I speak with business owners on a daily basis and when the conversation of Florida workers comp comes up, most tell me that I cannot help them as the workers comp rates in Florida are set by the State. This is true however, there are varying types of policies, payment options and ways to secure coverages. I am always asked, is workers compensation required in Florida?
First, let’s take a look at workers compensation insurance Florida requirements. It is pretty simple. If you are construction related company, if you have one W-2 employee, you are required to have coverage. All other industries, except agricultural, are required when you have your forth W-2 employee. in some instances, business owners can apply for workers compensation insurance Florida exemption.
When you are a start up business, you pay the same rate, for the first three years of coverage, that all other businesses in your industry pay. On the forth year, the rates may be adjusted above the State rate or below, depending on if there were claims or not.
Workers compensation insurance companies in Florida have different types of offerings with the traditional policy where you estimate your annual payroll, multiply by the Florida workers compensation rates 2017 which gives you the annual premium. The down payment is 25% of the workers compensation insurance Florida quote and there are nine or ten equal installments.
The next type of payment plan for cheap workers comp insurance Florida is known as pay as you go. This plan is much better for cash flow reasons as your monthly payment is based on your actual payroll amount at the end of each month. Instead of equal payments each month, if on month is slower than another, the amount paid will be lower but you will still get the same workers compensation benefits Florida as the other option.
Another plan option is that of a dividend plan where, at the end of each Florida workers compensation policy year, you can earn cash back, on a sliding scale, for a safe work environment.
The last option is joining tens of thousands of employers who have hundreds of thousands employees under the same Florida workers comp insurance policy and that is through employee leasing companies Florida. There are enormous benefits taking the services of an employee leasing company and the employee leasing cost is not much different than that of a payroll company.
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