Do New Home Construction Companies Need Workers’ Comp Insurance in FL?
If you’re starting a new home construction company in Florida, you should learn how Workers’ Compensation laws affect you. Generally speaking, you’re going to need Workers’ Compensation insurance if your company is in the construction industry.
In Florida, all construction businesses, including new home construction companies, must purchase Workers’ Compensation insurance. Mandatory coverage is crucial for construction companies, which are more likely to experience work-related injuries than businesses in other industries. Because insurance is required, coverage can get costly fast. The more workers you employ and the more injuries that occur, the more expensive insurance can become. Instead of spending all your time trying to find affordable Workers’ Compensation insurance for your new home construction business, leave that task to an experienced Florida broker.
Our team of skilled brokers is here to help new home construction companies throughout Florida find the coverage they need. To learn more about the Florida Workers’ Compensation insurance brokers at NPN Brokers, call today at (866) 340-9120.
Is Workers’ Comp Insurance Mandatory for New Home Construction Companies in FL?
You must get Workers’ Compensation insurance if you own a new home construction company in Florida. Since construction is considered a high-risk industry, all Florida construction companies need Workers’ Compensation coverage, regardless of how many workers they employ.
Every company considered part of the construction industry in Florida must purchase Workers’ Compensation insurance. Compliance is absolutely mandatory because of the dangerous nature of construction work. While new home construction may appear safer than other types of construction work, it still poses safety risks to workers.
Remember, Workers’ Compensation insurance is mandatory for all new home construction companies in Florida. If you don’t get Workers’ Compensation insurance for your new home construction company, you can face serious consequences in Florida.
How Can Workers’ Comp Insurance Protect New Home Construction Companies in FL?
If you’ve recently started a new home construction company in Florida and found out about your Workers’ Compensation insurance requirements, you may be confused. Why is it so important? Who needs Workers’ Compensation coverage? Well, chances are, your new home construction company does.
Injuries can happen in even the safest working environments. It doesn’t matter how many precautions your new home construction company takes or how well you train your workers. Sometimes, accidents happen that are outside of anyone’s control. Unfortunately, on construction sites, the likelihood of an accident increases.
So, while having Workers’ Compensation insurance is important to comply with Florida’s laws, it can also protect your business. If a workplace injury occurs during a new home construction project, your Florida business will not be financially liable. Instead, an injured employee can file a Workers’ Compensation claim.
Complying with Florida’s Workers’ Compensation laws can also protect you from financial penalties. If your new home construction company is found to be without coverage, it can face serious consequences. The penalty for noncompliance is $1,000, or double the amount your business would have paid in insurance premiums for any time it was uninsured over the past two years, whichever amount is greater.
Finding comprehensive coverage from a Florida Workers’ Compensation insurance broker can also make your employees and clients feel more comfortable. Compliance is crucial to protect your business’s finances and reputation.
How Much Does Workers’ Comp Insurance Cost for New Home Construction Companies in FL?
Workers’ Compensation insurance can get pricey for Florida companies within a high-risk industry. If your Florida new home construction company needs coverage, it benefits you to learn what goes into calculating the price.
A few things matter when determining the cost of your company’s Workers’ Compensation insurance premiums. The two factors that matter most are industry and payroll. The more dangerous your industry and the more workers you employ, the more expensive your policy will likely be. So, if your new home construction company employs a relatively large team of workers, the cost of your insurance may go up.
A company’s age and its history of work-related injuries are generally considered when determining the price of Workers’ Compensation insurance for new home construction companies in Florida. Before you accept a quote from an insurance company, evaluate it against policies from a reliable Florida Workers’ Compensation insurance broker. Although industry, payroll, age, and history do matter when calculating the cost of premiums, there are still ways to lower the price.
How Can New Home Construction Companies Find Affordable Workers’ Comp Insurance in FL?
For businesses in the construction industry, finding affordable insurance can be difficult. For some companies, it is nearly impossible, especially if insurance companies don’t wish to provide coverage to high-risk businesses. That’s why it’s a good idea to reach out to a Florida Workers’ Compensation insurance broker if you own a new home construction business.
Although being in the construction industry poses a challenge, it’s still possible for new home construction companies to find affordable coverage. Doing so will take time and resources business owners may not have. So, instead of searching for reasonable rates yourself, turn to an experienced Florida Workers’ Compensation insurance broker.
A skilled broker can help your Florida new home construction business sort through various quotes and policies to find one that best suits your needs. Your company can find a carrier that doesn’t require audits, contracts, or deposits and allows you to pay as you go. If a stop work order threatens to delay construction on a project, our brokers can help find you coverage within 24 hours.
Our FL Brokers Can Help Your Company Get Workers’ Comp Insurance Today
If your new home construction company needs Workers’ Compensation insurance, our brokers can help. To learn more about the Florida Workers’ Compensation insurance brokers at NPN Brokers, call today at (866) 340-9120.
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