Workers Compensation Insurance in Florida

Learn about your requirements for workers' compensation insurance in Florida and get covered with the help of licensed agents at Moran Financial Solutions.

Among the important regulations to understand for any business located in Florida are those for Florida’s Workman Compensation Insurance. The regulations protect not only the employees should an accident in the workplace occur, but the employer to make sure not to face fines when those inspectors and investigators show up. They will show up eventually so better to make sure your business is completely covered and following all of Florida’s worker’s comp laws.

All businesses that have four or more employees whether full-time or part-time, are in the construction business and have one or more employees which include the owner of the construction company. If you are in the farming industry with more than 5 regular employees and/or twelve additional seasonal workers who provide agricultural labor for thirty days or more.

The coverage requirements are non-negotiable and there’s no element of interpretation necessary. The Florida Chief Financial Officer outlines workers' compensation requirements in detail on the Division of Workers Compensation info page.

Protect your employees and your company by signing up for workers' compensation insurance in Florida. You can find an affordable policy that meets your needs when working with the team at Moran Insurance.

What happens if You Don’t Carry Workers' Compensation Insurance?

According To Florida Workers Comp Laws, a business can face penalties of up to 1.5 times the amount payable in workers' compensation insurance for 3 years for failing to protect its employees with a suitable cover.

Should an inspector show up and you cannot show proof of workers comp coverage it can result in a penalty 1.5 times equal to the amount that should have been paid in premiums within the prior 3-year period. The fine has to be paid within 90 days.

Your business could also face an SWO or Stop-Work Order. Having to close your business is simply not worth taking the chance over. If any understatement or concealment of payroll, any misrepresentation to conceal the number of employees, or other attempts to keep from paying workers comp premiums can even lead to criminal charges and higher penalties.

A business cited for not having the compensation insurance can potentially face a lien issued to collect and a penalty due that hasn’t been paid which in turn can end up being turned over to a collection agency. A business credit rating can be seriously damaged should that action be taken.

Florida Workers Compensation Insurance Can Protect Your Business

There really is no reason why any business should not have Worker’s Compensation Insurance especially when you consider the dire consequences that can hit when investigators and inspectors show up at your place of business, and again, they will eventually show up at some point in time.

If your business contracts employees through a job agency an inspector will require a roster of those employees and they will be cross-checked with the job agency. For those who are in the construction business, and have sub-contractors you will also be required to show proof of workers comp insurance.

It’s not just about avoiding penalties though, every business that values its employees should want to make sure they are taken care of should they be injured or suffer an accident on the job.

Besides avoiding Florida Workers Comp Penalties, a suitable Workers Compensation Insurance Cover will make your staff feel valued.

One way to show your employees they are valued is to make sure your company has Florida Workers' Compensation Insurance. Besides in the long run paying the premiums on this insurance is a lot more cost-effective than being fined or worse.

Workers Compensation Insurance Requirements by Industry

In general, if you hire more than four full-time employees, you will need a workers' compensation policy. However, this can vary depending on specific industries.

The construction industry is unique because every employee must be covered by workers comp, even if there is only a single employee. This also includes the owner of the business. Florida outlines specific trades that are considered to be within the construction industry. It’s important to review these to find out if your company falls within this category.

Complete details can be found at the Florida Administrative Code & Florida Administrative Register website. The Department of State maintains an up-to-date list for business owners to reference.

Workers that would be considered construction workers by the state include:

• Street and road construction workers.
• Oil and gas pipeline drivers.
• Carpenters
• Debris removal cleaners.
• Roofing workers and drivers.
• Insulation workers.
• Burglar and fire alarm installers.
• Masonry workers.
• Landscaping and gardening professionals, including drivers.

As you can see by some on the list (such as drivers, alarm installers, and landscaping professionals), the construction industry classification is broad and in some cases surprising. It’s essential that you remain compliant to avoid hefty fines and interruption to your business. If you are without workers' compensation insurance in Florida, the team at Moran Financial is ready to find the best policy for your needs.

Talk to a Licensed Workers Compensation Insurance Agent Today

Let the team at Moran Insurance help you protect your workforce, and keep them happy and productive with the best Workers Compensation Insurance Coverage in Florida.

At Moran Insurance, we specialize in finding affordable policies that keep businesses in full compliance with state and federal laws.

If you need to purchase workers' compensation insurance or any other form of commercial insurance, we are standing by to help.

Contact our team today and enjoy the stress-free experience of working with a leading independent Florida insurance agency.

Resources and References:

• Division
• Gateway