Who needs workers’ comp insurance in Florida?

It’s important for business owners to know the requirements for workers’ compensation insurance. Florida workers’ comp law specifies that you carry this insurance if you’re in a non-construction industry and have more than four employees.

Workers’ compensation is a crucial part of small business insurance because it can cover medical bills, recovery costs, and partial missed wages if an employee is injured at work. It can also cover funeral costs and benefits to an employee’s family in the event of a fatality on the job.

By mandating workers’ comp insurance, Florida officials provide an incentive for businesses to keep employees safe and reduce the risk of lawsuits against business owners. That means that your small business insurance can:

  1. Cover medical expenses and lost wages if an employee is injured
  2. Pay legal expenses if an employee files a lawsuit related to a work injury or illness
  3. Comply with applicable workers’ comp laws

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Workers’ Compensation is insurance coverage purchased by the employer/business that provides benefits for job-related employee injuries. Florida law requires all employers to purchase workers’ compensation coverage (with a few exceptions). Under a workers’ compensation policy, employees are compensated for occupationally incurred injuries, regardless of fault. This coverage makes employers immune from some injury lawsuits by employees. In Florida, the Division of Workers’ Compensation within the Department of Financial Services is the primary regulator for ensuring employees receive the proper benefits under this coverage, which includes benefits for medical expenses, disability, or death. The Office of Insurance Regulation primarily regulates the rates, forms and solvency for this type of coverage. The amount of compensation is established by law.

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