St. Petersburg Workers’ Compensation Insurance Policy Providers
Policy providers in St. Petersburg offer insurance to companies in exchange for monthly premiums. Workers’ Compensation is often mandatory for companies. Operating without insurance can lead to fines and other penalties.
In order to purchase a Workers’ Compensation plan in St. Petersburg, employers have to contact carriers. Our brokers can facilitate these discussions so that they run as smoothly as possible. If Workers’ Compensation is mandatory for your business, you will need to have a policy before you begin operations. Requirements for insurance are based on a company’s industry and size. If you do not get Workers’ Compensation from a policy provider, and fail to self-insure or get coverage from the Florida Workers’ Compensation Joint Underwriting Association, your company may be fined and held liable for any damages incurred by an injured worker in St. Petersburg.
To get help finding a workplace liability insurance policy from NPN Brokers, call our St. Petersburg Workers’ Compensation insurance brokers at (866) 340-9120.
Purchasing Workers’ Compensation Plans from Insurance Policy Providers in St. Petersburg
Obtaining a Workers’ Compensation plan from an insurance policy provider in St. Petersburg can be a relatively quick and simple process when you work with our brokers. Our Workers’ Compensation insurance brokers have established relationships with flexible carriers that provide transparent and affordable policies to all sorts of companies.
You cannot, and should not, purchase a workplace liability insurance policy for your company overnight. This could result in you agreeing to a plan that does not adequately cover your company and its employees. Begin by getting quotes. Our brokers can source quotes on your behalf after getting the necessary details about your business, such as its size and history of workplace injuries.
Then, review the policy and the cost. Workers’ Compensation insurance premiums vary and are determined according to certain risk factors. Carriers in St. Petersburg refer to guidance provided by the National Council on Compensation Insurance and increase individual rates as necessary.
Before agreeing to a plan, make sure that all of the information pertaining to your company is accurate. If you employ independent contractors, they will not need to be included in your company’s policy. Furthermore, LLC members and corporate officers can get Workers’ Compensation exemptions in St. Petersburg, exempting them from a policy and reducing the overall cost of coverage.
When to Get a Workers’ Compensation Plan from an Insurance Provider in St. Petersburg
Getting a Workers’ Compensation policy from an insurance provider before your company officially starts operations in St. Petersburg is best. This can eliminate any possibility of you incurring fines from the Division of Workers’ Compensation.
If Workers’ Compensation is mandatory for your company, you must have coverage from a policy provider from the get-go. Similarly, if your policy was recently canceled or you want to change providers, you must do so without letting your coverage lapse. Operating without workplace liability insurance is in violation of the law, provided a company is required to have coverage in St. Petersburg.
So, start the process of getting Workers’ Compensation before you open your doors. Delaying getting coverage will only put your company in a vulnerable position.
Do You Need to Get Coverage from a St. Petersburg Workers’ Compensation Insurance Policy Provider?
Companies in St. Petersburg have two main options regarding workplace liability insurance. They can either get coverage from a policy provider or self-insure. Companies can only get policies from the Florida Workers’ Compensation Joint Underwriting Association under certain situations.
Any non-construction company with four or more workers must have Workers’ Compensation in St. Petersburg. Any construction company with one worker must have insurance. Agricultural companies with six full-time workers or 12 seasonal workers must also maintain Workers’ Compensation policies. There are exemptions for independent contractors and sole proprietors without employees.
You can comply with state mandates for coverage by getting Workers’ Compensation through a private carrier or self-insuring. Self-insuring requires companies to prove their financial stability. Self-insuring is less preferable than getting coverage from a private carrier as it requires companies to process claims and pay benefits to workers. Not all companies are eligible to self-insure for Workers’ Compensation in St. Petersburg.
Even if your company is not required to get insurance because of the number of workers it employs, purchasing a workplace liability insurance policy is still a good idea.
Florida also has a state fund for Workers’ Compensation, the Florida Workers’ Compensation Joint Underwriting Association. Companies can only get policies from this agency if private carriers have routinely denied them insurance.
What Happens if You Do Not Get Coverage from a St. Petersburg Workers’ Compensation Insurance Policy Provider?
Several things might happen if you do not get Workers’ Compensation insurance from a policy provider in St. Petersburg. First, your company might be penalized for its non-compliance with insurance requirements. Second, your company might be sued by employees hurt on the job.
Baseline penalties for non-compliance with Workers’ Compensation law are double the amount a company would have paid in Workers’ Compensation premiums for any time it was illegally uninsured over a two-year period. Additional penalties can be applied to employers that willfully refuse to get Workers’ Compensation after being informed of their non-compliance in St. Petersburg. Operating a company without the necessary insurance is illegal and can result in jail time for employers.
Employers who do not get Workers’ Compensation lose the protections such insurance affords. This means that employees who otherwise would have been unable to sue had their employers gotten insurance can now file lawsuits to recover compensation. This is expensive for companies in St. Petersburg and can be especially time-consuming and stressful. All of this can be avoided when Workers’ Compensation policies are secured.
Contact Our Brokers to Secure Workers’ Comp in St. Petersburg
By calling (866) 340-9120, employers in St. Petersburg can get coverage from the Workers’ Compensation insurance brokers at NPN Brokers.
"*" indicates required fields