How Much Is Workers Comp Insurance in Florida, and What Does It Cover?

Do you need worker’s compensation in Florida but aren’t sure what it covers and are worried about the cost? Worker’s compensation pays for work-related injuries. For example: If you have an employee who gets cut at your restaurant, your worker’s compensation policy pays for the doctor’s visit to get the wound cleaned and stitched and for any follow-up care as well as the employee’s lost wages while they recover. On average, you can expect to pay roughly $1.50 to $2 per $100 in payroll, but let’s take a look at what worker’s compensation covers and how much you can expect to pay.

What Workers Compensation Covers

It’s important to understand that Florida mandates require employers to have and maintain a worker’s compensation policy.

Medical Expenses

If your employee gets hurt while performing his or her job, your worker’s compensation policy covers the costs of that treatment. This can include hospital bills, doctor visits, visits to specialists, medications, physical therapy, and vocational rehabilitation, as well as any other types of medical expenses.

Lost Wages

If the employee is unable to return to work right away, worker’s compensation helps pay a portion of the worker’s lost wages. This helps to ensure that the employee can meet his or her financial obligations while they recover.


If your employee is injured so severely that they are considered disabled, your worker’s compensation policy will pay disability benefits. These benefits may be temporary or permanent, depending on the severity of the injury and the likelihood that the employee will recover enough to return to work.

Death Benefits

If your employee dies as the result of a workplace accident, your workers compensation policy will pay a certain amount of death benefits to the surviving family member. This can help them pay for funeral expenses and everyday expenses while they recover from the loss of their family member.

How Much Workers Compensation Costs

The exact cost of your worker’s compensation policy will depend on how many employees you have, your average yearly payroll, the industry of your business, your claims history, and the type of work your employees perform. On average, companies can expect to pay between $1.50 and $2 per $100 in payroll expenses. This means that if you have a yearly payroll of $200,000, you could expect to pay between $250 and $330 per month for your worker’s compensation policy.

However, it’s important to note that this is just an estimate of what you might pay per month, according to a very generic formula:

((Annual Yearly Payroll/100) * 1.5 0r 2)/12 months = Monthly Premium

Your exact monthly premium will depend on additional factors. Therefore, it’s best to contact an insurance company, like Fearnow, in order to get an accurate quote and start the process of purchasing your worker’s compensation policy.

Who Has to Have Workers Comp in Florida

Florida divides employers into three categories, including construction, non-construction, and agriculture, for the purposes of worker’s compensation coverage.

  • Construction – Businesses in the construction industry, that have at least one employee must have a worker’s compensation policy. It’s important to note that the owner of the business can be counted as that single employee if they are a corporate officer or a member of the company’s LLC.
  • Non-Construction – Companies that are not part of the construction industry must have a workers compensation policy if they have four or more employees. It’s important to note that the owners are considered employees if they are corporate officers or members of the LLC.
  • Agriculture – If the business is agriculture, it must have a worker’s compensation policy if they have six or more regular employees and/or if they employ 12 or more seasonal workers. The seasonal workers, in order to be counted, must work at least 30 days in the season but not more than 45 during the calendar year.

The only exception to these worker’s compensation rules are non-construction industry businesses that operate as sole proprietors or as a partnership. These individuals are not considered employees unless they submit Form DWC-251 in order to be included in the worker’s compensation policy.

Getting Worker’s Compensation from Fearnow in Florida

Does your business need a worker’s compensation policy? Workers’ compensation policies must be acquired by businesses operating in Florida that meet the required employee thresholds, and this includes out-of-state businesses if they are operating within the state borders of Florida. If you don’t have a valid and active worker’s compensation policy, we can help you get one at Fearnow. We offer workers compensation policies that will meet the legal requirements of Florida while still being affordable for your business.

To learn more about workers compensation policies in Florida and to get a quote, give us a call at 813-689-8878.