There is no strict figure for how much workers’ compensation in Florida costs. The price will vary depending on all sorts of factors:
According to the National Academy of Social Insurance, most small-to-medium-size business owners pay about $1.43 in workers’ comp for each $100 of payroll. This means that a business that compensates about $100,000 in payroll will add around another $150 for workers’ compensation each month.
If you are a corporate officer or sole proprietor in a non-construction business in Florida, you can choose to exempt yourself from required Workers’ Compensation coverage. In most other cases, workers compensation coverage is required for all employees.
In Florida, a sole proprietor in a non-construction business is not considered to be an employee and therefore is exempt from coverage. However, you can choose optional Workers' Compensation coverage as an employee.
CoverWallet can help you get required Workers' Compensation coverage as well as other essential insurance coverages. The Florida Workers' Compensation Joint Underwriting Association can also be an option. However, the FWCJUA limits its focus to Workers' Compensation coverage.
Workers' Compensation coverage in Florida provides several benefits for injured employees, including payment of medical expenses for doctor visits, surgery or hospital care, home nursing, and medications. If the employee qualifies, lost wages are often paid as well at a reduced rate. Rehabilitation is another offered benefit along with reemployment services if needed.
Anytime an employee dies due to a work-related accident, the employer might owe that person’s survivors death benefits. The surviving family gets benefits if the person dies either within one year of having the accident or within five years of collecting continuous disability for the accident. The dependents get up to $150,000 or 66.7% of the deceased's weekly paycheck. They also get education benefits and up to $7,500 for funeral costs.
Unless you qualify for a workers' compensation exemption, any employee injured on the job can file a claim with your insurance. After a claim is approved, your insurance will offer the employee a settlement. These settlements can be paid out as a lump sum or as a structured payment.
These payments are usually calculated based on the employee's regular paycheck and the extent of the employee's injury. If the injured worker accepts the claim, the entire process is simple and fast.
If the worker rejects the offer and makes a counterclaim, you can expect some negotiation. In certain workers’ compensation in Florida cases, you might end up taking the case to court to determine the final settlement sum.
Even if you're on the list of who is exempt from workers’ compensation insurance in Florida, COVID-19 can make it a good idea to get Employment Practices Liability Insurance (EPLI). This supplemental type of workers’ insurance protects you from lawsuits related to unfair firing.
If the pandemic requires you to lay off employees, there's always a chance that those former workers might try to sue for wrongful termination, breach of contract, or other problems. EPLI can assist you with covering legal fees and paying any settlements or court-ordered compensation.
Have any other questions about workers’ compensation in Florida? CoverWallet is here for all your workers’ compensation needs. Speak to a consultant now by calling 646-844-9933.
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Being a small business presents several challenges that may need more assistance. While CoverWallet provides you the best insurance, you can also consider these references to further support your small business:
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