Workers’ Compensation Insurance is legal documentation between Employee and Employer in that employer provides the safety to the Employee related to work. It’s mandatory for businessmen to buy insurance protection for employees. The law of Workers Compensation Insurance Florida states that it is required when a business has four or more employees, whether they are full-time or part-time.
What is Workers’ Compensation Insurance in Florida?
In Florida, it is necessary for every business to buy a workers compensation insurance policy that provides protection to employees. There are some special considerations for some employees, including corporate officers: Sole proprietors and partners, Construction businesses, and Agricultural businesses. When a claim is submitted it ensures that the employee’s medical treatment or rehabilitation is paid.
Cost of Workers Compensation Insurance in Florida:
The average cost of workers’ compensation insurance in Florida is $46 per month. If any worker is injured while performing work, it’s likely that costs will be incurred that need to be covered by workers’ comp insurance. Costs could include:
- Hospital or other ongoing medical bills
- Ambulance transportation
- Temporary total disability payments
- Permanent disability payments
Largest Workers Comp Insurance Companies in Florida:
Here we’re going to tell you about the top 5 companies that are established in Florida:
|Company Name||Medical Treatment||Death Benefits||Lost Wages||Temporary Disability Costs||Job Replacement Benefits|
|Great American Insurance||✔️||✔️||✔️||✔️||❌|
|Fairfax Financial Insurance||✔️||❌||✔️||✔️||✔️|
Great American Insurance:
|Company Name||Great American Insurance Company|
|Location 📍||4414 SW College Rd Ste 1422, Ocala, FL 34474|
|Contact Number ☎||(352) 351-4799|
|Services||ABA Insurance Services, Nonprofits & Social Services, Professional Services, Specialty Human Services|
This company now starts business as a MassMutual Ascend. They change the website themes and styles but the experience you’ve seen for the last many years remains the same. It’s a type of Specialty Property & Casualty Insurance that also provide workers’ compensation insurance. Now, it authorizes in all the states because it provides good quality products and services to its customers.
Fairfax Financial Company:
|Company Name||Fairfax Financial Insurance Company|
|Location 📍||Boca Raton, FL|
|Contact Number ☎||(416) 367-4941|
|Services||Property, casualty, insurance and reinsurance, investment management, and insurance claims management|
Fairfax Financial company provide benefit to the public by engaging the property, casualty, insurance and reinsurance, investment management, and insurance claims management. The headquarter is established in Toronto-Dominion Centre Toronto, Ontario, Canada. Fairfax shares are listed and traded on the Toronto Stock Exchange.
RetailFirst Insurance Company:
|Company Name||RetailFirst Insurance Company|
|Location 📍||P.O. BOX 988 Lakeland, Florida|
|Contact Number ☎||33802-0988|
|Services||Workers’ Compensation Insurance, Industries Insurance, hotels, restaurants, automotive service, small businesses|
It operates as an insurance company that provides workers’ compensation insurance solutions, as well as offers ancillary services. It serves the services to the clients in the United States. Their services include asset management and development operations and risk management retail, leasing marketing, information technology, financial management, etc.
FCCI (Florida Contractors and Construction Industries):
|Company Name||FCCI (Florida Contractors and Construction Industries)|
|Location 📍||Sarasota, FL|
|Contact Number ☎||(941) 907-3224|
|Services||Medical Case Management, Auto Physical Damage, Accelerated Claims Settling, Claims Management|
FCCI stands for Florida Contractors and Construction Industries that provide commercial property and casualty insurance since 1959. The CEO and president of FCCI are Cina Welch. It takes care of people, manages risks, and provides comprehensive coverage and caring, efficient claims services.
Chubb Insurance Company:
|Company Name||Chubb Insurance Company|
|Location 📍||9130 S Dadeland Blvd Ste 1100, Miami, FL 33156|
|Contact Number ☎||(305) 670-9935|
|Services||Bespoke Services, Client Services, Financial Lines, Workers’ Compensation Policy Services, and Risk engineering services.|
It is the world’s largest publicly traded P&C insurance company that provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance. Now, it is internationally diversified branches so that they can serve better services.
Important Points to Remember –
Let’s take a look at the workers’ compensation requirements in Florida:
- If you’re the owner of a construction company and have only one employee then it is necessary to purchase workers’ compensation insurance.
- If your running business is a non-construction company then it is necessary to purchase the policy if you’ve at least 4 employees.
- If you hire a independent contractor then you’re not required to hire a workers compensation policy.
- If you’re running an agriculture company then you’ve to purchase the policy if you have at least 6 full- or part-time workers—or if you hire 12 or more seasonal workers.
Why is workers’ compensation insurance important for businesses?
Workers’ compensation insurance in Florida is an important part of a small insurance business because it pays the medical bills, recovery costs, and disability benefits if an employee is injured at the workplace. It covers the funeral costs along with death benefits to the employee’s family if the employee is died due to work. Florida also provides incentives for businesses to keep employees safe and also reduce the risk. Small Business insurance can:
- If an employee is injured or ill then it will cover all the medical expenses and provide lost wages.
- If an employee files a lawsuit related to injury then it will be all the legal expenses.
- Comply with applicable workers’ comp laws.
- Insureon helps various industries to compare quotes and purchase the worker’s compensation policies. It also includes if you’ve your own dental practice, photography studio, convenience store, or something altogether different, we can help you find a policy to meet your business needs.
As we mentioned the complete information about Workers Compensation Insurance Florida policy. In this article, you’ll also get to know more about the top 5 companies that provide workers’ compensation policies to employees/workers. But there is a difference between workers compensation insurance NC and workers compensation insurance NJ, so now you can go through this link to get more information.