What You Need To Know About Worker’s Compensation – Changes You Can’t Ignore!

The Massey Clark Fisher Team | 12/19/2017

The workplace happens to be an extremely commonplace for a person to be injured. As a business owner, you do everything you can to protect your employees from potential dangers, and, most employees make a concerted effort to be safe and aware of their surroundings. 

However, accidents do happen and it’s important to stay abreast of changes in the Florida Workers' Compensation plan, especially since some changes can directly impact you and your employees.

Do I Have To Have A Workers’ Comp Plan? 

The simple answer is: Yes! Workers' compensation is mandatory in the State of Florida. Florida Workers' Compensation typically involves a variety of coverages including paying for medical treatment and disability income as well as providing insurance coverage in terms of handling lawsuits that may be filed by injured workers against your business. 

Are My Rates Going To Increase?

Although we cannot say for sure if your rates will go up or down, a 14.9% increase in Workers’ Comp rates was approved in Florida effective December 2016 and now a rate decrease of 9% was approved for January 2018. Your business is assigned a Class Code, depending on the nature of what your employees’ functions and duties entail. Most Class Codes increased, but not all. Contact our office and we can tell you what your increase or decrease (if any) will be for the year.

What Does My Workers’ Comp Policy Cover?

Workers’ Comp policies can include coverage for:

  • Medical expenses
  • Lost income/wages
  • Rehabilitation costs
  • Death benefits
  • And more…

The type of business that can be insured with a Florida Workers' Compensation policy may be an individual, partnership, joint venture, corporation, association, fiduciary, or other entity. Policy payments will be defined by the State of Florida or the jurisdiction in which a covered job-site incident occurs. 

At Massey, Clark, Fischer we can easily tailor a Worker’s Comp policy to match your business’ unique needs!

What Is A Workers’ Comp Dividend Plan And How Does It Benefit Me As A Business Owner?

One option that is available for many employers interested in Workers’ Comp is one with a Dividend Plan.

Employers who have these types of plans are rewarded by a return of premium called a” Dividend” payment based on how well the employer performed with regards to claims and how profitable their policy has been to the insurance company. 

One of the best things about the Dividend Plan is that it promotes a financial incentive for the employer to promote safety. An employer using a Workers’ Compensation Dividend Plan Program can realize a substantial saving in premium every year. Dividends can only reduce the price of your workers’ compensation coverage so why not take advantage of a Florida’s Workers’ Compensation  Dividend plan! What’s significant is that some dividend plans can be as high as 48% of your premium but of course, this is determined by the individual company. 

Still Don’t Have Workers’ Compensation?

Dividend Plan, or not, Workers’ Compensation insurance is a mandate for all Florida businesses. 

At Massey, Clark, Fischer, we know insurance and keep abreast with the ever-changing market. We want your company to be equipped and prepared with the best Florida Workers' Compensation plan that fits your needs. Give us a call! Our insurance specialists are here to help you stay safe and profitable. 


Disclaimer: The above description provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.

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