Does Florida Have a State Fund for Workers’ Compensation?

As an employer, you might not know where to turn if you have been unable to find Workers’ Compensation insurance through a private carrier. While you might be able to get coverage through Florida’s state fund, you may be able to find more appealing coverage with help from our brokers.

Florida does have a state fund for Workers’ Compensation insurance, which is overseen by the Florida Workers’ Compensation Joint Underwriting Association (FWCJUA). Employers must meet certain criteria to be eligible for Workers’ Compensation insurance policies from the FWCJUA. While turning to the FWCJUA might seem like the best option if you have been unable to get coverage from a private insurer, it may be pricy. Our brokers can help you find affordable Workers’ Compensation insurance from a reliable provider in Florida.

We’re here to help employers in Florida get the necessary Workers’ Compensation insurance to stay protected in case of a workplace accident. To learn more about the Florida Workers’ Compensation insurance brokers at NPN Brokers, call today at (561) 990-3022.

Is There a State Fund for Workers’ Compensation in Florida?

When employers can’t get Workers’ Compensation insurance through a private carrier, they may be able to get the necessary coverage through a state fund. Florida, like many states, has a state fund for Workers’ Compensation insurance.

The Florida Workers’ Compensation Joint Underwriting Association is responsible for writing policies for employers unable to get insurance through a private carrier. Suppose you have tried to get Workers’ Compensation from multiple carriers not affiliated with the state fund and have been denied coverage. In that case, you may be able to get insurance from the state fund in Florida. States like Florida have these government-funded associations to provide insurance coverage to employers in need who can’t get it elsewhere.

If your company is in a high-risk industry or a private insurer isn’t interested in providing you with coverage for other reasons, you might think contacting the FWCJUA is your only choice. While this can allow you to get the necessary Workers’ Compensation insurance to comply with Florida’s laws and protect your business, it may not be the best option for your company. If you are interested in learning more about getting coverage through the FWCJUA and your other options as an employer, contact our Florida Business Workers’ Compensation insurance brokers.

Which Florida Employers Are Eligible for Workers’ Compensation from the State Fund?

Not every employer is eligible to get Workers’ Compensation insurance for their business through Florida’s state fund. There are certain criteria you must meet to get coverage through the FWCJUA.

Suppose you are required to have Workers’ Compensation insurance under Florida law, are considered in good faith, and have tried to get Workers’ Compensation insurance through the voluntary market and failed. In that case, you may get coverage through the state fund. The following actions may make employers ineligible to get Workers’ Compensation insurance through the FWCJUA:

• If the individual self-insured employer is currently aware of bankruptcy proceedings, cessation of operations, insolvency, or other issues that might result in injury claims
• If the employer refuses to adhere to reasonable safety standards while insured
• If the employer refuses to allow the FWCJUA to audit or inspect its records
• If the employer has outstanding premium obligations for previous Workers’ Compensation insurance policies
• If the employer mispresents their company’s information on an application for insurance from Florida’s state fund

In addition to those requirements, you must have attempted to get insurance from at least two private carriers within the past 60 days in order to qualify for Workers’ Compensation through the FWCJUA. If you have been offered a policy and don’t want to take it, you can’t get Workers’ Compensation insurance through the state fund in Florida.

Eligibility for Workers’ Compensation insurance through Florida’s state fund can be confusing. If you are not eligible and haven’t been able to find insurance elsewhere, don’t panic. Instead, contact our Florida Workers’ Compensation insurance brokers to find comprehensive coverage elsewhere.

Should You Get Workers’ Compensation Through Florida’s State Fund?

Getting denied Workers’ Compensation insurance can feel frustrating. Upon learning of the state fund for Workers’ Compensation insurance in Florida, employers might think that is the best route to take to protect their businesses and employees. While that’s understandable, our brokers can help you find coverage from reliable private insurers that might be more affordable than coverage from Florida’s state fund.

Like private insurance companies in Florida, the FWCJUA uses current codes and rates from the National Council on Compensation Insurance (NCCI) to determine pricing. Because of that, employers might think that the cost of coverage from a private insurer and the cost of coverage from the FWCJUA will be the same. That’s not necessarily true.

In addition to using guidance from the NCCI, Florida’s state fund for Workers’ Compensation insurance considers other factors when setting policy prices. Typically, a company’s industry and history of workplace accidents are considered. This might increase the cost of coverage from the state fund for Workers’ Compensation insurance for employers in Florida. But don’t private insurance carriers do the same thing?

While private insurance carriers typically consider other risk factors when pricing policies, you may still be able to find more affordable insurance outside the state fund. Our Florida Workers’ Compensation insurance brokers have relationships with carriers that don’t require audits, contracts, or deposits. On top of that, our brokers may be able to pair you with a pay-as-you-go plan, which only requires you to pay for coverage for your current employees.

There are options for getting Workers’ Compensation insurance other than using the state fund in Florida. Contact our brokers if you’re interested in exploring those options and finding affordable coverage.

Call Our Florida Brokers for Workers’ Compensation Insurance

If you need Workers’ Compensation insurance in Florida, we’re here to help. To learn more about the Florida Workers’ Compensation insurance brokers for construction companies at NPN Brokers, call today at (561) 990-3022.