Workers’ Compensation Insurance Policy Coverage for Hedge Funds in Florida
Because the majority of companies in Florida need workplace liability insurance, Workers’ Compensation is mandatory for most hedge funds as well.
Even though hedge funds are not considered dangerous workplaces, they must have Workers’ Compensation in most circumstances in Florida. There are exemptions available to LLC members and corporate officers of hedge funds, which can lower the cost of Workers’ Compensation for these businesses. Workers’ Compensation benefits for hedge fund workers cover a percentage of an employee’s lost wages and all of their medical expenses. If an employer does not have Workers’ Compensation for their hedge fund employees, they can be penalized by the Division of Workers’ Compensation in Florida. Employers might also be subjected to litigation from workers injured on the job.
When you call NPN Brokers at (866) 340-9120, you can get a policy quote from our Florida Workers’ Compensation insurance brokers.
Workers’ Compensation Coverage Requirements for Hedge Funds in Florida
If you own a hedge fund in Florida, you will most likely need to purchase a Workers’ Compensation policy to cover your employees. Although your industry might not be risky when it comes to workplace accidents, insurance is often required by law.
All non-construction companies in Florida, including hedge funds, must have Workers’ Compensation if they employ four or more workers. The Division of Workers’ Compensation could fine any company that does not adhere to this coverage mandate.
Fines are often lofty, equating to double what a hedge fund should have paid in Workers’ Compensation premiums for any time it was without coverage during the preceding two-year period. Hedge funds might also be prevented from engaging in any operations until they secure the necessary insurance. For companies that are beholden to their clients, like hedge funds, the ramifications of being without Workers’ Compensation can be severe.
Our Workers’ Compensation insurance brokers can get your hedge fund a policy quote within a day after getting the necessary information about its payroll and other possible risk factors. Fines for non-compliance can be levied whenever your company is without insurance, even if it is only for a short period of time. Because hedge funds are not risky for Workers’ Compensation purposes, finding coverage quickly can be easier for these types of businesses in Florida.
Workers’ Compensation Coverage Exemptions for Hedge Funds in Florida
There are several Workers’ Compensation exemptions available to hedge funds and other non-construction companies in Florida that can lower the cost of workplace liability insurance coverage. Claiming exemptions might entirely eliminate your hedge fund’s insurance liability, depending on the situation.
Corporate officers and LLC members can file for an exemption from Workers’ Compensation in Florida. This can be done online through the website of the Division of Workers’ Compensation. If you apply for an exemption as a corporate officer or LLC member of a hedge fund, you will need to renew your exemption periodically.
Suppose your hedge fund is entirely comprised of LLC members or corporate officers, and all are eligible to be exempt from Workers’ Compensation. In that case, you may not need to have a Workers’ Compensation policy in place at all. While claiming exemptions can lower the amount you pay for insurance, it also means that exempt individuals cannot file a claim for benefits if they are injured on the job in Florida.
Top Causes of Workers’ Compensation Claims for Hedge Funds in Florida
Although hedge funds do not present an elevated risk of workplace accidents, injuries can and do happen in these types of environments. Because of this, it is still important that hedge funds maintain Workers’ Compensation policies in Florida.
Accidents happen in office settings every day. A chair might break, an employee might trip, or any number of things might occur that result in injury. Because you run a hedge fund, your Workers’ Compensation premiums should reflect the reduced risk of injury among your employees.
Many causes of injury might be completely out of an employer’s control. For example, an office fire might occur, causing burn injuries to hedge fund workers. Slip and fall accidents might happen or products might be defective, also resulting in injuries.
Repetitive motion injuries in the hands and wrists are also common among those who work on computers day in and day out, such as those who work at hedge funds in Florida. Although it might seem as though it is unlikely for one of your hedge fund employees to be injured at work, it is not an impossibility, making having Workers’ Compensation important.
Workers’ Compensation Benefits for Hedge Fund Employees in Florida
When your hedge fund has a Workers’ Compensation policy in place, its insurer will pay out benefits to an injured worker who files a valid claim in Florida.
Workers’ Compensation benefits for hedge funds in Florida are the same as benefits for any other business in the state. An injured worker will receive about two-thirds of their average weekly wages for the time that is available per Workers’ Compensation law. Hurt employees will also get medical benefits to cover any expenses related to medical treatment due to their injuries. Common medical expenses include hospital visits, physical therapy, surgeries, prescription medication, and in-house medical care. Workers’ Compensation also provides death benefits in Florida.
Because working at a hedge fund is not labor-intensive, employees may be able to return to work more quickly. Employers can also offer transitional jobs to lower the amount of benefits paid by their Workers’ Compensation insurance carriers.
When Workers’ Compensation benefits are not available because an employer does not have coverage, an injured employee can sue their employer for compensation. This can result in an expensive lawsuit that would have been prohibited had the employer had the proper insurance.
Call Our Florida Brokers to Get Workers’ Comp Today
Call (866) 340-9120 to learn more about how the Workers’ Compensation insurance brokers at NPN Brokers can help your hedge find get coverage.
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