Pinellas County Workers’ Compensation Insurance Policy Providers

When seeking Workers’ Compensation from a policy provider in Pinellas County, employers can turn to our brokers for assistance.

Workers’ Compensation coverage providers in Pinellas County price insurance premiums using rates set by the National Council on Compensation Insurance (NCCI) and other risk factors, like a company’s age and size. Workers’ Compensation carriers are not required to provide coverage to companies, leaving some employers at a loss. If you are denied insurance because your company is at an elevated risk of workplace injuries, our brokers can help you find a policy. While there is a state fund for Workers’ Compensation in Florida, as well as the option to self-insure, getting coverage through a private carrier is often the best course for employers in Pinellas County to take.

Call our Pinellas County Workers’ Compensation insurance brokers at (866) 340-9120 to get a coverage quote from NPN Brokers today.

How Do Workers’ Compensation Insurance Policy Providers in Pinellas County Price Premiums?

All Workers’ Compensation insurance carriers in Pinellas County use similar equations to calculate the cost of insurance for companies. Along with a company’s Nation Council on Compensation Insurance rate, providers will assess a business’s age, payroll, and history to price premiums.

Company NCCI Rate

All carriers of Workers’ Compensation in Florida refer to the National Council on Compensation Insurance for coverage rates based on industry. The NCCI gathers information about specific professions to determine and set rates. Your company’s NCCI code and rate will be decided by your employees’ responsibilities and the dangers they face in their professions.

Company Age

Workers’ Compensation insurance carriers in Pinellas County typically see new companies as riskier. Because of that, providers might increase a new company’s premiums at first. This is not permanent, as a company can lower its Workers’ Compensation premiums over time as it proves its commitment to maintaining a safe working environment for employees.

Company Payroll

The bigger a company’s payroll is, the more expensive its Workers’ Compensation policy might be initially. NCCI rates are applied to a company’s payroll to help set premiums. If your workforce is ever-changing, our Workers’ Compensation insurance brokers can help you secure a pay-as-you-go policy so that your premiums are even more accurate and change as your company’s payroll does.

Company Claims History

A company’s history of claims tends to matter to Workers’ Compensation insurance policy providers in Pinellas County. If your company has had few Workers’ Compensation claims in the past, that will likely work in your favor regarding insurance premiums.

Are Workers’ Compensation Insurance Carriers in Pinellas County Required to Provide Coverage?

Although Workers’ Compensation insurance carriers provide coverage to companies, they are not required to give policies to all businesses. This can make getting coverage more challenging for small businesses and high-risk companies.

Workers’ Compensation carriers do not have to give your company a policy or present you with a fair price. Because Workers’ Compensation is mandatory for a majority of businesses in Pinellas County, some carriers might hike up costs so that employers feel as though they have little choice but to accept expensive premiums. When employers partner with our brokers to find Workers’ Compensation, they can get affordable policies that provide their employees with comprehensive coverage and appropriate benefits following a workplace accident.

Because carriers do not have to provide coverage to every business, they often have the upper hand over employers. Companies in high-risk industries might have difficulty finding a Workers’ Compensation carrier that will provide them with coverage. The greater the risk to insure a company, the higher the chances are that a Workers’ Compensation insurance policy provider will have to pay out benefits to injured workers. Upon seeing this, some carriers might deny a company coverage, leaving it vulnerable. Should this happen to you, contact our brokers for assistance so that you are not penalized for non-compliance with Workers’ Compensation law in Pinellas County.

What if You Cannot Find a Workers’ Compensation Insurance Policy Provider in Pinellas County?

Suppose you cannot find a Workers’ Compensation insurance policy provider willing to give your company coverage in Pinellas County. In that case, you might think that your only options are to self-insure or get insurance through the Florida Workers’ Compensation Joint Underwriting Association (FWCJUA). In reality, that is not necessarily the case.

In all likelihood, a company that cannot get a policy from a private Workers’ Compensation provider will be unable to self-insure. Self-insuring for workplace liability insurance requires companies to be able to pay benefits to injured workers themselves. This is not financially feasible for many businesses in Pinellas County.

Coverage through the FWCJUA is reserved for companies that have been denied policies by non-affiliated carriers many times. Not only might insurance from the FWCJUA be more expensive for employers in Florida, but it is not available to all.

If you have found yourself in desperate need of Workers’ Compensation, reach out to our brokers. We can rely on our long-term relationships with carriers in the area who are open to insuring high-risk companies. After you have found a policy for your company, you can make a conscious effort to lower your premiums over time. This can be done by reducing the frequency of accidents in the workplace and maintaining open communication with your carrier when employee injuries happen. During an investigation into an accident, employers should provide their carriers with all necessary information.

Should an accident occur, consider offering a transitional job to an employee that is within their work restrictions so that you can lower the wage-loss benefits paid out by your Workers’ Compensation insurance policy provider in Pinellas County.

Employers can also implement certain programs, like drug-free workplace and safety programs, to get a credit toward Workers’ Compensation.

Call Our Pinellas County Brokers to Get Workers’ Comp for Your Business

Employers can call our Pinellas County Workers’ Compensation insurance brokers at (866) 340-9120 to speak with the team at NPN Brokers today.