All Florida employers who have four or more employees must provide them with workers compensation insurance. This requirement applies to both full-time and part-time workers. Owners of construction companies must provide coverage as soon as they hire their first employee. Due to the seasonal nature of farming, state law does not require a farmer to offer workers compensation insurance unless he or she has five regular or 12 seasonal employees.
How to manage your workers compensation costs.
For many new employers, managing the cost of workers compensation premiums can be challenging. However, you can lower your rates by taking the following steps:
- Join an industry group to qualify for a group rating. Once you have been in business for a while and have established a positive safety record, consider joining a trade association and applying for workers compensation as a group. Insurance carriers typically offer lower rates to several employers applying together so long as they have demonstrated a commitment to keeping workers safe.
- Research programs offered by the state. Florida offers several program to employers to encourage them to provide a safe workplace. Promoting a drug free work environment is one example of this. You may have to spend considerable time researching and qualifying for these programs, but most employers feel it is worth it to achieve a premium discount.
- Always put safety first. When you model safe practices to your employees, they are more likely to take safety seriously. You must require safety training and penalize those employees who refuse to take proper safety precautions. They are not only jeopardizing their own health, they are putting you at risk of having to pay out a claim.
I’m Here to Help
I have worked at Oyer, Macoviak and Associates for 20 years and the business has been in my family for over 60 years. I take pride in learning more about the needs of my business clients and helping them choose affordable, benefit-rich insurance policies. To learn more about Florida’s workers compensation laws and your policy options, please contact us to schedule an appointment.
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.