Workers’ Compensation Insurance

Workers’ Compensation Insurance

What is covered by standard Workers’ Compensation Insurance in Florida?

Workers’ Compensation Insurance is purchased by employers to provide benefits for employees who sustain job-related injuries or illnesses. Florida law requires all employers to purchase workers compensation coverage when their business has 4 or more employees.

All construction businesses are required to have every employee covered.

At MAD Insurance  we provide the most competitive rates for your business so you can have the proper coverage for your employees.

We specialize in helping our clients understand the complexities of workers’ compensation insurance. The purpose of Workers’ Compensation Insurance is to provide employees with proper compensation for job-related injuries or illnesses. Although specific laws vary by state, workers’ compensation insurance is generally required of companies with W-2 employees.

Premiums are usually determined through a formula that includes a number of factors including salary, benefits and other variables. A remuneration number is then arrived at. It is used in conjunction with the risk factor classification of the job to arrive at the cost of the insurance. Premiums can also be adjusted by experience modification factors — standards set by the NCCI and other organizations that reflect a company’s claims history and safety record.

Workers’ Compensation Insurance is essential to the financial well-being of your employees. We work with our clients to find the right coverage with quality insurance companies.

Contact us today for a no-obligation review of your workers’ compensation program.