Florida Workers Comp Insurance: Everything You Need To Know

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Workers Comp Insurance

If you have employees in Florida, it is essential to understand the importance of workers’ compensation insurance. In this blog post, we’ll cover everything from what workers comp is and why it’s needed to how much it costs and exemptions that may apply.

We’ll also dive into what happens if an employee is injured and how workers comp helps them.

So read on for a comprehensive overview of all things related to Florida worker’s compensation insurance.

What is Workers Comp Insurance?

Workers’ compensation insurance (also known as workman’s comp or workman’s compensation) provides income replacement and medical benefits for employees injured on the job or contract an illness due to their employment. It also pays death benefits to the dependents of any employee who dies due to a workplace injury or illness. Under most state laws, employers must provide workers’ comp coverage.

How Does Workers Comp Work in Florida?

In Florida, employers with four or more employees must carry workers’ compensation insurance—regardless of whether those employees are full-time, part-time, or seasonal. The state also requires employers with three or fewer regular full-time employees to carry WC coverage if they have additional part-time or seasonal staff.

As in most states, when an employee suffers an on-the-job injury in Florida, they can seek medical treatment from providers approved by the state’s Division of Workers Compensation (DWC). The DWC then reviews all medical bills submitted by healthcare providers for payment under WC coverage and decides which ones will be paid out.

How Much Does Workers Comp Cost?

The cost of workers comp insurance in Florida varies depending on several factors, such as your industry type and claims history. Still, generally speaking, you can expect premiums to range from $1 per $100 in payroll up to $2 per $100 in payroll, depending on your situation. Therefore, when shopping around for WC coverage, it’s essential to consider the price and the level of service each provider offers to get the best value for your money.

Exemptions & Benefits

Some exemptions from having WC coverage in Florida are based on specific criteria, such as agricultural labor done by unpaid family members or domestic labor done by non-family members earning a certain amount. In addition to providing income replacement and medical benefits for injured workers, WC also covers rehabilitation services designed to help injured workers return to their pre-injury status as quickly as possible.

Depending on the severity of injuries sustained during employment, some individuals may even qualify for vocational rehabilitation services that help them learn new skills to find gainful employment again without relying solely on their current job position.

Invest In Workmans Comp Florida Insurance

Whether you already have employees working in your business or you’re just starting and thinking about hiring staff soon, you must understand what role workers’ compensation plays in protecting your business—and, more importantly—your employees should something happen while they’re at work. So be sure to research and shop around for the best deal when looking for WC coverage so that you and your team are protected no matter what comes your way.