Business owners in Coral Springs are expected to maintain a safe and healthy work environment for their employees. Unfortunately, even when all practical precautions have been taken, workers sometimes get injured on the job. Fortunately, workers’ compensation insurance can cover the various costs associated with workplace injuries and occupational illnesses.
Local independent agents are available to help you find the best and most affordable coverage for your Coral Springs business. Find an insurance agent near you to learn more.
Is Workers’ Compensation Insurance Required in Coral Springs, FL?
In Florida, you are required to carry this insurance if your business is described as one of the following.
- An agricultural company with at least six regular employees and/or twelve seasonal employees who work at least 30 days out of the year
- A construction company with at least one employee
- Any other kind of company with at least four employees
Primary contractors are responsible for ensuring that their subcontractors carry this insurance.
Out-of-state employers must purchase a separate workers’ compensation insurance policy for their employees in Florida unless their current insurance provider is licensed to provide coverage in this state.
A local independent insurance agent can help you stay compliant with all state laws regarding workers’ compensation coverage.
How Much Does Workers' Comp Insurance Cost in Coral Springs, FL?
Your workers’ compensation insurance premiums will be based primarily on the types of work your employees do and your company’s overall payroll.
Each specific occupation is assigned a classification code, and base rates for each class code, which are overseen by the Florida Division of Workers’ Compensation, are calculated according to how likely it is that the employee will experience a significant injury on the job.
Commercial insurance companies are required to use these base rates as a starting point, but they are permitted to offer discounts and incentives to policyholders in order to remain competitive. That is why shopping around for rates can be beneficial.
Examples of base rates in Coral Springs, FL
The following are the current base rates paid per every $50,000 in employee payroll for three jobs that can found in Coral Springs:
- Roofing contractors: $7,390 a year
- Flooring/carpeting installers: $4,130 a year
- Property managers/leasing agents: $490 a year
Clearly, someone who works up on rooftops is more likely to suffer a serious injury on the job than a worker who manages properties, and the rates for these different jobs reflect this.
You can find out how much it will cost to cover the people who work for you by requesting rates from a few competing providers.
Can Coral Springs Employers Do Anything to Lower Their Costs for Coverage?
You may be able to save money on your workers’ compensation coverage through a few potential discounts.
Experience modification factors
Some businesses in Coral Springs qualify for an experience modification factor. To qualify in Florida, your business must have spent at least $10,000 in workers’ compensation premiums over the previous two years.
Provided your company has a solid history of employee safety, this experience modification (or “X-mod”) has the potential to lower your premium costs significantly.
Your experience modification factor is assigned by the NCCI according to how your company’s safety record compares to other businesses that are similar to yours. If your company compares favorably, your coverage base rates can be reduced significantly.
On the other hand, if your company has a worse-than-average record of safety, your base rates will go up. Therefore, qualifying for an experience modification factor is not a guarantee of money savings.
Workplace safety programs
Employers who offer their workers a safety training program that meets state and insurance guidelines are eligible to receive discounts of up to 2% off their workers’ compensation coverage.
These training programs must be offered regularly, and eligibility for the discount must be renewed every year.
Employers who maintain a drug-free workplace enforced by mandatory drug testing are eligible to receive discounts of up to 5% off their workers’ compensation coverage.
Employers who opt to institute a drug-free workplace are responsible for covering the cost of the drug testing, typically about $30 per test, and they must remain in compliance with their insurance company’s guidelines in order to maintain their discount.
Talk to a local independent insurance agent to learn more about ways you can save money on workers’ compensation coverage for your Coral Springs business.
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Coral Springs Workers’ Compensation Pays for Medical Treatments
Your employees may be injured on the job, or they may suffer an occupational illness due to exposure to toxins in the workplace. If this happens, workers’ compensation will pay for all necessary medical treatments, follow-up care, medications, and other related expenses.
Employees are not to be responsible for any out-of-pocket costs or copays related to their medical care.
