What Percentage of Workers’ Compensation Do Employers Pay in Florida?
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Employers in Florida need to understand the financial responsibility associated with carrying Workers’ Compensation insurance. In all likelihood, your Florida business will be required to have adequate coverage and will be responsible for paying for it.
In Florida, employers must pay for 100% of Workers’ Compensation insurance premiums. Employers pay monthly or annual premiums towards potential benefits in case of an employee injury, which their insurance carriers will help cover. Because of the financial responsibility associated with carrying Workers’ Compensation insurance, Florida employers need to find an affordable plan, especially if they are in a high-risk industry and have seen premiums rise after an employee injury.
At NPN Brokers, our goal is to pair Florida employers with accessible, transparent Workers’ Compensation coverage they can afford. To learn more about the Florida Workers’ Compensation insurance brokers at NPN Brokers, call us today at (866) 340-9120.
Percentage of Workers’ Compensation Premiums Paid for by Employers in Florida
If you own a business in Florida and have employees, you will likely have to pay for Workers’ Compensation insurance. That means taking on an added expense that you might not have budgeted for. Because of this, Florida employers need to know what percentage of Workers’ Compensation insurance premiums they have to pay.
In Florida, employers whose businesses are required to carry adequate Workers’ Compensation insurance must foot the entirety of the bill. That means you are responsible for paying 100% of the cost of Workers’ Compensation insurance premiums. While that may seem like a substantial expense, it does not have to be when employers purchase insurance from skilled Florida Workers’ Compensation insurance brokers.
That being said, employers are always responsible for paying 100% of Workers’ Compensation insurance premiums in Florida. As an employer, it is your job to protect your workers and your business in case of a work-related injury. Should you refuse to carry Workers’ Compensation insurance because you do not want to cover the cost yourself, you risk running into legal issues and being financially responsible for an employee’s work-related injury.
In comparison, the cost of paying 100% of Workers’ Compensation insurance premiums is significantly lower than the potential cost of an employee’s medical bills and lost wages after an injury. In addition, your Florida business can face financial fines or even a stop-work order for failure to pay for Workers’ Compensation insurance if it is required to in Florida.
Suppose you own a business in Florida with four or more employees or own a construction company with at least one employee. In that case, you must carry Workers’ Compensation insurance and cover the cost of premiums yourself. While being in a high-risk industry can result in higher premiums, a Florida Workers’ Compensation insurance broker can help you find affordable coverage that does not put a financial strain on your business.
Percentage of Workers’ Compensation Benefits Paid for by Florida Employers
Although Florida employers must pay all of the costs associated with Workers’ Compensation insurance premiums, that protects them from entirely covering the cost of benefits. If you pay into your insurance plan, your workers can receive benefits ultimately paid for by your insurer.
Florida employers should have adequate Workers’ Compensation insurance to prevent them from being financially responsible for an employee’s expenses from a work-related injury. While employers do pay Workers’ Compensation insurance premiums, they do not have to pay out of pocket for expenses equitable to Workers’ Compensation benefits. That cost is covered by the insurance company.
Workers’ Compensation insurance is similar to any other type of insurance coverage in that way. In this case, the policyholder, who would be a Florida employer, pays premiums to an insurance company. In turn, the insurance company foots the bill for workers’ benefits if they are injured on the job and handles all claims processing. This prevents Florida employers from paying for the Workers’ Compensation insurance benefits their employees may receive if injured at work.
That being said, your insurance premiums may rise after a work-related injury. That is important to keep in mind when shopping for coverage with your Florida Workers’ Compensation insurance broker. If your Florida business is in a particularly high-risk industry, like construction, you may have high premiums from the get-go. To prevent those premiums from rising substantially after an injury, Florida employers can find a Workers’ Compensation insurance plan that is affordable and transparent.
How to Lower Workers’ Compensation Payments for Florida Employers
Depending on a Florida employer’s industry, Workers’ Compensation insurance payments may be high. When workers are injured and subsequently receive benefits, premiums can rise to offset an insurer’s expenses and reflect the increased risk of insuring your company. Because of that, employers need to work with a skilled Florida Workers’ Compensation insurance broker to find affordable coverage that protects their businesses.
NPN Brokers’ Workers’ Compensation insurance brokers can help your business find the coverage it needs through our established relationships with Florida insurance companies. Whether your business is considered high risk based on its industry or age, skilled Florida Workers’ Compensation insurance brokers can quickly offer a quote and find affordable coverage fast.
Because you as an employer will be responsible for paying 100% of Workers’ Compensation insurance premiums, you need a flexible plan that allows you to pay as you go. Our team can find coverage that requires no audits or deposits, making Workers’ Compensation insurance accessible to almost all Florida businesses that need it
The best way to lower Workers’ Compensation payments for Florida employers is to find an affordable, transparent coverage plan from the get-go. That is possible by working with experienced Florida Workers’ Compensation insurance brokers who know the industry and can pair your company with the best plan at the lowest cost.
Florida Employers Can Call Our Workers’ Compensation Insurance Brokers Today
While Florida employers have to pay 100% of Workers’ Compensation insurance premiums, that does not mean the cost has to be high. To learn about finding affordable coverage, call the Florida Workers’ Compensation insurance brokers at NPN Brokers today at (866) 340-9120.