Polk County, FL Workers’ Compensation Insurance Policy Providers

In general, most employers operating in Polk County need to get Workers’ Compensation from insurance policy providers to remain in compliance with coverage requirements.

Workers’ Compensation carriers in Polk County give insurance to companies in exchange for premiums. Carriers also process and approve Workers’ Compensation claims following workplace accidents. On top of all of those responsibilities, Workers’ Compensation carriers pay out benefits to injured employees. Policy providers are not required to keep giving you coverage and can cancel your policy in certain situations. Common reasons for policy cancelations include an increase in Workers’ Compensation claims and poor communication on behalf of employers. Furthermore, if you interfere with the claims process or do not follow other Workers’ Compensation rules, a provider can report your company to the Division of Workers’ Compensation for non-compliance in Polk County.

If your company is in need of workplace liability insurance, you can call the Polk County, FL Workers’ Compensation insurance brokers at NPN Brokers today at (866) 340-9120.

What to Know About Workers’ Compensation Insurance Policy Providers in Polk County, FL

Before you get Workers’ Compensation for your business, it is important to learn what insurance providers are and what services they provide. Learning everything there is to know about Workers’ Compensation insurance providers can help you avoid certain issues and allow you to feel confident that you are working with a carrier that is reliable.

Carriers Provide Insurance

First and foremost, Workers’ Compensation insurance carriers provide workplace liability insurance policies to companies. These policies cover employees and ensure that employees can receive Workers’ Compensation if injured on the job. In return for this coverage, carriers get payments from employers in the form of premiums. Premiums are priced based on a company’s risk to insure in Polk County.

Carries Approve Claims

Workers’ Compensation carriers also approve or deny claims. This decision is not up to employers alone. This aspect of the carrier-employer relationship bodes well for employers. Since employers are somewhat removed from the claims process, there is little room for the relationship between an employer and their employees to be tarnished. Carriers will also process claims, investigate workplace accident circumstances, and review an employee’s medical records. Workers’ Compensation carriers can also deny injury claims if they believe that an employee is ineligible for benefits. Common reasons for claim denials include using drugs or alcohol at the time of an accident or intentionally causing one’s injuries.

Carriers Pay Benefits

Workers’ Compensation carriers pay benefits to injured employees so that employers do not have to. Workers’ Compensation covers medical benefits and compensation for lost wages. If a worker dies because of an occupational illness or injury, their survivors might be entitled to Workers’ Compensation death benefits. Workers’ Compensation benefits are calculated according to state guidance. Employers who do not get coverage from our Workers’ Compensation insurance brokers become vulnerable to expensive employee lawsuits. And, if employers choose to self-insure, they will have to pay Workers’ Compensation to injured employees themselves.

Carriers Can Drop Policies

When you agree to a Workers’ Compensation policy, you are not guaranteed to have coverage for the rest of time. A carrier can drop a policy for several different reasons, such as a recent increase in Workers’ Compensation claims or poor communication from an employer. A carrier might also drop a policy because an employer failed to mention certain risk factors or misclassified their employees. Contact our brokers immediately if your policy was recently canceled out of the blue. We are practiced in sourcing quotes within as little as 24 hours so that employers can stay in compliance with the Workers’ Compensation laws in Polk County and avoid unnecessary penalties from the Division of Workers’ Compensation.

Carriers Care About Risk Factors

The world of insurance operates within a cost-risk analysis system. Carriers want to make sure that the premiums they are getting from employers appropriately reflect the risk they are taking on in insuring companies. Because of that, insurance companies will want to know about your company’s risk factors for Workers’ Compensation. This might include the number of workers you employ and the tasks they perform. Carriers will also want to know your company’s history of Workers’ Compensation claims and workplace accidents. These risk factors will help a Workers’ Compensation carrier price your company’s insurance premiums. Changes to risk factors can also change a company’s premiums. You can show appreciation for a carrier’s concern about risk factors by taking certain steps, such as implementing a drug-free workplace program or other safety program. In doing this, employers in Polk County can receive a credit to put toward their Workers’ Compensation premiums.

While risk factors play a part in how carriers determine the cost of Workers’ Compensation, policy providers must follow guidance from the National Council on Compensation Insurance. This somewhat limits how much policy providers can charge employers for Workers’ Compensation in Polk County.

Carriers Can Report Non-Compliance

In addition to getting insurance from a Workers’ Compensation policy provider, employers in Polk County have to follow other rules. These rules include posting information about their policies for employees and reporting employee injuries as they occur. If your carrier learns that you have violated any of Florida’s Workers’ Compensation rules, it can report your company to the Division of Workers’ Compensation. Carriers might do this because an employer breaking insurance rules also puts their insurance carriers at risk. If a carrier learns that you have been out of compliance with any of the Workers’ Compensation rules, it might drop your policy, leaving you vulnerable. Acts of non-compliance also come with fines and other penalties for employers, such as stop-work orders.

Call Our Polk County, FL Brokers to Find Workers’ Comp Coverage Now

You can call our Workers’ Compensation insurance brokers at (866) 340-9120 to get help from NPN Brokers today.