How Much Does Workers’ Compensation Cost?

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Workers’ compensation is a program that has been developed to provide financial assistance to employees that are injured while on the job. This is a right granted to any employee that the employer, or the employer’s insurance company, must pay for all medical costs that are related to the workplace injury. In addition, lost wages may be compensated if the injury causes a person to miss work. Workers’ compensation shouldn’t cost the employee anything, but as a business, there are costs involving in providing this service to your employees.

The majority of the cost of workers’ compensation, for a business, comes in the form of workers’ compensation insurance. In Florida, it is a legal requirement for companies to carry this kind of insurance, but it would be worthwhile to have even if it wasn’t. This is because, in the event of a workers’ compensation claim, it is the insurance company that will pay the costs, rather than the employing company itself. As with any kind of insurance however, there is a regular payment to be made to have it.

The cost for workers’ compensation insurance is determined largely by the amount of employees that a company has and the amount of money that the company spends in payroll. Usually, the cost of insurance is based directly on a certain amount times every $100 spent in employee wages. The exact cost also varies from state to state, but in Florida, on average, workers’ comp insurance is $1.27 per $100 in payroll. This number may also increase or decrease based on the perceived dangerousness of the job and amount of previous incidents.

There are a number of factors that go into the exact cost of workers’ compensation insurance, so it is best to talk directly with insurance companies to determine the best value for you. It is a requirement however, so it is important to receive the best benefits possible for your company. If you are an employee and your employer is refusing to pay worker’s compensation or does not have insurance for it, you may have grounds for a lawsuit. If you pursue this route, we at the Franco Law Firm are here to help. To schedule a free consultation with us today, please call (813) 872-0929.

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