When an employee is injured while on the job, they can receive compensation that covers any costs related to their injury. These costs may include lost wages due to an inability to work or expenses related to medical treatment and physical rehabilitation; if an employee dies while they are on the job, their family is entitled to death benefits through workers’ compensation insurance as well.
Certain conditions, it should be noted, keep an employee from receiving workers’ compensation benefits. If the injury they sustained was intentionally self-inflicted, if the employees was intoxicated or on drugs while the injury occurred, or if the employee refused to observe rules regarding safety and the proper use of equipment, then they will not be able to receive workers’ compensation benefits, nor are they able to sue their employer for negligence.
Why Your Florida Business Needs Workers’ Compensation Insurance
Almost every employer in the State of Florida is required to provide workers’ compensation insurance for their employees. The employees that are counted include business owners, corporate officers, and members of a limited liability company, as well as general contractors and subcontractors.
Businesses in the agricultural industry that employ more than six regular employees or 12 seasonal employees must have workers’ compensation insurance. Businesses in the construction industry or a construction-related field must have workers’ comp insurance if they have more than one employee, even if that employee is a subcontractor. To qualify as a seasonal worker, an employee must work more than 30 days in one season but no more than 35 days in one calendar year.
The requirements for workers’ compensation insurance are also different for businesses in the construction industry and construction-related fields; in fact, the regulations for this industry are relatively strict. All construction and construction-related businesses must provide workers’ compensation policies if they have at least one employee. Construction-related businesses are those that are similar to construction; there are 83 different types that qualify. Speak to a broker or consult the Florida Administrative Code to learn more about whether your business is considered to be a construction-related business.
Requirements for Workers’ Compensation Insurance in Florida
With very few exceptions, every employer in Florida is required to maintain a workers’ compensation insurance policy. The guidelines for the exact requirements are laid out on the state’s Department of Workers’ Compensation:
- Businesses in the construction industry must have a workers’ comp policy if they have one or more employees
- Businesses in the agricultural industry must offer workers’ compensation if they have six or more regular employees and/or 12 seasonal employees; to qualify for the “seasonal” designation under the law, an employee must work at least 30 days in a season but no more than 45 days in a calendar year
- All other businesses must offer workers’ comp if they employ four or more people
The rules governing who constitutes an employee usually include owners who operate as corporate officer and members of a limited liability company; knowing exactly how you are classified under this system will help you to stay in compliance with Florida regulations.
Penalties for Failing to Get Workers’ Compensation Insurance in Florida
Although it may seem tempting to try and dodge Florida’s workers’ compensation regulations, the penalties for failure to comply can be steep, and state investigators are empowered to conduct on-site inspections. If you are caught without a policy, direct financial consequences can include a fine of double the amount your company would have paid in premiums over the last two years, or a minimum fine of $1,000. Depending on whether any other misconduct took place – falsifying a statement, for example, or firing an employee for filing a workers’ compensation claim – additional fines and fees could be assessed worth many thousands more.
The state is also likely to impose a stop-work order if they find you in violation of insurance requirements. Simply put, this type of order prevents you from operating your business until you have paid all penalties and obtained workers’ compensation coverage. Ignoring the order is not recommended; the fine for this is $1,000 for each day you operate in violation of the order.
One of the most drastic consequences for failing to get workers’ compensation insurance is the loss of the right to conduct business in Florida. Companies without workers’ compensation insurance may be issued a stop-work order, which will require them to cease all business operations until they come into compliance with Florida insurance codes.
Businesses may also face civil actions or criminal charges for failing to report injuries, trying to ensure that a worker’s claim is denied, threatening to fire or intimidate employees as retaliation for filing claims, deducting the cost of workers’ compensation insurance from employees’ paychecks, or trying to pass off an employee as an independent contractor.
Following a work-stop order comes with its own set of drawbacks, of course. The loss of profits will obviously hurt your bottom line, and the damage to your reputation can be substantial. Several related offenses can even result in felony charges, which could lead to jail time:
- Making a false statement to obtain coverage or lower your premiums
- Failing to report a workplace injury to your insurance company
- Firing or threatening to fire an employee for filing a workers’ compensation claim
- Taking money from employees’ pay to cover workers’ comp premiums
- Fraudulently claiming that an employee is an independent contractor
If the monetary value of your violation is less than $20,000, it may be considered a third-degree felony; if the value is between $20,000 and $100,000, it may be a second-degree felony; and if the violation is valued at more than $100,000, it could constitute a first-degree felony.
Finding a Workers’ Comp Policy That Fits Your Needs
In the face of all the possible costs and consequences, the takeaway is simple: if the law says you should have a workers’ compensation insurance policy, the cheapest and least stressful option is usually to just find a policy. Unfortunately, this is sometimes easier said than done. The straightforward option is just to reach out to an insurance agency or company and request a quote, but those working in more dangerous industries and those without an established record of paying premiums may not be able to find a favorable quote.
Professional employer organizations, or PEOs, can offer relief to companies who need coverage as soon as possible. The PEO will assume responsibility for certain administrative tasks – namely, payroll and human resources – and extend their workers’ compensation policy to your employees. This can bring provide the coverage your business needs at a price you can afford.
Get in Touch with NPN Brokers to Receive a Policy Quote Today
NPN Brokers is eager to help Florida businesses across all industries get workers’ compensation insurance for their employees. By providing some basic information about your business and employees at the NPN website, you can get a quote right away. Call (561) 990-3022 today for more information about getting a workers’ compensation insurance policy for your Florida business as soon as possible.
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