Orange County, FL Workers’ Compensation Insurance Policy Providers

Workers’ Compensation is mandatory for many businesses in Orange County. To ensure you adhere to insurance requirements, you can get coverage from a policy provider.

Compared to self-insuring for Workers’ Compensation in Orange County, securing coverage from an insurance carrier can provide added protections for employers. When you get a policy from a provider, your provider will pay benefits to an injured worker. Such benefits include compensation for medical expenses and lost wages. Companies that self-insure have to pay those benefits themselves. Complying with Workers’ Compensation mandates at all times is important in Orange County, lest you risk being penalized by the Division of Workers’ Compensation. Before agreeing to a policy, make sure that the quoted price is appropriate based on your company’s various risk factors.

You can call NPN Brokers at (561) 990-3022 to start the process of getting a plan through our Orange County, FL Workers’ Compensation insurance brokers today.

Workers’ Compensation Policy Providers vs. Self-Insuring in Orange County, FL

In Orange County, employers can self-insure for Workers’ Compensation or get coverage from a private provider, depending on their financial stability. If you are faced with both options, which should you choose?

Florida allows companies that are financially secure to self-insure for Workers’ Compensation. Self-insuring means your company acts as the insurance carrier. This means that it processes claims and pays out benefits to injured workers. While this eliminates the need to pay insurance premiums to an insurance provider, it increases the financial impact occupational injuries might have on employers in Orange County.

The alternative is getting coverage from a private provider. The carriers our Workers’ Compensation insurance brokers work with offer affordable policies that are flexible for employers in various industries. Securing a policy from a provider can substantially reduce your responsibility and involvement in Workers’ Compensation claims.

Florida also has a Workers’ Compensation state fund, but going this route is not an option for all employers.

Workers’ Compensation Benefits Paid by Insurance Policy Providers in Orange County, FL

Workers’ Compensation providers in Orange County are the ones that pay benefits to employees who have been hurt at work. Such benefits include compensation for workers’ medical bills and a percentage of their lost wages.

There are three types of Workers’ Compensation benefits in Orange County: medical benefits, lost-wage benefits, and death benefits. Medical benefits are not capped and can cover all of an employee’s necessary medical expenses due to an occupational illness, injury, or disability. For medical benefits to be paid, a worker must see medical professionals approved by their employer’s Workers’ Compensation carrier. They also have to have sustained their injuries while at work.

Lost-wage benefits are limited in Orange County. Carriers pay lost-wage benefits equal to two-thirds of an employee’s average weekly wages. The length of time a worker receives these benefits typically depends on their injury or illness.

The final type of benefit is death benefits. Death benefits are paid to the survivors of a worker who died because of an occupational injury or illness.

When to Get Insurance from a Workers’ Compensation Coverage Policy Provider in Orange County, FL

If your company is required to have Workers’ Compensation by law in Orange County, it must always have a policy. Lapses in coverage can lead to substantial penalties for employers.

There is no grace period for Workers’ Compensation in Orange County. This means that employers who are mandated to have coverage by law can never be without coverage. Workers’ Compensation is necessary for all companies in the construction industry. Non-construction companies with four or more employees must also have insurance. Agricultural companies with six or more regular workers or 12 or more seasonal workers also need Workers’ Compensation in Orange County.

In the event that your company is ever without Workers’ Compensation and is reported to the Division of Workers’ Compensation for non-compliance, it will likely be penalized. Penalties include fines and stop-work orders, which prevent companies from engaging in any activity until they have gotten the necessary Workers’ Compensation in Orange County. There are also criminal penalties for employers that do not follow Florida’s Workers’ Compensation rules.

Tips for Getting Coverage from a Workers’ Compensation Provider in Orange County, FL

At first, getting Workers’ Compensation can seem like an arduous process for employers in Orange County. With help from our brokers, you can get a policy that protects all of your employees and ensures that you will not be held liable for any workplace accidents.

Begin by gathering information about your company and its practices. You will need to provide accurate payroll information to a carrier when seeking Workers’ Compensation quotes. Make sure your employees are classified correctly when doing this. Misclassifying employees as independent contractors to reduce or eliminate your Workers’ Compensation liability can be considered fraud in Orange County.

You should also inform a prospective insurance provider of any prior Workers’ Compensation claims. Explain the day-to-day responsibilities of your employees and answer any questions a carrier might have. Open communication is key concerning the relationship between an employer and their Workers’ Compensation carrier.

Then, review your quotes. Our brokers can get you quotes within a day so that you can quickly find coverage. When reviewing quotes, consider your company’s possible risk factors, such as its age, payroll, and claims history. If quotes appear too high for your industry, there is no need to accept that policy. Some Workers’ Compensation providers might cite non-existent risk factors as reasons for increased premiums. Your premiums should accurately reflect the risk a carrier takes on to insure your company in Orange County. After getting a policy, keep your carrier informed of any workplace injuries sustained by employees.

Call Our Orange County, FL Brokers for Workers’ Comp Coverage

For help from the Workers’ Compensation insurance brokers at NPN Brokers, call us today at (561) 990-3022.