Florida Workers’ Compensation Insurance Policy for High-Risk Workers
High-risk companies often need Workers’ Compensation insurance in Florida. To find the coverage you require at the right price, turn to our brokers for help.
When a business is new, has many employees, operates within a certain industry, or has a history of workplace accidents, an insurance company might view it as a higher risk to insure in Florida. Certain high-risk companies are always required to purchase Workers’ Compensation in Florida. Insurance companies might use objective and subjective risk factors to increase the price of a company’s Workers’ Compensation insurance premiums. In order to comply with Florida’s insurance requirements and protect your employees, partner with our brokers and find affordable, flexible coverage.
If your company is considered high-risk and is required to carry Workers’ Compensation insurance in Florida, our brokers can help. To learn more about the Florida Workers’ Compensation insurance brokers at NPN Brokers, call today at (866) 340-9120.
How Florida Workers’ Compensation Insurance Companies Assess Risk
Insurance companies categorize certain businesses as high-risk, based on specific attributes. For example, age, payroll, industry, and history of workplace accidents might make an insurance company view your business as high-risk in Florida.
In Florida, certain businesses and their employees are considered high-risk by Workers’ Compensation insurance companies. This term refers to the likelihood that your employees will sustain a work-related injury.
One of the first things a Workers’ Compensation insurance company will assess when determining whether or not your business is high-risk is its age. Newer businesses that have not had time to prove themselves as maintaining a safe work environment might be considered high-risk in Florida.
The more workers a business employs, the higher the chances are that one of them will be injured at work. Certain industries, like construction and agriculture, are inherently dangerous, which is why Workers’ Compensation insurance companies often deem workers in those industries at a higher risk of an injury. And finally, a business’ history of work-related injuries can indicate risk to Workers’ Compensation insurance companies in Florida.
If you are unsure whether or not an insurance company might view your business as high-risk due to industry, age, payroll, and history, speak with our brokers. Our Florida Workers’ Compensation insurance brokers can explain how the descriptor high-risk might apply to your business.
High-Risk Companies Required to Purchase Workers’ Compensation Coverage in Florida
Many businesses considered to be high-risk by insurance companies are required to purchase Workers’ Compensation insurance in Florida. As an owner of a high-risk business, it is important to understand whether or not you are mandated to carry insurance in Florida.
In Florida, certain risk factors determine whether or not a business must purchase Workers’ Compensation coverage for its employee. The two main factors influencing Florida’s Workers’ Compensation insurance requirements are industry and payroll.
For example, any business that operates within the construction industry must carry Workers’ Compensation coverage. This is mandatory, even if a construction company employs just one worker. That worker will still be considered at a higher risk of sustaining an injury. Agricultural businesses with a certain number of seasonal workers or regular must also be covered in Florida
For non-construction companies, payroll determines whether or not they are required to purchase insurance. Any business with four or more employees, including restaurants or retail stores, must have Workers’ Compensation insurance for its workers in Florida.
Understanding how risk indicators influence Florida’s Workers’ Compensation insurance requirements is important. If your business is deemed high-risk, it may be required to get a Workers’ Compensation insurance policy in Florida. Non-compliance is not an option in these cases, as failure to get coverage can result in expensive financial penalties for Florida businesses.
High-Risk Companies and the Price of Workers’ Compensation Insurance in Florida
Unfortunately for owners of high-risk companies, Workers’ Compensation insurance companies often use risk factors to increase the cost of coverage. Understanding when the price of a policy is too high, is important so that you do not pay more than is necessary for Workers’ Compensation coverage.
Several factors are considered when calculating the cost of a Workers’ Compensation insurance policy. There is the concrete part of the equation that includes a company’s payroll and its National Council on Compensation Insurance code. There is also the subjective part of the equation, where an insurance company might tip the scales for previous work-related injuries or company age.
Because calculating premiums is not an exact science, an insurance company might increase the cost of coverage based on subjective risk factors. Our Florida Workers’ Compensation insurance brokers can evaluate a quote and help you understand why an insurance company’s risk assessment may be unfair.
Finding Affordable Workers’ Compensation Coverage for High-Risk Companies in Florida
Although it may seem difficult, finding affordable Workers’ Compensation insurance coverage for high-risk businesses is not impossible in Florida. Instead of approaching insurance companies yourself, have our brokers find the best policy for your business at the right price.
Requesting quotes, assessing them, and finding adequate coverage can be challenging for companies with high-risk workers in Florida. Instead of trying to find the right plan independently, seek help from our team. Our experienced Florida Workers’ Compensation insurance brokers have relationships with companies that offer affordable, comprehensive coverage to high-risk companies.
Instead of settling for an expensive plan that offers little flexibility, allow our brokers to match you with a policy that requires no audits, contracts, or deposits. Finding affordable, transparent Workers’ Compensation insurance that protects your high-risk employees is possible when you partner with our skilled brokers.
Our Florida Brokers Can Help You Find Workers’ Compensation Insurance Today
If your high-risk company needs coverage, our brokers can help. To learn more about the Florida Workers’ Compensation insurance brokers at NPN Brokers, call today at (866) 340-9120.
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