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    Florida Worker's Compensation

    According to data from the Bureau of Economic Analysis, the economy of the Sunshine State ranks fourth in the nation. While Florida's GDP contracted 2.8% in 2020, it contracted less than the U.S. economy as a whole, which contracted 3.4% in 2020.

    According to the U.S. Small Business Administration (SBA), small businesses are an integral part of Florida's economic landscape, comprising 99.8% of all Florida companies and employing 3.6 million workers — more than 41% of the state's workforce.

    According to SBA data, the top six industries for small business employment in Florida are as follows:

    • Professional, scientific and technical services
    • Other services (except public administration)
    • Administrative, support, and waste management
    • Real estate, rental, and leasing
    • Construction
    • Transportation and warehousing

    Why Workers' Compensation Insurance Is Important For Businesses In Florida

    If an employee is injured on the job, workers' compensation insurance can pay medical expenses, recovery costs, and a percentage of the employee's lost wages. It can also cover burial expenses and family benefits in the event of an employee's death on the job.

    By regulating this insurance coverage, Florida regulators create an incentive for businesses to keep their employees safe and lower the likelihood of business owners being sued. Consequently, your small business insurance can:

    • Cover medical expenses and lost earnings for injured employees
    • Because workers' compensation includes employer liability insurance, it pays legal fees if an employee files a lawsuit relating to a work-related accident or sickness
    • Abide by applicable workers' compensation requirements

    How Workers’ Compensation Benefits Work In Florida

    Workers' compensation laws vary from state to state, and Florida is no exception. However, some general principles govern the operation of the process.

    If an employee gets hurt on the job, it is likely that workers' comp insurance will be required to cover the associated expenses. Expenses may include:

    • Permanent disability payments
    • Temporary overall disability payments
    • Hospital or other ongoing medical bills
    • Ambulance transportation

    Following a work-related injury or sickness, the employee may file a claim against the workers' compensation insurance coverage of the company. If accepted by the insurance provider, the 

    employee could receive funds for medical expenditures and a payment plan for disability.

    Types Of Coverages Related To Workers’ Compensation Benefits

    There are a variety of additional policies you should consider if you own a small business, including:

    General Liability InsuranceIn contrast to workers' comp policy, general liability insurance covers the medical expenses of injured customers. If their property is harmed on your property, you may be responsible for the replacement costs.
    Professional Liability Insurance/Errors and OmissionsProfessional liability insurance protects a small business against allegations of negligence, missed deadlines, libel, etc.
    Business Owners PolicyA business owners policy (BOP) is an affordable package for small business owners that incorporates general liability insurance, commercial property insurance, and business interruption insurance.
    Commercial Property InsuranceIf your business has a physical location, you should acquire this coverage in the event that your property is destroyed by weather, fire, or other natural catastrophes.
    Commercial Auto InsuranceConsider purchasing commercial auto insurance if you or your workers drive a vehicle for work (or if you operate an auto-related business) to cover your vehicle.

    Cost Of Workers’ Compensation Benefits In Florida

    The cost of workers' compensation insurance varies by state. In Florida, estimated employer rates for workers' compensation are $1.24 per $100 payroll. Your cost is determined by several variables, including:

    • Location
    • Payroll
    • Number of employees
    • Coverage limits
    • Industry and risk factors
    • Claims history

    Quick Workers Compensation Claims Statistics In Florida

    Work-related injuries can occur in the blink of an eye. And they can have severe effects on your health and way of life. In a perfect world, workers' compensation benefits reduce the stress associated with a workplace injury. Unfortunately, the process of applying for benefits can be confusing and difficult.

    The Bureau of Labor Statistics reports that during the most recent reporting year in the United States, there were 2.8 million nonfatal workplace injuries or illnesses. When examining Florida's fatality statistics for that year, the leading causes were:

    • Transportation incidents
    • Slips, falls, or trips
    • Exposure to chemical and other harmful substances
    • Violence and other injuries by humans or animal

    In Florida, the most fatalities occurred in the private construction sector. Transportation and material-moving jobs were also among the leading causes of workplace fatalities. Some important figures include:

    • 95% of work-related fatalities involved men
    • Aged 25 to 54 workers accounted for 63% of all fatalities on the job
    • 85% of workplace fatalities occurred among wage and salary workers. The remaining individuals were self-employed

    Frequently Asked Questions 

    Below are some of the frequently asked questions regarding worker’s compensation in Florida:

    What is the Florida workers comp rate?

    The Florida Department of Economic Opportunity has declared that the maximum weekly compensation rate for work-related injuries and illnesses happening on or after January 1, 2022 will be $1,099.00.

    Who is exempt from workers comp in Florida?

    In general, businesses with fewer than four employees are not required to carry workers' compensation insurance. Employers with four or more employees, whether part-time or full-time, are required to carry workers' compensation insurance covering all employees.

    How is Florida workers comp calculated?

    These benefits are relatively simple to calculate. Determine two-thirds of your average gross weekly pay for the 13 weeks preceding your injury. In Florida, the maximum weekly benefit for temporary disability is $971.

    Other Insurance Types

    Annually review your workers' compensation coverage. Contact your insurance agency to monitor your worker's comp insurance expenses. Inquire if your business can access group involvement and ratings through associations or state programs. Document your risk management initiatives and keep your insurance provider and agent informed.

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    Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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