Except for the emergency treatment of life-threatening injuries, all medical care must be administered or managed by an authorized medical provider, as designated by your workers’ compensation insurance company.
In addition to paying for medical care, workers’ compensation insurance can reimburse your employees for miles driven to and from doctor’s appointments and the pharmacy. Talk to a local independent agent to learn more.
Coral Springs Workers’ Compensation Insurance Provides Disability Coverage
In Florida, workers’ compensation insurance is designed to replace lost wages if an employee must take more than seven consecutive days off work to recuperate from a work-related injury or occupational illness.
If an employee needs to take fewer than 21 recuperate, the first seven days of lost wages will not be compensated. If the injury or illness requires 21 or more days off work, the first seven will be covered.
There are different types of disability:
- Total temporary disability (TDD): This is when an employee is temporarily unable to work while recuperating from an injury or occupational illness. Workers’ compensation insurance can cover two-thirds of the employee’s average weekly wages until the treating physician says they can return to work for a maximum of 104 weeks.
- Partial temporary disability (PTD): This is when an employee is approved to return to work but only part-time or in a light-duty capacity while recovering from an injury or occupational illness. In this case, workers’ compensation will cover two-thirds of the difference in pay for the lighter-duty work.
- Total permanent disability (TPD): This is when an employee is left unable to work at all following a severe injury or occupational illness. In this case, workers’ compensation will provide the injured worker with two-thirds of their average weekly pay until they reach the age of 75. The rate of compensation is subject to annual cost-of-living increases.
- Partial permanent disability (PPD): This is when an employee is injured in such a way that they are no longer able to do the job they had at the time of the injury and must therefore obtain a job in a different line of work. In this case, compensation will be awarded in accordance with the severity of the disability once maximum medical improvement has been reached and temporary total disability benefits have run out.
The state of Florida has a limit on how much disability pay a worker can receive per week. Disability compensation cannot exceed the state’s average weekly wage as determined by the Florida Department of Economic Opportunity.
This payment limit is updated annually on the first of the year. As of January 1, 2021, the maximum weekly disability benefit in Florida is $1,011.
Workers’ Compensation Covers Fatal Work Injuries in Coral Springs
Unfortunately, employees sometimes suffer fatal injuries on the job. In Broward County, businesses reported 14 work-related fatalities in 2019. Workers’ compensation insurance is designed to help surviving family members manage the loss of their loved one and provider by giving them financial assistance.
For work-related fatalities, workers’ compensation will cover up to $7,500 in funeral costs and can provide educational reimbursement benefits to the deceased employee’s spouse, who may need to develop skills for a better-paying job.
This insurance also provides bi-weekly payments of two-thirds of the employee’s average weekly wages to the surviving spouse and qualifying dependents until the compensation maxes out at $150,000.
Where Can Coral Springs Business Owners Purchase Workers’ Comp Coverage?
Workers’ compensation insurance can be purchased through any commercial provider that is authorized to sell this insurance in Florida.
If you own a high-risk business and find that you are unable to get coverage through a private insurance company, you can purchase a policy through the Florida Workers’ Compensation Joint Underwriting Association (FWCJUA). These policies cost a lot more, but you cannot be denied coverage.
Alternatively, with approval, your business is permitted to self-insure. However, to qualify to do so, you must demonstrate the financial means to cover medical treatments and disability pay.
Most businesses in Coral Springs purchase coverage through a commercial provider.
Why Work with an Independent Insurance Agent in Coral Springs, FL?
If you are an employer in Coral Springs and you are looking for the best and most affordable workers’ compensation insurance for your business, look no further than a local independent agent.
These agents can match you up with an insurance company that specializes in covering businesses in your industry. Your agent can also ensure that you are getting your coverage at a competitive price by enabling you to compare a selection of customized quotes.
Discover the many benefits of working with a local independent insurance professional. Set up an obligation-free consultation with an independent insurance agent in Coral Springs to get started.
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