Florida Workers’ Compensation Policy for New Home Construction
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New home construction companies must have Workers’ Compensation insurance in Florida. Because of this requirement, it is crucial for new home construction companies to learn how to find a policy that works best for their needs.
All new home construction companies are required to carry Workers’ Compensation insurance in Florida. That is the case, regardless of how many workers your business employs. Generally, policies for such businesses are expensive, as new home construction companies are considered to be at high risk for work-related injuries. Failure to purchase coverage can result in more expensive fines and negatively impact your new home construction company’s reputation. Instead of taking that risk, partner with an experienced broker who can help your Florida business finds affordable coverage today.
Our brokers are here to help new home construction companies throughout Florida find a Workers’ Compensation insurance policy that suits their needs. To learn more about the Florida Workers’ Compensation insurance brokers at NPN Brokers, call today at (866) 340-9120.
Mandatory Workers’ Compensation Coverage for New Home Construction Companies in Florida
In Florida, all companies in the construction industry are required to purchase Workers’ Compensation insurance. If you own a new home construction company, it is crucial to find a policy that meets Florida’s requirements.
Florida determines a business’s need for Workers’ Compensation insurance based on its industry and number of employed workers. Generally, the industry takes precedence over the payroll. Because of that, all Florida construction companies are required to purchase a comprehensive Workers’ Compensation insurance policy in Florida, regardless of how many workers they employ. This rule applies to various professions within the construction industry, including new home construction.
Florida is clear regarding its reasoning for this. Construction is a high-risk industry and many workers are injured annually. Even new home construction, which may seem safer than constructing high-rise buildings or bridges, comes with risks. Workers’ Compensation insurance can protect your new home construction company from financial liability in the event of a workplace injury, and make clients feel more comfortable partnering with your business for their new build.
Calculating Workers’ Compensation Policy Premiums for New Home Construction Companies in Florida
Since there is no way for new home construction companies in Florida to get around the state’s Workers’ Compensation insurance requirements, it is crucial that business owners understand how the cost is calculated. Generally, the price of premiums is determined based on a company’s industry, age, payroll, and history.
As a new home construction business owner, you may expect your initial policy rate to be high. That would be a correct assumption. Because your business is in the construction industry, Florida Workers’ Compensation insurance companies will attempt to charge you a high rate for premiums from the onset.
In addition to industry, payroll also matters. The more construction workers you employ, the more moving parts there are. Insurance companies see that and think there is a higher risk of workplace injury.
Age also matters. If your new home construction company is just starting, insurance companies may be wary of insuring it. A history of workplace injuries can also give Florida insurance companies a reason to hike up Workers’ Compensation insurance premiums for new home construction companies.
When new home construction companies choose to work with an experienced Florida Workers’ Compensation insurance broker, they can find reasonable coverage despite age, industry, history, and payroll roadblocks. Unfortunately, some insurance companies will choose not to insure a new home construction company altogether if it is considered high risk. However, despite their history, our brokers have relationships with insurance companies that will offer comprehensive policies to high-risk companies.
Penalties for New Home Construction Companies that Fail to Get Workers’ Compensation Coverage in Florida
Failure to purchase Workers’ Compensation insurance in Florida when your business needs it can have serious consequences. These consequences can be financial and tarnish your new home construction business’s reputation among prospective clients.
If you have difficulty finding affordable coverage for your new home construction business, you might choose to go without it. That, unfortunately, is a serious mistake. A Florida new home construction business can be severely penalized if it is found to be without insurance when required.
Generally, a financial penalty is imposed on Florida businesses without coverage. Penalties can be at least $1,000, or double what your business would have paid in premiums for the time it was uncovered over the past two years, whichever amount is greater.
In addition, new home construction companies may have to pay for medical expenses related to a worker’s injuries if they do not have insurance to cover the cost.
Failure to have a Workers’ Compensation policy can also impact your new home construction business’s reputation. Clients and workers alike may be disappointed when they realize you are without insurance and choose to go elsewhere for their needs
Affordable Workers’ Compensation Policies for Florida New Home Construction Companies
When a business is part of the construction industry, finding affordable Workers’ Compensation insurance that does not break the bank can be challenging. However, finding a policy at the right price is possible when new home construction companies partner with a reliable Florida Workers’ Compensation insurance broker.
Finding reasonably priced Workers’ Compensation insurance coverage can be difficult for businesses in the construction industry. Sourcing quotes and evaluating policies takes time and experience that Florida business owners may not have. That is why turning to an experienced Florida Workers’ Compensation insurance broker is wise.
Our skilled brokers have relationships with Florida insurance companies that do not require audits, contracts, or deposits. Despite being in a high-risk industry, your new home construction business can find comprehensive coverage at a reasonable rate.
Call Our Florida Brokers to Find a Workers’ Compensation Policy Today
If your Florida new home construction company needs insurance, our brokers can help. To learn more about the Florida Workers’ Compensation insurance brokers at NPN Brokers, call today at (866) 340-9120.