Workers Compensation Insurance in Florida
Workers Compensation Insurance in Florida is a type of commercial insurance policy providing medical costs and wage replacement to employees who become injured or ill in the course of an employment activity, regardless of fault. Examples include injury caused by slipping on the oily surface, lifting heavy equipment, or damage due to fire or explosions. This form of workers compensation insurance in Florida protects your business from being sued by workers or employees for those high-risk conditions that can cause harm or injury.
How Does Workers Compensation Insurance in Florida Benefit Business Owners?
- Reduced medical costs
- Reduced disability costs
- Reduced premium costs and policy adjustments
Can Employees Sue An Employer For An Injury At Work?
The employee always has a right to sue his or her employer for any intentional or reckless act on the employer’s part or tort of negligence. If an employee gets success, he or she will need to be covered for a broad range of damages, such as medical benefits, lost income, mental anguish, sufferings, and pain. Such claims from employees can become quite expensive for a small business to manage keeping in mind exorbitant hospital rates in the US. Therefore, Workers Compensation Insurance in Florida is mandatory for all business owners in Florida and around the globe.
What does Workers Compensation Insurance policy in Florida Cover?
Injured workers will receive;
- Replacement income
- Medical benefits
- Permanent injury compensation
- Retraining cost
- Payment to survivors of employees killed on the job
Remember, If a worker collects compensation benefits, his or her right to file a suit against the company, will automatically end. Also, if your employer disputes over the worker’s insurance claim, you may step forward for legal help.
Is Workers’ Compensation Insurance in Florida Limited To Incidental Accidents?
No. It covers long-term or permanent injuries which have developed over time of performing some dangerous activity. For instance, a lower back problem due to some repetitious movements.
What does Workers Compensation Insurance in Florida Not Cover?
It doesn’t cover employees injuries that occur while not performing activities at work. Also, doesn’t cover situations where an employee violates the company’s policy and damage occurs outside office.
What Can An Employer Do To Reduce Workers Compensation Policy Premium in Florida?
- Risk management: Having a written safety policy can help to reduce your premiums.
- High deductibles: There is an inverse relationship between premiums and deductibles. Raise your deductibles to lower premium cost.
- Safety measures: Provide your employees with all necessary security precautions which are important during their employment activity.
Get Your Workers Compensation in Florida FREE Quote Now!
We not only offer cheap workers compensation policy in Florida, but our professionals insurance underwriters assist every business owner in reducing Workers Compensation in Florida premium costs by guiding them towards programs such as a drug-free workplace to avail good discounts.
We offer a wide range of Workers Compensation Insurance which includes, Business Owers Property Insurance, Commercial Insurance, Contractors Liability Insurance, Commercial Property Insurance, and General Liability Insurance.
We know that business owners are confused on when to purchase Workers Compensation Insurance and what Workers Compensation Insurance coverage is needed to cover themselves from injury to their employees. We have some excerpts from the Department of Financial Services below to help you figure it out.
Department of Financial Services:
- Construction Industry: An employer in the construction industry who employs one or more part or full-time employees must obtain workers’ compensation coverage. Sole proprietors, partners, and corporate officers are considered employees. In the construction industry only, members of a limited liability company are considered corporate officers. Corporate officers may elect to exempt themselves from the coverage requirements of Chapter 440, F.S. A construction industry contractor, who sub-contracts all or part of their work, must obtain proof of workers’ compensation coverage or a Certificate of Election to be Exempt from all sub-contractors, prior to work being done. If the sub-contractor is not covered or exempt, for purposes of workers’ compensation coverage, the sub-contractor’s employees shall become the employees of the contractor. The contractor will be responsible to pay any workers’ compensation benefits to the sub-contractor and its employees.
- Non-Construction Industry: An employer in the non-construction industry, who employs four or more part or full-time employees, must obtain workers’ compensation coverage. Corporate officers are considered employees, unless they elect to exempt themselves from the coverage requirements of Chapter 440, F.S. Sole proprietors and partners in the non-construction industry are not considered to be employees unless they elect to be employees.
We will provide these services to your company:
- Help in setting up premium savings programs such as safety and drug-free workplace to get additional credits to apply to receive additional discounts.
- Rapid response to your requests for Certificates of Liability Coverage; and now for even faster service.
Suggested Read (Source: injury.findlaw.com) : Workers Compensation in Florida Benefits Explained Further.