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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

    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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