Tampa Workers’ Compensation Insurance Policy Providers

To avoid being penalized for not having the proper Workers’ Compensation in Tampa, companies can get workplace liability insurance from established policy providers in the area.

Finding a Workers’ Compensation policy from a provider is necessary for most companies in Tampa. Not all Workers’ Compensation carriers operate in the same way, meaning partnering with our brokers to find coverage is often beneficial for employers. If you do not secure a policy when mandated, your company might be seriously penalized by the Division of Workers’ Compensation. Consequences often include fines and, sometimes, jail time for employers. Although having insurance is vital, it does not need to be overly expensive. Even if your company is risky to insure, you can still get affordable Workers’ Compensation in Tampa.

For help finding coverage for your business from NPN Brokers, call our Tampa Workers’ Compensation insurance brokers now at (561) 990-3022.

How to Find a Workers’ Compensation Coverage Policy Provider in Tampa

Getting an insurance policy through a private policy provider requires contacts and experience. Employers can get help with their efforts by partnering with our Workers’ Compensation insurance brokers.

Not all Workers’ Compensation carriers put the same effort and care into policies for businesses in Tampa. Some require costly audits, contracts, and deposits that are both expensive and time-consuming. Over the years, our brokers have built relationships with carriers that offer transparent coverage tailored to each company’s specific needs and limitations.

To start the process of finding a policy for your company, our brokers will request that you send certain information. Pertinent information includes details about your business’s payroll, employee responsibilities, and any prior Workers’ Compensation claims.

In Tampa, financially secure companies can elect to self-insure for Workers’ Compensation. This can pose certain risks, such as being financially liable for any damages a worker incurs due to an on-the-job injury. While Florida has a state fund for Workers’ Compensation, which is exclusive to high-risk companies, getting coverage that way may not be the best option. Even high-risk companies can get affordable Workers’ Compensation when they go to the right sources in Tampa. Finding coverage can take time, especially when reviewing policies. Employers generally must have an active policy at all times to avoid fines for non-compliance.

Why You Need a Workers’ Compensation Coverage Policy Provider in Tampa

Nearly all companies must have Workers’ Compensation in Tampa. If your company does not comply with workplace liability insurance mandates, it could be heavily penalized.

Under Florida law, any non-construction company with four or more employees must have insurance. All construction companies that employ at least one worker need Workers’ Compensation. Agricultural companies must have coverage if they employ six or more regular workers or 12 or more seasonal workers. Sole proprietors and independent contractors are exempt from needing Workers’ Compensation in Tampa. There are additional Workers’ Compensation exemptions for LLC members and corporate officers in Florida.

If you do not have Workers’ Compensation from a policy provider when required, fines will be imposed by the Division of Workers’ Compensation. Fines in Tampa generally equate to double the amount a company should have paid in Workers’ Compensation premiums for any time it was without coverage during the preceding two-year period. Furthermore, companies found to be non-compliant can be faced with stop-work orders and working-in-violation orders. Such orders can indicate an elevated risk and make it more challenging for employers to get coverage from a provider without help from our brokers. Because not having Workers’ Compensation is against the law in many situations, employers that do not adhere to coverage requirements can also face jail time in Tampa.

When employers do not have coverage through a private insurance carrier, do not self-insure, or do not have a policy through the state fund, they can be sued by employees that are hurt on the job. Companies that comply with coverage requirements are immune from civil action from employees in Tampa.

Your company’s Workers’ Compensation policy must cover all necessary workers. If you misclassify employees, whether intentionally or unintentionally, you might be financially penalized by the Division of Workers’ Compensation.

Getting Insurance Quotes from Workers’ Compensation Policy Providers in Tampa

Although there is guidance for workplace liability policy providers when pricing insurance plans, quotes can differ from carrier to carrier. That is why it is important for employers to learn how to evaluate Workers’ Compensation quotes.

In Tampa, insurance carriers use guidance from the National Council on Compensation Insurance (NCCI) as a baseline when assessing policy costs for different businesses. Rates from the NCCI are applied to a company’s payroll. Then, other risk factors are assessed. Factors that help carriers assess the risk of insuring a company include the company’s age, industry, and history of claims.

If you get a quote from a policy provider that appears high, and the provider cannot explain the reason for the elevated cost, the plan might be unnecessarily expensive. To avoid agreeing to a policy that is too costly, consult our brokers. Together, we can evaluate your company’s risk factors and explain what Workers’ Compensation should cost for your business.

Our experienced brokers can source quotes for businesses in immediate need of coverage within a day. For example, suppose your previous policy was canceled, or you need insurance to begin operations according to schedule. In that case, our brokers can find your company a quote as soon as possible in Tampa. Employers can then ensure their companies comply with Florida Workers’ Compensation requirements so that they are not fined or otherwise penalized.

Premiums can change over the years as risk factors change. For example, a company’s premiums might increase if there were several expensive workplace accidents over the past year.

Call Our Tampa Brokers to Get Workers’ Comp Today

By calling (561) 990-3022, you can learn how the Workers’ Compensation insurance brokers at NPN Brokers can help your company find coverage.