Ft. Lauderdale Business Workers' Comp Needs
Comprehensive, simple, and affordable coverage is available for your company – as well as your staff. Whether you’re running an established company or launching a start-up, all small businesses with employees on their payroll should strongly consider getting Workers’ Compensation insurance.
This type of coverage offers benefits to members of your staff, which can help them if they sustain any work-related illnesses or injuries. That includes missing wages for time taken off work, as well as medical care, among other expenses.
What is Workers' Comp Insurance?
Accidents happen, regardless of how careful you run your company. Thankfully, vital benefits are available for your employees and your business. Everyone involved will receive protection if a job-related illness or injury were to ensue thanks to Workers’ Compensation.
Workers’ Compensation Insurance covers the following:
Who Should Get Workers’ Compensation?
Workers’ Compensation insurance should be carried if you’ve hired anybody in your company. As per Florida state law, companies in the construction sector are obligated to have this type of coverage right after hiring somebody. Non-construction companies in the city of Fort Lauderdale need to carry Workers’ Compensation insurance right after at least four employees have been hired.
You might be exempt from Workers’ Compensation in several instances. Consult a state representative to determine if this type of coverage is something your business must have.
Types of Workers’ Comp Insurance
Traditional
- Up to 25% down payment required
- Estimated based on payroll projections
- Paid monthly, quarterly or annually
- Financing charges
- Potential costly adjustments if payroll was underestimated
Pay-As-You-Go
- Zero down
- Exact Payments
- Paid weekly/Bi-Weekly
- Net checks cash flow program
- Post audit adjustments simplified (no surprises)
Affordable Workers' Comp in Ft. Lauderdale
Workers’ Comp. is mandated by Florida law. There are exceptions to the rule, so it would do you well to consult a state representative and determine the coverage applicable to your business.
If you choose to forgo Workers’ Compensation insurance, you could put the company at significant risk financially. You may be taken to court for a workplace injury, or fined for failing to obey the law.
Who do we approve?
The list goes on and on...
OCMI Workers Comp is a business workers compensation program
provider finding the best affordable coverage for any business.
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Concrete Approved
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All Sub’s Approved
High Risk Approved
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FAQ's: Workers' Comp Fort Lauderdale
Below you will find answers to our most commonly asked questions about Workers’ Compensation Insurance Coverage in Fort Lauderdale, Florida.
In addition to injuries that occur outside of work, injuries that occur intentionally, while commuting to and from work, or due to intoxication or substance abuse wouldn’t be covered by Workers’ Compensation.
It varies based on where the business operates. For example, certain types of employees, such as seasonal workers, may not be covered by Workers’ Compensation . Contact us at (800) 718-7552 and we’ll help you answer any state-specific questions you have about your coverage.
Workers’ Comp covers employees that are injured or suffer an illness while at work and may need medical attention, short and long term disability or therapy, loss wages and litigation if need be.
Workers’ Comp covers employees that are injured or suffer an illness while at work and may need medical attention, short and long term disability or therapy, loss wages and litigation if need be.
In short, a Workers’ Comp policy can cover a business in multiple states as long as they were approved by their carrier to operate in those locations.
Workers’ Comp is calculated by taking your gross wages, multiplied by your Workers’ Comp rate(s). Every occupation has a class code associated with their scope of work in which the state determines the percentage assigned to that code.
Workers’ Compensation is a line of commercial insurance where you must apply before being approved. Every policy must go through underwriting before a policy number can be assigned. This ranges from instantly up to a few days to be approved.
It is important to protect business owners and their employees in the event of an accident. Workers’ Comp protects the business from potential liability and ensures the safety and well being of employees.
It is recommended to carry Workers’ Comp if you have any employees. By law any company that is based under the construction industry is required to have Workers’ Comp coverage as soon as 1 employee is hired. Any company that is Non-construction is required to carry Workers’ Comp as soon as they have 4 employees or more!
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