Best Workers'CompensationFloridaBest Workers' Compensation Insurance in Florida (2023)
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To determine the best workers’ compensation insurance, MoneyGeek analyzed essential factors like cost, financial stability, time to get a quote and customer satisfaction. Our analysis shows Nationwide provides the best workers’ compensation insurance in Florida.
Buying workers’ compensation is a great choice for many reasons. It helps your employees get essential coverage, protects you against significant liability costs and might be required by law based on location.
Best Workers'CompensationFloridaBest Workers’ Compensation Insurance in Florida
Best Overall in Florida - Nationwide
Cheapest in Florida - Nationwide
Best for Micro Businesses - Nationwide
Best for Midsize Businesses - Nationwide
Best Workers’ Compensation Insurance in Florida
Nationwide provides Florida’s best workers’ compensation insurance, with a MoneyGeek score of 96 out of 100. The average monthly policy cost is $86.
How was this MoneyGeek score calculated?
1
NationwideBest Overall in Florida
Score:96
- Monthly average cost of $86
- A+ AM Best financial stability rating
- Low average rate of complaints
More About Nationwide
Nationwide started offering auto insurance 90 years ago and now provides various personal and business insurance products. The company workers’ compensation insurance costs an average of only $86 monthly, the most affordable in Florida.
In addition to having the cheapest policies, Nationwide has an A+ financial stability rating from AM Best, which shows the company is doing well financially and can pay claims on time. Nationwide’s customer service is satisfactory, as the company has a low average rate of complaints. Getting a quote from Nationwide takes almost three and a half minutes.
2
The Hartford
Score:90
- $180 monthly average cost
- Lowest average rate of complaints
- Quickly provides an online quote
More About The Hartford
The Hartford has provided insurance products for over 200 years. It has the lowest average rate of complaints compared to its Florida competitors, which indicates it offers exemplary service. The company takes only a minute and a few seconds to provide an online quote. It also has an A+ rating from AM Best, indicating financial well-being and ability to pay claims.
3
biBERK
Score:89
- Policies cost an average of $205 per month
- A++ financial stability rating
- Low average rate of complaints
More About biBERK
biBERK was founded in 2015 to simplify the insurance-buying process for small businesses. Although it has one of the highest policy costs, the company has a low average rate of complaints. This means customers pay a higher price for a good service. The company is also financially stable, receiving an A++ rating from AM Best.
4
Thimble
Score:86
- $190 average monthly cost
- A+ AM Best financial stability rating
- Fast online quotes process
More About Thimble
Thimble has the fastest online quotes process compared to other insurers in Florida, offering an online quote in a minute and thirty-four seconds. Its A+ financial stability rating by AM Best indicates the company can pay its claims promptly. However, since Thimble has a higher average rate of complaints, the company might not offer the best service quality.
Cheapest Workers’ Compensation Insurance in Florida
Nationwide offers Florida’s cheapest workers’ compensation insurance, with an average monthly cost of $86. However, your company’s employee count and payroll costs generally affect how much you pay.
Nationwide is the most affordable option for businesses with 20 employees and $1,250,000 in annual payroll.
Nationwide
Nationwide is the most affordable insurer for workers' comp insurance in Florida. The company offers the cheapest rates and has a low average rate of complaints, indicating it provides good service. It has an A+ AM Best rating, which shows it's financially stable and able to settle its obligations on time. But the insurer takes a long time — a little over three minutes — to offer an online quote.
We analyzed companies based on average monthly costs to find the cheapest insurer, but the most affordable one for you will vary based on various factors.
See the table below for the monthly and annual costs of insuring a business with 20 employees.
Best Workers’ Compensation Insurance for Micro Businesses in Florida
MoneyGeek recommends buying workers’ compensation insurance from Nationwide if your business has five employees. The average cost of the company’s workers’ comp insurance is $39. This cost is based on an annual payroll of $312,500.
A micro business generally has one to nine employees. The employee count affects your rates, but payroll costs typically have a more significant impact.
Nationwide
Micro businesses can significantly benefit from a Nationwide workers’ compensation policy, as the company offers the most affordable rates in Florida. This insurer also scored well for customer service, as it has a low average rate of complaints. The company also boasts an A+ AM Best financial stability rating.
