Workers Compensation Insurance
Workers’ Compensation is a Florida employer state-mandated, “no-fault” insurance system that pays benefits to workers who are injured on the job covering their medical expense, lost wages and permanent disability covered. Employers will receive immunity from civil lawsuits by employees involving workplace injuries. The law provides benefits for dependents of those workers who are killed because of work-related accidents or illnesses. The law protects employers and fellow workers by setting the amount an injured employee can recover from a work related injury and by eliminating the liability of co-workers in most accidents. State Workers Compensation statutes apply to most employment. Federal statutes are limited to federal employees, maritime employees, or those workers employed in some aspects of interstate commerce.
Florida law requires employer engaged in the construction industry who employs one or more part or full time employee(s) or an employer in the non-construction industry who employs 4 or more part or full time employees to obtain Florida workers’ compensation insurance.
Workers Compensation rates are determined by each state and we do have carriers which will provide coverage in other states. Some companies offer dividend programs for specified classes of business. The dividend returns a portion of the premium to the insured based on favorable loss history.
Your individual business loss experience will affect your premium modification. The NCCI calculates an experience modification by comparing your actual loss experience to your expected loss experience over three years. If your losses are lower than expected, your experience mod should be less than 1.00, which will reduce your premium. If you have higher-than-expected losses for your industry, your experience mod will be greater than 1.00, and you will be charged an increased premium.
If an employer has secured workers’ compensation coverage for his or her employees by entering into an employee leasing arrangement, the employer must specifically identify each and every employee for coverage. The employer must notify the employee leasing company of the names of all the covered employees and any additional employees that are working on a jobsite that may have been excluded from the original employee leasing arrangement
We will review your business activities and help you select the workers compensation coverage you need.