Jacksonville Workers’ Compensation Insurance Policy Providers
For many companies, securing a Workers’ Compensation policy is the only way to protect themselves and their employees from issues that might otherwise arise from a workplace accident in Jacksonville.
Self-insuring for Workers’ Compensation is often less ideal than securing coverage from a private carrier in Jacksonville. Self-insuring can be unnecessarily costly, and not all companies are eligible to take this route. The same can be said of getting coverage from the Florida Workers’ Compensation Joint Underwriting Association (FWJUA). Employers that obtain a policy from a Workers’ Compensation insurance carrier cannot be sued for workplace injuries and do not have to pay benefits to injured employees out of pocket.
The Jacksonville Workers’ Compensation insurance brokers at NPN Brokers can help your company get the coverage it needs when you call (866) 340-9120 today.
Self-Insuring Compared to Jacksonville Workers’ Compensation Insurance Policy Providers
When it comes to Workers’ Compensation coverage, employers have a few options, some more preferable than others. While self-insuring might seem ideal initially, it poses some considerable risks, making it less beneficial than getting coverage from a private Workers’ Compensation policy provider for many employers in Jacksonville.
First off, not all companies are eligible to self-insure for Workers’ Compensation in Jacksonville. The application process is lengthy and requires companies to prove they are financially secure enough to handle Workers’ Compensation claims as they arise. This requires companies to submit documents containing information about their financial statuses and the operations their company handles. Because of the financial requirements that must be met in order to self-insure for Workers’ Compensation, it is not a feasible option for many small businesses in Jacksonville.
Second, when companies self-insure, they become responsible for paying out claims to injured workers. So, suppose a serious accident occurs, leaving an employee with considerable medical expenses and unable to return to work for some time. In that case, the financial implications of self-insuring can become severe as the employer would be responsible for compensating the injured worker. This makes self-insuring very risky for companies that are more likely to see serious accidents among employees, such as those in the construction industry.
When companies work with our Workers’ Compensation insurance brokers to find coverage instead, they will only pay monthly premiums to their carriers. Your carrier will verify Workers’ Compensation claims filed by employees and pay benefits to injured workers as necessary. This makes getting coverage from a policy provider generally more appealing than self-insuring in Jacksonville.
The State Fund Compared to Jacksonville Workers’ Compensation Insurance Policy Providers
Florida has a state fund for Workers’ Compensation which companies can use to get insurance in certain situations. Still, it may be less preferable than getting coverage from a private carrier in Jacksonville.
Like self-insuring, not all companies are eligible to get insurance from Florida’s state fund, the Florida Workers’ Compensation Joint Underwriting Association. Your company must first have a legal requirement to have Workers’ Compensation. This means if your company is exempt from needing Workers’ Compensation in Florida, it cannot get coverage from the FWJUA. Furthermore, employers must have been rejected by two non-affiliated insurance carriers within the past 60 days to be eligible for a policy from the FWJUA. This typically applies to high-risk companies. Going through a length application process with the FWJUA might only delay an employer’s ability to get Workers’ Compensation in Jacksonville.
Alternatively, our brokers can find quotes that meet your budget and eliminate your need to get coverage through the FWJUA. Doing this allows you to get insurance faster and write a policy that more accurately meets your company’s needs. Although companies in high-risk industries often have difficulty getting insurance through a private policy provider, our brokers are experienced in helping businesses facing such challenges so that they can comply with Workers’ Compensation mandates and properly protect themselves.
Protections Afforded to Employers that Get Workers’ Compensation from an Insurance Policy Provider in Jacksonville
Employers can reap many benefits when they obtain insurance from a Workers’ Compensation policy provider in Jacksonville. The primary benefit available to employers in such situations is total protection from financial liability for a worker’s damages following an on-the-job accident.
When companies follow Workers’ Compensation requirements in Jacksonville and get the necessary coverage, they cannot be sued by workers for injuries sustained while operating within the scope of their employment. An injured employee’s sole path to recovery in such instances is filing a Workers’ Compensation claim with their employer’s carrier. This alleviates all financial liability from employers, leaving them without the risk of bankruptcy or other financial issues due to a workplace injury.
Employers are also protected from further penalization when they have insurance coverage in Jacksonville. The Division of Workers’ Compensation cannot levy fines against companies that comply with insurance mandates, nor can they enforce stop-work orders. This adds another layer of incentive for employers to get the Workers’ Compensation coverage they need.
Employee Benefits Covered by Workers’ Compensation Policy Providers in Jacksonville
Workers’ Compensation insurance carriers that provide companies with workplace liability coverage also provide benefits to injured employees when necessary in Jacksonville.
Florida outlines the benefits private insurance companies must pay workers if a valid claim is filed. These benefits include compensation for a percentage of the wages a worker has missed out on while healing from their injuries. Workers’ Compensation also covers an employee’s medical expenses incurred because of a workplace injury. Additionally, Workers’ Compensation covers death benefits in Jacksonville. Your Workers’ Compensation might adjust your company’s premiums periodically if many claims have been paid out within the past year. Before paying out benefits to an injured employee, a Workers’ Compensation carrier will investigate the claim to ensure it is not fraudulent.
Contact Our Jacksonville Brokers to Get Workers’ Comp Coverage
By calling (866) 340-9120, employers in Jacksonville can learn how the Workers’ Compensation insurance brokers at NPN Brokers can help them get a policy today.
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