What to know about Workers’ Compensation Insurance

in Florida

Facts about Workers’ Compensation Insurance in Florida

In Florida, construction companies with at least one employee and all other businesses with at least four employees are required to carry workers’ compensation insurance. This insurance is designed to cover injuries and illnesses as well as necessary time off if your employees are hurt while doing their jobs. This coverage can prove extremely important, as workplace injuries are more common than one might think.

More Florida workers compensation insurance facts

  • FL workers average 245,300 work-related injuries per year.
  • About 118,600 injuries require time off or work restrictions.
  • An average of 237 FL workers suffer fatal injuries each year.
  • Most on-the-job fatalities are due to transportation incidents.

Cost of Workers’ Compensation Insurance in Florida

In Florida, workers’ compensation rates are about 2% lower than the national average. The cost for coverage is based on the types of jobs your employees do. Florida is the only state that requires all insurance providers to use the same rate structure, which is established by the state according to recommendations by the NCCI.  Therefore,  there is little variance in cost between carriers. The only differences will be due to offered discounts, drug and safety discounts, and experience modifiers. 

Florida Workers' Compensation (per $50,000 in payroll)

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  • Independent agents are not tied to a single insurance provider
  • Local insurance agents have close ties to your community
  • Your agent can make shopping for the best rate simple and stress-free

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What Does Your Workers’ Compensation Insurance Policy Cover?

Workers’ compensation provides employees with a safety net so that workplace injuries do not cause them large financial losses. It also shields employers from facing potential lawsuits related to these injuries. Policy holders can expect their workers’ comp insurance to provide the following coverage:

  1. Medical care for injuries: If your employees are injured on the job, they can get treatment in an emergency room or from an approved physician. A cook at a restaurant is severely burned while trying to put out an accidental grease fire.
  2. Medical care for job-related illnesses: If your employees become ill due to exposure to toxic substances on the job, they can get the necessary medical treatment. An employee at a resort becomes ill after mistakenly mixing bleach with ammonia.
  3. Follow-up care: Most workplace injuries and illnesses are resolved quickly on their own. More serious injuries may require extensive follow-up treatment like physical therapy. A utility worker suffers a serious head injury after a fall.
  4. Compensation for lost wages: If your employees must take time off to recuperate from a workplace injury or illness, your workers' compensation insurance can cover the cost for you to continue to pay their regular salary or wages.
  5. Payment for workplace fatalities: Unfortunately, injuries suffered on the job are sometimes fatal. If this happens, your workers’ compensation policy can provide the employee’s beneficiaries a one-time death benefit to help ease the burden.

Top Insurance Companies that Support Independent Agents in Florida

There are currently 1,583 independent insurance agents in Florida who are ready to help with all your insurance-related needs. These agents are familiar with workers’ compensation and other business insurance policies. Because they do not work for one specific insurance company, they can shop around to find you the best workers' compensation policy to cover businesses in your industry.

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Why Go Independent when Looking for Workers' Compensation Insurance

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  • We Know Your Industry

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