Miami Workers’ Compensation Insurance Policy Providers
If you own a company, you may have to get Workers’ Compensation in Miami. Insuring your company is best done via a policy with a private carrier.
Workers’ Compensation insurance policy providers exist to give coverage to companies that will protect them and their employees if a workplace accident occurs. These providers pay benefits to injured workers so that companies do not have to. In return, companies pay a premium to workplace liability insurance providers in Miami. The cost of those premiums will depend on several factors, such as a company’s payroll and industry. Having a Workers’ Compensation policy when required to will also protect companies from possible litigation when employees are hurt on the job.
To get assistance from NPN Brokers when finding coverage through a private carrier, call our Miami Workers’ Compensation insurance brokers at (866) 340-9120.
The Purpose of Workers’ Compensation Insurance Policy Providers in Miami
Workers’ Compensation insurance providers write policies for companies of all kinds. These polices then protect companies from civil action in the event of a workplace accident in Miami.
Insurance carriers provide coverage to companies in Miami. Nearly all companies operating in Miami have to get Workers’ Compensation to comply with Florida laws. According to current rules, any construction company with one employee must get Workers’ Compensation, preferably from an insurance provider rather than the state fund. Self-insuring is also an option, albeit a riskier one. Any non-construction company with more than three workers must also get Workers’ Compensation.
Having a Workers’ Compensation policy with an insurance provider rather than self-insuring can save your company considerable amounts of money. When a company self-insures, it absorbs the cost of benefits paid to an injured worker. When a company gets coverage from our Workers’ Compensation insurance brokers through a private carrier, it just pays monthly premiums to its carrier. The company is then protected from litigation if a workplace accident occurs and injures an employee in Miami.
The Benefits Paid by Miami Workers’ Compensation Insurance Policy Providers
When a company gets a Workers’ Compensation policy through a private insurance provider in Miami, its employees can file a claim for benefits if they are injured on the job.
Workers’ Compensation provides benefits to injured workers. These benefits include compensation for a portion of a worker’s lost wages and medical benefits. Lost-wage benefits typically equate to about two-thirds of an injured employee’s average weekly wages prior to an accident. Medical benefits can cover all necessary medical expenses related to an on-the-job injury. Workers’ Compensation also pays death benefits to surviving family members of a deceased employee.
Companies with Workers’ Compensation do not have to pay such benefits to a hurt worker out of pocket. Instead, their insurance providers pay these benefits. This allows companies to navigate accidents and injuries that might occur in Miami more easily. Workplace liability insurance also provides relief from possible financial difficulties for companies.
The Cost of Getting Coverage from Workers’ Compensation Insurance Policy Providers in Miami
The primary concern many employers have regarding Workers’ Compensation from an insurance provider is the cost. Fortunately, our brokers work with providers that offer transparent and flexible policies that may more accurately meet your company’s needs.
In Miami, Workers’ Compensation insurance providers assess policy costs largely according to rates set by the National Council on Compensation Insurance (NCCI). The NCCI carefully sets rates based on current information about various industries. In addition to using this information to calculate premiums, an insurance provider will request that a company send information about its history of workplace accidents, payroll, and other possible risk factors.
Certain things, like audits, deposits, and contracts, can present costly hurdles to companies in Miami seeking affordable Workers’ Compensation, especially small businesses. Our brokers work with carriers that do not require such procedures, further reducing the financial burden of maintaining Workers’ Compensation.
Before you agree to a Workers’ Compensation policy, our brokers will help you assess the quotes you have received so that you do not pay more for insurance than what is necessary for your specific situation. Private carriers might initially present a high quote that can be reduced through discussions and negotiations.
The Importance of Getting Coverage from Miami Workers’ Compensation Insurance Policy Providers
Adhering to Florida’s laws regarding workplace liability insurance is important, as failure to do so could result in companies being penalized by the Division of Workers’ Compensation.
Getting coverage through a private carrier is a sure way to stay in compliance with Workers’ Compensation requirements in Miami. You may be penalized if you do not take this route and fail to insure your company, whether through the state fund, a private carrier, or by self-insuring. Consequences include fines in the amount of two times the amount your company should have paid in insurance premiums for any time it was uninsured over the past two years. Depending on your company’s payroll and other risk factors, such fines could be very expensive. Companies will also likely face stop-work orders for not complying with insurance mandates in Miami.
Additionally, not maintaining Workers’ Compensation makes your company vulnerable to lawsuits from employees. Having an insurance policy is the only way to make your company immune from such action. If you do not have Workers’ Compensation and an employee is hurt on the job, they will be legally able to file a lawsuit against your company. Litigation can be financially devastating, especially for small businesses, as such lawsuits could enable an injured employee to recover greater damages than what would have been available to them in a Workers’ Compensation claim.
Once you get Workers’ Compensation, you should send proof of coverage to the Division of Workers’ Compensation to avoid penalties.
Call Our Miami Brokers for Workers’ Comp Insurance
Employers can (866) 340-9120 to speak with the Workers’ Compensation insurance brokers at NPN Brokers about getting coverage now.
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