What Is the Minimum Payroll for Workers’ Compensation in Florida?

Because not all Florida businesses are required to have workers’ comp insurance, you might be wondering what that means for you and your company. You might have heard that some states decide the need for workers’ compensation based on minimum payroll. Although other states do, Florida doesn’t.

Instead of determining workers’ compensation based on a minimum payroll, Florida law requires businesses to purchase insurance based on the number of employees. Generally, businesses with more than four employees must have coverage. Some small businesses or those in the agricultural industry aren’t required to have workers’ comp insurance. While there are a few exceptions to this rule, exempt businesses might still decide to purchase insurance in case of a work-related accident.

The team at NPN Brokers can help your business find protective workers’ comp insurance, regardless of how many employees you have. To find an affordable coverage plan that works for your company, visit our website or call the Florida workers’ compensation brokers at NPN Brokers today at (866) 340-9120.

Is There a Minimum Payroll for Workers’ Compensation in Florida?

Unlike some states, Florida doesn’t determine the need for workers’ compensation by payroll. Instead, businesses with more than four employees must acquire workers’ comp insurance. That’s so workers and businesses can be protected, regardless of the size of a company.

States that require workers’ compensation based on minimum payroll can allow businesses with many employees working for a lower wage to avoid purchasing workers’ comp insurance. However, Florida has strict laws regarding the need for workers’ comp that businesses should be aware of. Whether you own a retail or construction company, if you have four or more employees, you’ll need to purchase workers’ comp in Florida.

While payroll isn’t a factor in defining the need for workers’ compensation insurance in Florida, it does help figure out the cost of premiums for different businesses. The claims history of a company and its industry are also factored in. Premiums in Florida can be high and vary in cost depending on the industry. Because of that, it can be hard to find a coverage plan that fits the needs of your business while staying affordable. Experienced professionals, like the Florida workers’ compensation insurance brokers at NPN Brokers, can help businesses find an insurance plan that won’t break the bank. While finding affordable insurance can be tough on your own, it’s possible with help.

Are There Exceptions to the Minimum Payroll for Workers’ Compensation in Florida?

There are few exceptions to the workers’ comp insurance requirement for Florida businesses. Generally, businesses with four or fewer employees don’t need to purchase workers’ compensation coverage. However, they can decide to opt-in for protection in case of a work-related injury. Some agricultural companies, especially those with seasonal workers, don’t always need to find coverage, either. It’s important to know whether or not you need to purchase workers’ comp insurance under Florida law to protect your business in the event of a work-related injury.

Small Businesses

Some small businesses operate out of an owner’s home or have three or fewer employees. Depending on the number of workers you employ, you might not have to purchase workers’ comp insurance in Florida. If you have four or fewer employees, you don’t have to find coverage. However, that doesn’t mean that workplace injuries won’t happen. In fact, it can be smart to still have insurance in case of an accident. But, for small businesses, workers’ comp premiums might seem too expensive.

That’s why it’s helpful to work with a team that understands your need for affordability, like the Florida workers’ compensation insurance brokers at NPN Brokers. Even if you aren’t required to have coverage because of the size of your business, you can still be liable if an employee is injured at work. Instead of taking the risk, you can find a plan that doesn’t require up-front costs or contract fees to protect your business if in the event of an accident.

Agricultural Businesses

In Florida, agricultural businesses with six or fewer employees don’t need to purchase workers’ comp insurance. Should your agricultural business have 12 or fewer seasonal employees, you can be exempt from needing insurance as well. That being said, the agricultural industry is often seen as high-risk for injuries. Due to the nature of farming, injuries can be common among agricultural workers. Even if a business isn’t required to carry workers’ compensation insurance in Florida, it can still be held financially liable for an employee’s injuries.

But why would you purchase insurance if you aren’t legally required to, and the premiums for your industry are generally high? It’s possible to find affordable coverage even if you’re in a high-risk industry with the help of experienced professionals like the Florida workers’ compensation insurance brokers at NPN Brokers. Our relationships with insurance companies allow our team to pair high-risk businesses with a history of injuries with affordable insurance plans. That way, you can stay protected at a lower cost, even if Florida doesn’t require your business to purchase workers’ comp insurance.

There aren’t many exceptions to carrying workers’ compensation insurance for Florida businesses. Many businesses are still required to carry coverage, and premiums can be steep for companies in high-risk industries. However, by working with a skilled broker, like the Florida workers’ compensation brokers at NPN Brokers, you can find a plan that meets your needs. Instead of accepting hefty fines and penalties for not having insurance after an employee injury, be prepared and find coverage for your business.

Call NPN Brokers for Workers’ Compensation Insurance in Florida

Whether or not Florida requires your business to have workers’ comp insurance, purchasing it can protect your company in the event of an employee injury. To get matched with a plan that suits your business, call the Florida workers’ compensation insurance brokers at NPN Brokers today at (866) 340-9120.