Purchasing Insurance - In Florida, Workers' Compensation insurance is provided by private Insurance Carriers who are licensed by the Office of Insurance Regulation. Once insurance is obtained, the Employer is responsible for displaying the "Broken Arm" poster, which contains the name of the insurance carrier and telephone number, in a conspicuous location.
Employee Leasing is an arrangement whereby the Employer (client company) enters into a contract with an Employee Leasing Company who must be licensed by the Department of Business and Professional Regulation, Employee Leasing Licensing Board.
Commercial Self Insurance Funds, authorized by the Oficina de Regulación de Seguros, pool and spread liabilities for Workers' Compensation Insurance among their members.
Self Insured Employers are permitted in Florida; however they are required to apply to the Division of Workers' Compensation and demonstrate the financial strength to ensure the timely payment of benefits.
Cost of Insurance is based upon the Employer's estimated annual payroll, at the beginning of the policy period, divided by 100, and multiplied by the rate for the type of work that the business performs. An Experience Modification Factor (or multiplier) is used to make an adjustment based upon the Employer's history of managing their Workers' Compensation claims. If the Employer meets the qualifications, a discount for Workplace Safety y Drug Free Workplace may also apply.