Florida Workers Compensation Insurance Protection

Who Needs Workers Compensation Insurance?

DSI Agency offers Florida workers compensation insurance policies for a variety of businesses, including:

Retail Offices
Auto Dealers
Healthcare Professionals and Offices
Restaurants
Construction Industries
Garage Operations
Small Business Offices
Grocery and Convenience Stores

What is Workers Compensation Insurance?

A workers compensation policy is one of the most crucial policies a business can purchase to protect both its employees and itself.  Specifically, workers comp insurance provides benefits to employees who are injured or become ill due to their job.

In Florida, workers’ compensation insurance is mandatory for all employers with four or more employees. Additionally, this includes part-time and seasonal workers.

The Florida workers compensation insurance policy covers medical expenses, lost wages, and rehabilitation costs for employees who are injured on the job. Furthermore, while many believe general liability is key, it’s workers compensation that safeguards against employee-related lawsuits, offering peace of mind that general liability doesn’t cover.

Why is Florida Workers Compensation Insurance Important?

Protect Your Business and Employees: If an employee is injured, like slipping on a wet floor and breaking a leg, Florida workers compensation policy ensures that both your employee’s medical needs and your business’s legal obligations are covered. Without it, your FL business could face a lawsuit and significant financial losses.

Avoid Penalties: For Florida businesses required by law to have workers compensation insurance, the penalties for non-compliance are steep. Specifically, fines can start at $1,000, with a potential stop work order until coverage is obtained. Fines could even reach up to double the manual premiums for the preceding two years.

Understanding Workers Compensation Coverage Limits

Most States Require Minimum Coverage Limits

$100,000 per occurrence

$500,000 aggregate

$100,000 per occurrence by disease

Here’s What These Limits Mean

$100,000 per occurrence: Maximum payout for any one incident.

$500,000 aggregate: Maximum total payout within a policy term, typically one year, regardless of the number of claims.

$100,000 per occurrence by disease: Maximum payout for any incident caused by disease.

Often, these minimums aren’t enough, and higher limits like $500,000 and $1,000,000 can be purchased for added protection.

How to Get a Workers Compensation Policy

Acquiring workers’ compensation insurance in Florida is a simple process. Specifically, you can purchase it from a licensed insurance company or through the Florida Division of Workers’ Compensation.

The cost of the insurance depends on various factors, including the size of your auto dealership and the type of work your employees perform. Fortunately, the benefits of having workers’ compensation insurance surpass the cost.

Get the Best Rates on a Workers Compensation Policy

To safeguard your auto dealership and your employees, it is important to acquire workers’ compensation insurance.

Workers’ compensation policies provide medical care and lost wages to employees who are injured on the job. Additionally, it helps you evade expensive lawsuits and enhance employee morale.

If you have not yet obtained workers comp insurance, you need to get it today.