Best Workers’ Compensation Insurance for Midsize Businesses in Florida
Florida midsize companies with 100 employees will find the best workers’ compensation policies from Nationwide. The company charges an average of $336 per month for a policy based on an annual payroll of $6,250,000.
Payroll costs generally significantly affect the price of workers’ compensation insurance.
Nationwide
Nationwide offers Florida midsize businesses the best workers comp options. The company has the most affordable policies, costing an average of $336 monthly. It also enjoys a low average rate of complaints and received an A+ financial stability rating from AM Best, indicating it can pay claims on time.
How Much Is Workers’ Compensation Insurance in Florida?
The average cost of workers’ compensation insurance in Florida is $165 per month for a business with 20 employees, less than the national average of $168. We used the following policy limits:
- $1 million total policy limit
- $1 million per accident limit
- $1 million per employee limit
Based on these limits, the insurer will cover the cost of every injured employee for a maximum of $1 million. The insurer will pay a maximum of $1 million per accident, up to a total policy limit of $1 million.
The primary factors affecting the cost of workers’ compensation insurance are the number of employees in your business and payroll costs. MoneyGeek lists the average cost of workers’ compensation insurance for a business with 5, 20 and 100 employees in the table below.
How was this cost calculated?
Factors That Impact Workers’ Compensation Costs in Florida
Every business pays different worker compensation costs based on the factors listed below.
Payroll costs
Insurance companies charge businesses based on every $100 of payroll. You will generally pay a higher premium if your business has high payroll costs. Florida’s premium index rate is 1.26, higher than many states.
Number of employees
The more employees you have, the higher the risk of injury, so insurers charge more to insure businesses with a high employee count.
Employee class code
A class code indicates the kind of work employees do. If an employee works in the construction industry, there’s a greater risk of injury than if the employee is a consultant. Thus insurers charge more for such employees.
Previous claims
Businesses with a high number of prior claims will generally pay expensive rates for workers’ compensation insurance.
Do You Need Workers’ Compensation Insurance in Florida?
Based on Florida law, non-construction businesses with more than four employees, construction businesses with more than one employee, agricultural businesses with more than six regular employees and/or twelve seasonal workers must buy workers’ compensation insurance.
You are exempt if you’re a non-construction sole proprietor or partner.
WORKERS’ COMP PENALTIES IN FLORIDA
Your business can risk civil penalties for not buying workers’ compensation insurance in Florida, which can mean:
- A stop-work order that ceases your business operations until you comply and pay a fine.
- Criminal charges if you still do not comply.
What Does Workers’ Compensation Insurance Cover in Florida?
Workers’ compensation can significantly benefit your employees by making it easy for them to get medical help in case of an injury. For instance, with such a policy, an insurer will cover the cost of medical care, lost wages and disability benefits, which can help your employee get back to work. Insurers may also offer a death benefit if the employee dies in a workplace injury.
Workers’ compensation policies help employers avoid financial loss due to high medical costs and protect them from other liability expenses.
Workers’ Comp Resources for Employees in Florida
The Department of Financial Services oversees workers’ compensation insurance in Florida. To file a claim, an employee must contact AmeriSys at 1-800-455-2079. If an injured employee requires emergency treatment, they must be transported to the nearest medical facility. If they do not need immediate medical attention, they should call AmeriSys, which will assign them to an appropriate medical provider.
Frequently Asked Questions About Workers’ Compensation Insurance in Florida
MoneyGeek answered frequently asked questions to help you find the most suitable workers’ comp provider and understand other details.
About Melissa Wylie
sources
- biBERK. "About biBERK." Accessed May 30, 2023.
- Department of Financial Services. "Workers’ Compensation." Accessed May 30, 2023.
- Nationwide. "About Us." Accessed May 30, 2023.
- The Hartford. "Our History." Accessed May 30, 2023.
- Thimble. "About Us." Accessed May 30, 2023.
- U.S. Bureau of Labor Statistics. "Injuries, Illnesses and Fatalities: Latest Numbers." Accessed May 30, 2023.
- U.S. Bureau of Labor Statistics. "State Occupational Injuries, Illnesses and Fatalities." Accessed May 30, 2023.