What is the Average Workers’ Comp Settlement in Florida?
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If one of your employees is injured at work, it may result in a workers’ compensation case. When that happens, having dependable workers’ compensation insurance coverage can help save your company financial stress if a settlement is necessary. Knowing how much a workers’ comp settlement can be worth and what factors go into the calculation can help you decide what coverage to get to protect your business.
The average workers’ comp settlement in Florida can’t be easily defined because many factors go into calculating settlement costs. The type of injuries sustained, the value of wages lost, the medical costs, and the possibility of permanent impairment are all considered when calculating a settlement amount in a workers’ compensation case. Even after amounts are agreed upon, an employee may be eligible for additional, continued benefits for medical costs. For that reason, your business should be prepared for a range of possibilities. That’s why it’s important to have reliable workers’ compensation insurance coverage.
At NPN Brokers, we work to pair Florida businesses with workers’ comp insurance coverage that they can trust. We can help protect small and large businesses alike from huge settlement costs by finding them an insurance plan that is affordable and dependable. To find a workers’ comp insurance plan for your business, call NPN Brokers today at (866) 340-9120.
Factors in Calculating the Cost of the Average Workers’ Comp Settlement in Florida
In Florida, workers’ compensation settlements vary, as no two cases are the same. Several factors go into calculating workers’ comp settlement costs and benefits. With a reliable insurance plan, those costs might not affect your business. Here are some of the most important factors in the cost of a settlement:
- Severity of injury
- Medical costs
- Wages lost
- Work missed
- Impairment rating from a doctor
All of these factors are gauged to determine settlement costs. For example, larger settlements will result from more severe injuries. A doctor’s impairment rating and the medical costs for the injured employee are perhaps the most decisive factors in determining settlement amounts. While most people who file a legitimate workers’ comp claim in Florida will receive compensation for missed work, high medical costs can greatly increase the sum paid out by your insurance company. A severe injury generally warrants higher medical bills, which your carrier may be responsible for.
In Florida, a doctor may assess an employee who sustained work-related injuries and provide an impairment rating. This impairment rating will help to determine settlement costs. A higher impairment rating usually results in a larger settlement sum.
Having a reliable workers’ compensation insurance plan can help in these scenarios. Your insurance company will be responsible for paying the settlement costs either entirely or partially, which may cause less strain on your business. NPN Brokers can help match your business with an affordable, reliable workers’ compensation coverage plan that can help protect your company’s finances in times of need.
Types of Workers’ Comp Settlement Benefits in Florida
There are different types of benefits from workers’ comp settlements in Florida. These are typically based on the severity of the injury, work missed, and whether or not an employee will ever be able to return to work. Here are the types of potential benefits, as stated in the most recent 2020 Florida statute regarding workers’ compensation benefits.
Permanent Total Disability Benefits
Suppose an employee is permanently unable to perform work, including their previous job or desk work. In that case, they will receive 66.67% of their average weekly wages for the duration of the injury or until the age of 75, unless they’re ineligible for Social Security. For injuries sustained after 70, benefits are to be paid for five years after settlement. An employer may periodically request evaluation or testing of an employee following a settlement to ensure the employee is still unable to work.
Temporary Total Disability Benefits
In cases of temporary total disability, an employee’s injuries may be severe but not legally considered career-ending. The same 66.67% of weekly wages is to be paid to an employee for 104 weeks unless their injuries require additional training courses to recuperate. After that time, an employee may be revaluated if they remain unable to work.
Permanent Impairment Benefits
Permanent impairment benefits are considered after an employee has reached maximum medical improvement. Using Florida’s impairment rating system, the treating doctor will examine the employee to gauge the continued effect of an injury. Based on this rating, financial benefits may continue past the previously agreed-upon date.
Temporary Partial Disability Benefits
These benefits occur when an employee returns to work at a lower wage level than their pre-injury wages. Decreased wages may happen if an employee can no longer do the same level of work because of their injury. In this case, your insurance carrier may have to partially compensate an employee for those continued lost wages for 104 weeks. If, after that time, an employee still cannot return to their previous work, they may be evaluated for permanent impairment benefits.
Even after settlements, employees may be eligible for additional benefits to cover medical costs. That can happen when there are unforeseen medical issues or if the injury affects work ability longer than expected. This means your company might not be off the hook after settlement. That’s why it’s so important to have workers’ compensation insurance that can cover the financial burden of workers’ comp settlements. NPN Brokers can help Florida businesses find affordable and reliable workers’ comp coverage to support them through settlements.
Call NPN Brokers If You Need Workers’ Comp Insurance
At NPN Brokers, we can help match your Florida business with a workers’ compensation coverage plan that’s affordable and reliable. Call us today to discuss your business’ needs at (866) 340-9120.