Workers' compensation insurance is essential in today's workplace. When an employee has an injury on the job, this policy covers their medical, lost wages, and rehabilitation so that they can return to work as soon as possible. It also protects your business from being sued by an injured employee for negligence.
What is Workers Compensation?
Workers' compensation is an insurance policy that provides benefits to employees who are injured as a direct result of their work. It covers medical bills, a portion of lost wages, and rehabilitation costs. This coverage is distinct from Commercial General Liability (CGL) insurance, which covers injuries to third parties, such as customers or vendors, on your property.
Is Workers Compensation Insurance Mandatory in Florida?
Yes, with limited exceptions, workers' compensation is mandatory for most employers in Florida.
Construction Industry
You must carry workers' compensation if you have even one employee, including yourself as the owner. Some of the job classifications include:
- Roofing Contractors
- Plumbers
- Electricians
- Masonry and Concrete Contractors
Other Industries
Coverage is required for any business with four or more employees, whether they are full-time or part-time.
Failure to comply with Florida Worker’s Compensation laws can result in significant fines and penalties.
Common Workers' Comp Claims in Florida
The types of on-the-job injuries often depend on the industry. However, some of the most common claims include:
- Overexertion injuries from lifting, pushing, or pulling heavy objects.
- Slips, trips, and falls due to wet floors, cluttered spaces, or uneven surfaces.
- Repetitive motion injuries, such as carpal tunnel syndrome, can occur from repetitive tasks like keyboard typing, delivering packages, or using power tools for extended periods.
- Injuries from falling objects or being struck by machinery.
- Exposure to hazardous substances can lead to burns or respiratory illnesses.
What it covers
Workers' compensation covers the costs of approved medical treatments, including hospital visits, therapy, and prescriptions. It also provides a portion of an employee's lost wages while they are recovering. In the tragic event of a fatality, the policy may cover funeral costs and provide benefits to dependents.
What it doesn’t cover
Workers comp does not cover self-inflicted injuries, a result of drug or alcohol abuse, or those sustained during personal activities or commuting to and from work. It also does not cover "pain and suffering" or other non-tangible damages.
How Much Does it Cost?
The cost of a workers' compensation policy varies. It is calculated based on several factors, including:
- Employee payroll: A higher payroll generally leads to a higher premium.
- Job classification: Riskier jobs, like those in construction or roofing, have higher rates than clerical positions.
- Your company's claims history: A history of frequent or costly claims will increase your premium.
Other Commercial Liability Insurance Coverage Options
Depending on your business or industry, talk to your CIS agent about supplemental coverage options in addition to workers' compensation, such as:
- Commercial General Liability (CGL): Covers injuries to non-employees.
- Commercial Property Insurance: Protects your physical building and business assets from damage.
- Professional Liability (E&O): Shields you from claims of professional negligence.
- Commercial Auto Insurance: Covers vehicles used for business purposes.
Where to Get Workers Compensation Insurance in Central Florida
Commercial Insurance Specialists is a Trusted Choice independent agency, which reflects our commitment to providing exceptional service and a broad range of insurance options, including protecting your company from costly workers' compensation claims and other liabilities. We understand that every business is unique, which is why we offer custom solutions to fit your specific needs and budget. We serve clients across multiple industries, including landscapers, pool & spa contractors, and home inspectors in Bartow, Pinellas Park, Safety Harbor, Brooksville, and surrounding Gulf Coast and Central Florida communities.
Just give us a call, and we will shop around to find the best rates and coverage options for your business from top-rated insurers. Contact us today for a free, no-obligation commercial property insurance quote!
