There are approximately 1,500 worker injuries reported in Volusia County every year. As an employer in Deltona, you can protect your company and your workers from financial losses related to workplace injuries and occupational illnesses with a good workers’ compensation insurance policy.
Independent insurance agents can shop around to help you find the best and most competitively priced workers’ compensation policy to cover your Deltona business. Find an insurance agent near you to get started.
Is Workers’ Compensation Insurance Required in Deltona, FL?
All businesses in Deltona must maintain compliance with state and federal employment laws. In Florida, employers must carry workers’ compensation policies if any of the following are true:
- They are a construction business with at least one employee
- They are an agricultural business with either:
- At least six regular employees
- At least twelve seasonal employees who work more than 30 days per year
- They are any other type of business with at least four employees
Subcontractors are required to cover their own employees. Primary contractors are responsible for ensuring that their subcontractors carry this insurance.
If you are an out-of-state employer, you must make sure that your in-state employees are covered through an insurer that is authorized to provide Florida workers’ compensation insurance.
Knowingly and willingly failing to carry required workers’ compensation is against the law in this state. If caught, your businesses can be issued a Stop-Work order and fined two times what you would have paid in premiums over the last two years had you purchased coverage.
How Much Do Workers’ Compensation Policies Cost in Deltona?
From professors at Daytona State College’s Deltona campus to cashiers at Publix Supermarkets, there are a number of workers representing a wide range of industries in the city of Deltona. Your workers’ compensation cost will be calculated based mainly on the types of jobs your employees do and how likely they are to be injured while doing them.
Every occupation is assigned a classification code, and coverage base rates for each of these class codes are set and overseen by the Florida Department of Insurance.
Insurance companies use these base rates when calculating costs, but they do have some leeway when it comes to offering discounts and incentives. That is why comparison shopping can save you money.
Base rate examples
Let’s take a look at the average rates paid per every $50,000 in employee payroll for three very different jobs that can found in Deltona, FL:
- Roofing contractor: $7,390 a year
- Security guards/patrol officers: $1,715 a year
- Optometrists & chiropractors: $170 a year
Roofing jobs are among the most dangerous in Florida. There is a very high risk of employees sustaining significant injuries, so workers’ compensation rates for these jobs are quite high. On the other hand, an optometrist is very unlikely to be seriously injured while performing an eye exam, and the rates for these jobs reflect that.
How Can Deltona Business Owners Earn Discounts on the Workers’ Compensation Coverage?
As mentioned earlier, insurance companies are permitted to offer discounts and incentives to policyholders. Three discounts that are available to all employers in Florida, regardless of the insurance provider they select.
- Safety program discounts
- Drug-free workplace discounts
- Experience modification discounts
Safety program discounts
Businesses in Florida can earn up to 2% off their insurance policies by instituting an employee safety program at their workplace. This can consist of safety education and demonstrations on the use of provided safety equipment.
To be eligible for this discount, your safety program must meet state requirements and will need to be renewed annually with your insurance provider.
The safety program discount can be particularly beneficial for companies whose employees engage in dangerous occupations. For instance, let’s look at the roofing contractor mentioned above.
Assuming this worker earns $50,000/year, the base rate to cover them is $7,390 a year. With a 2% discount, this rate can drop to $7,242. That is a savings of $148 a year, just for this one employee. The more employees you have, the greater your savings.
Drug-free workplace discount
Florida companies that maintain a drug-free workplace, enforced by mandatory drug testing can earn a discount of up to 5%.
To be eligible for this discount, employers must do drug testing at intervals as specified by their insurance company. The employer is responsible for the cost of the drug tests.
The drug-free workplace discount can be especially beneficial for businesses whose employees work in dangerous occupations. Let’s look again at the roofing contractor mentioned earlier.
The base rate to cover this worker is $7,390. With a 5% discount, this rate can drop to $7,021. That is a savings of $369 a year, just for this one employee. This is much greater than the cost of running a drug test, which runs about $30 per test.
Experience modification discount
In Florida, companies that have spent at least $10,000 in workers’ compensation premiums over the previous two years are eligible to receive an experience modification factor, or “X-mod.”
Companies whose employees have a lower-than-expected injury rate as compared to similar businesses can see their base rates for coverage lowered accordingly.
However, having an experience modifier does not automatically mean you will get a discount. If your employee safety record is worse than expected for businesses like yours, your base rates will increase.
What Does Deltona Workers’ Compensation Insurance Cover?
Workers’ compensation insurance (sometimes referred to as “workman’s comp”) is designed to cover the costs associated with on-the-job injuries and occupational illnesses. As a policyholder in Deltona, you can expect your insurance to cover the following:
- Medical treatments: Workers’ compensation will cover all costs associated with necessary medical treatment, medications, and follow-up care related to occupational illnesses and work injuries. Care must be coordinated through an authorized physician.
- Mileage reimbursement: Employees may be able to receive compensation for miles driven to and from medical appointments. Reimbursement rates and terms are not mandated state-wide and are instead set by each insurance company individually.
- Short-term disability: If an employee needs to take more than seven consecutive days to recuperate from a work-related injury, they will be able to collect a weekly benefit of two-thirds of their average weekly until their treating physician released them to return to work.
- Permanent disability: If an employee suffers a permanent work injury that prevents them from returning to their previous job, they can receive compensation in the amount of two-thirds of their average weekly wages until they reach age 75. This benefit comes with annual cost-of-living increases.
- Death benefits: If a work-related injury or illness results in death, workers’ compensation can ease the financial burden on surviving family members by covering burial expenses up to $7,500, offering the spouse education reimbursement benefits, and providing dependents with bi-weekly compensation for up to $150,000.
The weekly maximum payment for disability benefits is adjusted annually according to the average weekly wage in the state of Florida. As of January 1, 2021, the weekly payment is capped at $1,011.
You can learn more about each of these benefits by speaking with an independent insurance agent in Deltona.
Where Can You Buy Workers’ Compensation Insurance in Deltona?
Workers’ compensation insurance can be purchased through any commercial carrier that is authorized to sell coverage in Florida. High-risk businesses that cannot find an insurer willing to cover them can purchase a policy through the Florida Workers’ Compensation Joint Underwriting Association (FWCJUA).
Some businesses may opt to self-insure, but they must first demonstrate the financial means to do so and be approved by the state. Most employers in Deltona purchase coverage through a commercial insurance company.
Learn more about your options for purchasing workers’ compensation by talking to an independent insurance agent in Deltona.
Find the Best Workers’ Compensation Insurance in Deltona, FL
If you are shopping for a workers’ compensation policy to cover your Deltona business, an independent agent can help. These local agents can help you obtain and compare rates from a variety of insurance providers that specialize in covering businesses in your industry. That way, you can be sure you are getting the coverage you need at a competitive price.
Discover how easy it can be to find the best and most affordable workers’ compensation policy for your business. Contact an insurance agent nearby in Deltona to start comparing customized quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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