Florida Workers Compensation Insurance Policies for 2018:
If you own or manage a business in the state of Florida, chances are by now you have heard about a major change in the workers comp insurance market. At the end of last year, the state of Florida put a large workers compensation insurance carrier into receivership.
The carrier, Guarantee Insurance Co., was put into receivership due to inadequate reserves, i.e., the inability to actually pay out on all of their policies and other obligations. That’s a pretty big problem.
As of June 2017, the Florida OIR, or Office of Insurance Regulation, determined that GIC had over $250k of outstanding obligations and didn’t have the assets to cover them. Further, they stated that further insurance transactions via GIC were “hazardous to its policyholders” making a clear, harsh statement on the company’s current state.
The good news is that ACI is here to help. If you’re need of a new Florida workers compensation policy, we’ll be able to get you the right coverage, at the right place. We work with all of the most reputable and trusted providers of workers comp insurance in Florida, and we’re intimately familiar with all of the ins and outs of the industry.
This includes dealing with Florida’s workers compensation requirements and laws, which vary according to different business types and industries. The main groups to be aware of in Florida are construction businesses and agricultural businesses, each of which have separate requirements from essentially everyone else in the state.
But rest assured, we’ll make sure that you and your business are both in safe hands. Get in touch with our team today and we’ll guide you through the process while providing you with a free, no obligation Florida workers compensation insurance quote. Use the form on the side of the page, give us a call at 407.272.1976, or feel free to continue exploring our website for more information. Don’t be caught shorthanded when the time comes that you need to rely on your insurance!