Florida Business Workers’ Compensation Insurance

The burden of procuring workers’ compensation insurance policies is greater in Florida than it is in other states because of strict laws that force most businesses to get this important type of insurance. Due to Florida’s stringent workers’ compensation laws, most businesses are required to get workers’ compensation insurance; failure to do so can result in severe penalties. The rates that businesses can expect to pay for their workers’ compensation insurance depend on the level of risk that a certain job carries as well as the number and severity of claims that a business has filed in the past.

Businesses can find out more about whether they need to get a workers’ compensation policy for their employees and how much a policy will cost by visiting the NPN Brokers website and entering some basic information about the industry they work in and the number of employees they have. Visit NPN Brokers online today or call (866) 340-9120 to learn more.

How to Know If Your Florida Business Needs Workers’ Compensation Insurance in Florida

According to Florida law, non-construction and non-agricultural businesses must have workers’ compensation policies if they have at least four employees. The employees that are counted include business owners, corporate officers, and members of a limited liability company, as well as general contractors and subcontractors. However, sole proprietors and partners in a business are not required to count themselves as employees, although they can get workers’ compensation coverage if they choose to.

The requirements for workers’ compensation insurance are slightly different for businesses in the agricultural industry. Owners of businesses that operate in the agricultural industry are only required to get workers’ compensation policies if they employ at least six people regularly or 12 people seasonally; to qualify as a seasonal worker, an employee must work more than 30 days in one season but no more than 35 days in one calendar year.

The requirements for workers’ compensation insurance are also different for businesses in the construction industry and construction-related fields; in fact, the regulations for this industry are relatively strict. All construction and construction-related businesses must provide workers’ compensation policies if they have at least one employee. Construction-related businesses are those that are similar to construction; there are 83 different types that qualify. Speak to a broker or consult the Florida Administrative Code to learn more about whether your business is considered to be a construction-related business.

The prices of workers’ compensation policies are determined by the level of risk associated with each job and the number of past claims that a business has filed. Therefore, businesses that do riskier work can expect to pay more for their workers’ compensation policies.

Penalties for Failing to Have a Workers’ Compensation Policy in Florida

Florida businesses that are required to have workers’ compensation policies should be aware of the penalties that they may face for failing to comply with the law. Florida employs investigators who are permitted to look into the status of any Florida business’s workers’ compensation policy. If they find that a business is not complying with Florida’s administrative code regarding workers’ compensation policies, they are able to issue penalties that can severely impact a business’s ability to make a profit.

The penalties that Florida-based businesses may face for failing to offer workers’ compensation for their employees include:

• Fines – The fine that an employer must pay for failing to get workers’ compensation policies for their employees is either double what they would have paid in premiums for the length of time that they went without a policy or a fine of $1,000 — whichever is greater. A fine of $5,000 (as well as insurance fraud charges, which can result in imprisonment) may be issued if the employer falsely claims that an employee is actually an independent contractor to avoid needing to buy a policy for them.
• Stop-work orders – Investigators have the power to issue a stop-work order, which will force you to stop all business operations until you become compliant with Florida’s workers’ compensation laws.
• Civil lawsuits – Failure to have a workers’ compensation policy for employees makes employers susceptible to lawsuits from injured employees. When an employee has workers’ compensation, most of the expenses that result from the injury will be reimbursed through the claim they make. However, if they don’t have a workers’ compensation policy, reimbursement for expenses related to their injury can be obtained through a lawsuit against their employer. When an employee sues their employer for damages connected to their injury, they are able to recover much more than they would through a typical workers’ compensation claim.

Getting a Quote for a Workers’ Compensation Policy

It’s easy to get a quote on a workers’ compensation policy if you visit the NPN Brokers website and provide some facts about your business, the industry you work in, your employees, and yourself. After submitting this information, you can expect a quote within several minutes. If you are interested in securing coverage at the quoted price, you can have it in place in under 48 hours. Buyers of workers’ compensation policies through NPN are not required to sign contracts, make deposits, or endure audits to get their policies. Policy buyers can also make payments on a flexible schedule.

Let NPN Brokers Help Your Florida Business Get Workers’ Compensation Insurance

It’s understandable for businesses to feel overwhelmed during the process of finding workers’ compensation policies for their employees. NPN Brokers makes it easy for businesses and contractors based in Florida to find affordable and comprehensive policies that work for them. For more information about how you can get workers’ compensation for you or your employees, contact NPN Brokers at your earliest convenience. Call (866) 340-9120 or visit their website for a quote on a policy today.