If you own a business and you have more than four employees in Florida, you’re required to carry workers compensation insurance. Workers compensation insurance protects you and your employees if they should get injured or become ill on the job. Since you want to pay as little as possible with the least amount of hassle, you’ll want to look into these top workers compensation insurance providers in Florida.
- Top 6 Providers of Workers Compensation Insurance in Florida
- Workers Compensation Insurance Law in Florida
- Factors Affecting Your Workers Compensation Rates
- What does Workers Compensation Insurance Cover?
- What Happens If You Don’t Have Workers Compensation Insurance in Florida?
- How is Workers Compensation Insurance Different from General Liability Insurance?
Top 6 Providers of Workers Compensation Insurance in Florida
We studied 12 different companies providing workers compensation in Florida and here are our recommendation of the top 6 for your consideration.
- The Hartford: Best Overall
- Pie Insurance: Best for reasonable rates
- Florida Workers Compensation Joint Underwriting Association: Best for hard-to-insure businesses
- WorkCompOne: Best for comparing quotes from multiple companies
- Biberk: Best for getting quotes and buying policies online
- FCCI Insurance Group: Best for agricultural businesses
The Hartford: Best Overall
The Hartford is a great choice for businesses in Florida. They specialize in small business insurance and have over 5,000 reviews with an average score of 4.8 out of five. You can get a quote from The Hartford if you have all the necessary information such as FEIN number or social security number, plus amount of payroll and type of business. They have a medical network to refer your employees to when they become injured, and they also have pay-as-you-go insurance.
Pie Insurance: Best for reasonable rates
It’s called Pie because getting a quote is easy as pie, although for some reason they wanted us to call and speak to them when we entered information about our hypothetical business. They have mostly positive reviews, with an average rating of 4.7. Most praise how easy it was and how fast the whole process was. You can get a quote, pay online and be insured in less than ten minutes.
Pie claims that their rates are at least 20% cheaper than those of other insurance companies
Florida Workers Compensation Joint Underwriting Association: Best for hard-to-insure businesses
If your business is hard to insure, such as construction or roofing, or if you’ve been declined for coverage elsewhere, you should get a quote from FWCJUA. They’re underwritten by Travelers and are self-funded. They provide insurance for employers that are otherwise hard to insure.
WorkCompOne: Best for comparing quotes from multiple companies
WorkCompOne was started in 2012 specifically to help small businesses get workers compensation insurance. They’re actually an online aggregate and can pull quotes from many different insurance companies for many different industries. You can click on the map to find about the laws in your state, if you don’t happen to be in Florida. So far, they’ve sold over 50,000 policies.
Biberk: Best for getting quotes and buying policies online
Biberk is super easy to get a quote from and it’s easy to find your business in the drop down menu. Since they’re backed by Berkshire Hathaway, you won’t need to worry that they can’t afford to pay their bills. They offer other types of small business insurance as well.
They can get you certificates of insurance as you need them.
FCCI Insurance Group: Best for agricultural businesses
If you have an agricultural business in Florida, FCCI is an excellent choice. They can insure all different types of such businesses, from orange groves to cattle farms. They’re based in Florida, so they really understand your Florida-based concerns. They offer some other types of small business insurance as well, so you may be able to get all your insurance through them. There is no online quoting, though.
Workers Compensation Insurance Law in Florida
If you have more than four employees, you’re required to have workers compensation insurance in Florida, even if they are all part-timers. If you’re in construction, you’re required to have it if you have more than one employee. Sole proprietors are not required to have insurance for themselves, but you can buy something called election of coverage.
Agricultural businesses must have workers compensation if there are more than six employees, or 12 or more seasonal employees.
Employers pay $1.43 per $100 of payroll in Florida. Initial insurance rates are mandated by the state. Workers compensation rates have been a topic of debate for the past few years now, and in 2017 the Florida Insurance Commissioner ordered a reduction in rates, arguing that workplace safety had improved, so that’s a bit of good news.
Factors Affecting Your Workers Compensation Rates
Some jobs are riskier than others. The chances of a worker falling off a roof and injuring themselves are much greater than an accountant somehow injuring themselves. Things affecting your rates include:
- State laws
- Annual payroll
- Claim history
- Type of business
It’s calculated by a formula: Employee classification rate X employer payroll per $100 X Experience Mod Rate (EMR) = your premium. You can find a calculate to determine your EMR rate at Optimum Safety Management.
What does Workers Compensation Insurance Cover?
Workers compensation covers your employees for the following:
- Wage replacement benefits
- Disability benefits
- Rehabilitation benefits (if they can no longer do the job they were hired to do, retraining is available
- Death benefits
- Medical bills
Employees can still make a claim for a larger settlement benefit, but workers compensation insurance protects the employer as well. There is a two-year statute of limitations employees must file lawsuits under, but there are some exceptions.
What Happens If You Don’t Have Workers Compensation Insurance in Florida?
You might be issued a stop order so your business will have to close down until you comply with the laws. You’ll also have to pay penalties, which can be twice the amount you would’ve paid for workers compensation insurance for the previous two years.
If you don’t comply with the stop order when one is given to you, you could face jail time.
How is Workers Compensation Insurance Different from General Liability Insurance?
Some people get confused as to what the difference is because they know general liability insurance covers bodily injury. However, general liability insurance only covers injuries to third parties, not your employees. Generally, your customers and your clients are covered for injuries under general liability and your employees need to be covered by workers compensation insurance.
Going without workers compensation insurance is far more costly than just getting the insurance, so don’t put it off. Shop around and compare rates. You’ll be happy and protected when you get it done.