Workers' Compensation Insurance in Florida

Florida boasts the vibrant cities of Miami and Orlando, the serene beauty of the Everglades, pristine beaches, and world-famous attractions, such as Disney World and the Kennedy Space Center. It’s also home to a thriving community of over 3 million small businesses.

Navigating the complexities of worker's compensation insurance for your Florida business can be overwhelming. Understanding what coverage is necessary and finding the right provider can be challenging. We want to streamline this process for you. Whether you run a beachside café in Sarasota, a tech startup in Miami, or a construction company in Tampa, we can help you find the ideal workers' compensation insurance tailored to the unique needs of your business.

Who Needs Worker's Compensation Insurance in Florida?

Every state sets its own regulations. In Florida, the following must carry worker's compensation insurance:

Standard businesses with 4 or more regular employees
Agricultural business with 6 or more regular employees or 12+ seasonal employees working 30+ days
Construction companies with 1 employee
Employees of contractors and any subcontractors

This mandate applies to full-time and part-time workers.

Ensuring compliance with these requirements protects businesses from penalties and supports the welfare of their workforce.

Florida Worker's Compensation Insurance Requirements

Florida's worker's compensation laws are designed to protect employees and employers. Under these laws, the insurance provided by employers must cover:

Medical expenses
Lost wages
Death benefits in the event of a work-related injury or fatal accident

Employers must report injuries within 7 days of being notified by the injured worker.

Failure to provide workers' comp coverage can result in:

Severe penalties
Fines
Potential business closure

This system offers financial protection for employees and helps maintain a stable and productive workforce.

How Worker's Compensation Works in Florida

When an employee suffers a work-related injury, they must report it to their employer within 30 days. The employer then files a worker's compensation claim with their insurance provider. The insurance covers the injured worker's medical treatment — from emergency care to ongoing rehabilitation.

If the injury results in time off work, the employee may receive disability benefits to cover lost wages. These benefits can be temporary or permanent, depending on the severity of the injury. Worker's compensation premiums are determined by the:

Type of business
Business' claims history
Risk associated with the job roles within the company

The Importance of Worker's Compensation Insurance

Worker's compensation insurance helps maintain a safe and supportive work environment and ensures coverage of employees' financial and medical needs after a workplace injury. This coverage includes:

Payment for medical expenses
Rehabilitation costs
A portion of lost wages

Having workers' comp insurance helps employers manage the cost of workers' compensation claims and helps them avoid the financial strain that often occurs when workplace injuries happen. It also fosters trust and loyalty among employees, knowing their employer prioritizes their well-being.

Cost of Worker's Compensation Insurance

The cost of worker's compensation insurance varies widely. The factors that impact cost include the:

Type of industry
Location of the business
Number of employees
Insurance company chosen
Claims history
Deductibles and limits selected
Inherent risk of injury associated with the job

Annual premiums are typically calculated as a percentage per $100 of payroll. Companies could pay anywhere from 1%-15%, depending upon the industry.

High-risk industries, such as construction and manufacturing, typically have higher insurance premiums due to the increased likelihood of workplace injuries.

A company's claims history also plays a significant role in determining the premium the company must pay. Businesses with a history of frequent or severe claims may face higher costs. Because more money has been paid out to them in the past, they fall into a higher risk bracket, resulting in higher premiums.

Despite these costs, having worker's compensation insurance is a worthwhile investment. It's a cost-effective way to manage the financial risks associated with any workplace injury, no matter how small. It also guarantees your company's compliance with state laws.

If you need help with how to proceed, consider contacting one of our licensed insurance specialists to guide you through the process.

Get a Free Quote

Navigating the complexities of worker's compensation insurance can be challenging, but Tivly is here to help. As a marketplace that matches businesses with insurance providers, we simplify finding the right coverage for your needs.

By connecting you with top insurers, we help you compare options and get the best possible rates for your worker's comp coverage. Protect your business and your employees by having adequate worker's compensation insurance.