Who Pays the Premium of Workers’ Compensation Insurance in Florida?
When it comes to certain necessary business expenses like Workers’ Compensation insurance premiums, it’s important to know who’s responsible for the covering cost. In Florida, that responsibility is an employer’s.
In Florida, employers, and employers alone, are responsible for paying Workers’ Compensation insurance premiums. Employees can’t contribute, and employers can’t reduce employees’ pay to cover the cost of Workers’ Compensation insurance premiums. Several factors, like your business’s industry and payroll, might determine how much you pay in premiums. Cutting costs by going without coverage might result in serious penalties for non-compliance in Florida. If you want to pay less for Workers’ Compensation insurance premiums in Florida, you can partner with experienced brokers and consider opting for a pay-as-you-go policy.
Our brokers can find a policy that allows your company to pay less for Workers’ Compensation insurance premiums in Florida. To learn more about the Florida Workers’ Compensation insurance brokers at NPN Brokers, call us today at (561) 990-3022.
Do Employers Pay Workers’ Compensation Insurance Premiums in Florida?
Although Workers’ Compensation insurance can help employees after an accident, its primary purpose is to safeguard employers from financial liability in the event of a workplace injury. Because of this, it’s an employer’s responsibility to pay for Workers’ Compensation insurance premiums in Florida.
Workers’ Compensation insurance is sourced, bought, and continuously paid for by employers in Florida. As an employer, it’s your job to learn whether or not your business is required to purchase Workers’ Compensation insurance and then take the proper steps to get it. It’s always your responsibility to purchase the necessary coverage for your employees.
While paying for insurance is solely your responsibility, finding it doesn’t have to be. That burden can be shared with our experienced Florida Workers’ Compensation insurance brokers. However, at the end of the day, employers are the ones paying Workers’ Compensation insurance premiums in Florida.
Can Employees Help Pay for Workers’ Compensation Insurance Premiums in Florida?
Though you might know employers have to pay for Workers’ Compensation insurance premiums in Florida, you might also be wondering if employees can help cover the cost in any way. In Florida, this is completely prohibited.
Employees cannot help their employers pay for Workers’ Compensation insurance premiums in Florida. This is plainly stated in Florida Statute § 440.105(4)(a)(2), which dictates that employers cannot deduct funds from workers’ paychecks to help cover the cost of Workers’ Compensation insurance premiums.
Employees are completely uninvolved in the process of paying for Workers’ Compensation insurance premiums in Florida. Since employees can’t help employers pay for coverage, employers can partner with our Florida Workers’ Compensation insurance brokers to find reliable coverage that doesn’t break the bank.
How Much Do Employers Pay for Workers’ Compensation Insurance Premiums in Florida?
Employers might pay a wide range in premiums for Workers’ Compensation insurance in Florida. The price of coverage depends on a variety of objective and subjective factors, like a company’s industry and risk of workplace accidents. To better understand how much you might pay for coverage, ask our Florida Workers’ Compensation insurance brokers to assess your business’s needs.
In Florida, several factors can help determine the cost of Workers’ Compensation insurance premiums. The most important and impactful factors are payroll and industry. Companies in certain high-risk industries, like construction, have higher rates determined by the National Council on Compensation Insurance (NCCI). Florida insurance companies include these NCCI rates in the equation used to calculate the price of premiums.
Another factor that might heavily impact how much employers pay for Workers’ Compensation insurance premiums in Florida is payroll. This refers to the number of workers you employ. The more workers you employ, the higher your premiums might be.
Other, more subjective risk factors, like a business’s age and history of workplace injuries, might also factor into the cost of Workers’ Compensation insurance premiums in Florida. Because each business’s risk factors differ, the cost of Workers’ Compensation insurance might differ dramatically for companies throughout Florida.
How Can Employers Pay Less for Workers’ Compensation Insurance in Florida?
Having reliable, comprehensive Workers’ Compensation insurance in Florida is important. Going uncovered might result in expensive fines and penalties if your business is required to purchase Workers’ Compensation insurance in Florida. A lack of insurance might also make your company financially liable for an employee’s injuries after a workplace accident. To lower costs, employers shouldn’t forgo coverage. Instead, employers can partner with our Florida Workers’ Compensation insurance brokers, who can help companies pay less for premiums in Florida.
If your Workers’ Compensation insurance premiums are too high, our brokers can help lower them. This can be the case for all types of businesses in Florida, including those in particularly high-risk industries like construction. Other methods of paying less for premiums, like reducing your payroll or filing for an exemption, might leave your business vulnerable or at an employee deficit. That’s unnecessary when you find the right Workers’ Compensation insurance plan.
Our brokers have relationships with Workers’ Compensation insurance carriers that don’t require upfront deposits, contracts, or audits. To pay less for premiums, consider purchasing a pay-as-you-go plan. Our Florida Workers’ Compensation insurance brokers can explain the benefits of this type of coverage, which accounts for payroll changes as they happen. That means your premiums can fluctuate in real-time as a company’s number of workers changes. With the right brokers by your side, paying less for Workers’ Compensation insurance is possible without making concessions.
Get Workers’ Compensation Insurance in Florida Today
If you want to pay less for Workers’ Compensation insurance in Florida, our brokers can help. To learn more about the Florida Workers’ Compensation insurance brokers at NPN Brokers, call today at (561) 990-3022.
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