Businesses in the Miami suburb of Davie are expected to maintain a safe and healthy work environment for their employees. Unfortunately, even when all reasonable precautions have been taken, workers sometimes get injured on the job. Workers’ compensation insurance is designed to cover the associated costs of workplace injuries and occupational illnesses.
Some workers’ compensation insurance companies are better suited than others to cover companies in certain industries. A local independent agent can help you find the best and most affordable coverage for your particular business. Find an independent insurance agent in Davie to learn more.
Is Workers’ Compensation Insurance Required in Davie, FL?
Employers in Davie are required to stay compliant with Florida state laws regarding workers’ compensation insurance. In this state, businesses with these characteristics are required to carry workers' compensation insurance.
- A construction business with at least one employee.
- An agricultural business with at least six regular employees and/or twelve seasonal employees who work at least 30 days out of the year.
- Any other kind of business with at least four employees.
If you hire a subcontractor to do work, you are responsible for ensuring that that subcontractor has workers’ compensation insurance for their employees.
If you are an out-of-state employer, you will need to cover your workers with a Florida workers’ compensation policy. If your insurance company is licensed to insure in Florida, you can add this coverage to your current policy. Otherwise, you will have to buy a separate policy to cover these employees.
A local independent insurance agent can help you make sure that you are in compliance with all state laws regarding insurance coverage.
How Much Does Workers' Comp Insurance Cost in Davie, FL?
Your cost for workers’ compensation coverage will depend primarily on the types of work your employees do and your company’s overall payroll.
Each job is assigned a certain classification code, and base rates for each class code are overseen by the Florida Division of Workers’ Compensation according to how likely a significant injury is to occur.
Commercial insurers use these rates as a starting point, but they may offer discounts and incentives to remain competitive. That is why shopping around for rates can be so beneficial.
Examples of base rates in Davie, FL
The following are the current base rates paid per every $50,000 in employee payroll for three jobs that can found in Davie:
- Masonry construction workers: $4,695 a year
- Electrical workers/electricians: $2,160 a year
- Retail store workers: $780 a year
Clearly, a stonemason is more likely to suffer a serious injury on the job than a cashier at Publix, and rates for coverage 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.
What can Davie employers do 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
Florida businesses that have spent at least $10,000 in workers’ compensation premiums over the previous two years can qualify for an experience modifier (or X-mod). This has the potential to lower costs significantly.
Your experience modification factor will be assigned according to how your company’s safety record compares to other businesses like yours. If your company compares favorably, your base rates can be reduced significantly.
However, if your company has a worse-than-average record of safety, your base rates will be increased accordingly.
Workplace safety program discount
Employers who offer regular safety training programs for their employees are eligible for discounts of up to 2% off their workers’ compensation coverage.
These training programs must be approved by your workers’ compensation company and eligibility for the discount must be renewed annually.
Drug-free workplace discount
Employers who agree to maintain a drug-free workplace, enforced by mandatory drug testing, are eligible to receive a discount 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 and they must in compliance with their insurance company’s requirements 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 Davie business.
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Davie Workers’ Compensation Pays for Medical Treatments
If employees are injured on the job, or if they suffer occupational illnesses because of the jobs they do, workers’ compensation will pay for all necessary medical treatments, follow-up care, medications, and other related expenses. Employees are not responsible for any costs or copays.
With the exception of emergency treatment for life-threatening injuries, all medical care must be administered or managed by one of the authorized medical providers designated by your workers’ compensation insurance company.
Workers’ compensation insurance can also reimburse your employees for miles driven to and from medical appointments and the pharmacy. Rates and terms for this coverage are managed by each insurance company individually, so they can vary.
Davie Workers’ Compensation Insurance Provides Disability Coverage
In Florida, workers’ compensation disability coverage is designed to replace lost wages if an employee must take more than seven consecutive days off work to recuperate. This disability coverage can provide injured employees with two-thirds of their average weekly until their treating physician releases them to return to work.
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, all days lost will be covered.
There are different types of disability:
- Total temporary disability: This is when an employee is temporarily unable to work at all while recuperating from an injury or occupational illness. In this case, workers’ compensation will cover two-thirds of the employee’s average weekly wages until they can return to work.
- Partial temporary disability: This is when an employee is approved only for light-duty or part-time work 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: This is when an employee injury is so severe that the injured employee is unable to work at all. 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. This compensation comes with annual 3% cost-of-living increases.
- Partial permanent disability: This is when an employee is injured in such a way that they must attain a job in a different line of work in order to continue to earn money. In this case, the employee will be awarded compensation in accordance with the severity of the disability.
The state does impose a limit on how much disability pay a worker can receive per week. Compensation cannot exceed the average weekly wage as determined by the Florida Department of Economic Opportunity. This amount 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 Davie
Sadly, employees sometimes suffer fatal injuries on the job. From terrible collisions while transporting goods to catastrophic machinery malfunctions at manufacturing plants, these accidental deaths are hard on both the employee’s family and the companies that employed them.
Workers’ compensation insurance is designed to help surviving family members manage their loss by providing them with financial compensation.
For work-related fatalities, workers’ compensation will cover up to $7,500 in burial costs and offers educational benefits to the employee’s spouse, who may need to develop skills for a better-paying job.
This insurance can also provide ongoing bi-weekly payments to the deceased employee’s spouse and qualifying dependents until the total paid out reaches $150,000.
What Is Not Covered by Workers’ Compensation Insurance in Davie?
Unfortunately, workers’ compensation claims are sometimes denied. This may happen if your insurance company believes that the worker was injured for one of these reasons.
- The injured worker was not an official employee of your company at the time of the accident.
- The injury occurred outside the scope of the worker’s job, such as at a company holiday party.
- The injury was intentionally self-inflicted.
- The injured worker was under the influence of drugs or alcohol at the time the accident occurred.
- The injury occurred while the employee was engaged in illegal activity.
Additionally, workers’ compensation does not pay for “pain & suffering” or for mental distress. Talk to your insurance agent to learn more about the limitations of workers’ compensation insurance.
Where Can Davie Business Owners Purchase Workers’ Compensation Insurance?
Coverage can be purchased through a commercial provider. For high-risk businesses who are unable to get coverage through a private insurance company, policies can be purchased through the Florida Workers’ Compensation Joint Underwriting Association (FWCJUA).
Alternatively, with approval, your business can self-insure. However, to do so you must demonstrate the financial means to cover medical treatments and disability pay. Most small businesses in Florida opt to purchase coverage.
Find the Best Workers’ Compensation Insurance in Davie, FL
If you are an employer in Davie and you are looking for the best workers’ compensation insurance for your business, a local independent agent can help.
These agents can match you up with an insurance company that specializes in covering businesses like yours. Your agent can also ensure that you are getting your coverage at a competitive price by enabling you to compare customized quotes.
Discover the many benefits of working with one of these local, independent insurance professionals. Contact an independent insurance agent near you to set up an obligation-free consultation.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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