IOA Workers' Compensation Insurance
Workers' compensation is a mandatory type of business insurance that provides employees who become injured or ill while on the job with medical coverage and income replacement. It also protects companies from being sued by employees for the workplace conditions that caused such an injury or illness.
Workers' comp coverage provides four types of benefits (medical care, death, disability, rehabilitation) for employee job-related injuries or diseases as a matter of right (without regard to fault). This insurance is usually purchased by the employer from an insurance company, although in a few states there are monopolistic state funds through which the insurance must be purchased. The premium rate is based on a percentage of the employer's payroll and varies according to the employee's occupation.
See Experience Modification Analysis for how we write and administer the best workers' compensation policies.
Workers' Compensation Insurance Coverage Requirements
See Florida Statutes Chapter 440 for more information regarding workers' compensation coverage requirements for employers or contact your Florida Independent Insurance Agent.
Florida Employers in the construction industry who hire employees either full or part-time, are required to obtain workers' compensation insurance coverage. Construction industry Corporate Officers of an LLC however may elect to exempt themselves from this requirement. Construction industry contractors who subs all or part of their work must obtain proof of workers' compensation coverage or a Certificate of Election from their sub-contractors. If the sub contractor is either not covered or exempt from Florida Workers’ Compensation Requirements, the employees of the sub-contractor shall be treated as employees of the contractor at which time the contractor shall be responsible to pay the workers’ compensation benefits.
Contact your Workers Compensation Agent for details and clarifications regarding the rules and regulations pertaining to the construction industry.
Construction industry employers located out of the State of Florida but performing work in Florida are required to obtain Florida Workers Compensation Insurance through a Florida licensed insurance company for their employees prior to beginning work in Florida.
The laws regarding workers’ compensation in a non-construction related industry are similar but there are differences worth noting: If you employ four or more part or full-time employees, you must obtain workers' compensation coverage. In some cases Corporate officers may elect to exempt themselves from the coverage requirements of Chapter 440, F.S. Sole proprietors and partners may elect to become employees and thus shall be covered.
For agricultural industry employers with more than 4 regular employees and/or more than 11 seasonal employees, who work for more than 30 days, must obtain workers' compensation coverage for those employees.
For more information regarding the laws pertaining to workers compensation insurance policies, contact your Florida Independent Insurance Agent.