Do I Need Worker’s Compensation For My St Lucie FL or Ft Pierce FL Business?

Browning Insurance in Ft Pierce FL Can Help Your Business Establish Worker’s Compensation and Other Employee Benefits


As a business located in St Lucie Florida or Fort Pierce Florida, you may be required to purchase Workers' Compensation Insurance. In order to make the best possible selection for you and your employees, it is important to understand the basics of what workers’ compensation is and why it’s critically important.

Worker’s compensation protects both employees and their employers in the case of an on-the-job accident or injury. In the unfortunate event of an on-the-job fatality, Workers’ Compensation Insurance also provides assistance to the decedent’s loved ones.

Let’s look at the type of benefits covered under a workers’ compensation policy.
Generally, workers comp policies in St Lucie Florida and Fort Pierce Florida cover the following for job-related injuries:
* Medical Treatment

Workers’ Comp Insurance covers the cost of medically necessary treatments, including physicianvisits, diagnostic tests, physical therapy, psychiatric care, hospitalization, medicine, medical supplies, travel to treatments, and custodial care.


* Lost Wages Workers’ Compensation Insurance covers a number of different lost compensation categories,
including temporary total or partial disability, permanent total disability and impairments as a result of a workplace accident.


* Re-Employment Assistance For employers, Workers’ Compensation Insurance provides protection for businesses in the event that a lawsuit is filed by employees or their dependents for acts of gross negligence.

How Workers’ Compensation Insurance Works
If a worker is injured, even if the injury seems to be minor, it is important to record the incident and report it immediately to the Workers’ Comp Insurance provider. If the employee is out of work for more than 7 days, the Workers’ Comp Insurance company, not the employer, pays the medical expenses and the required portion of the injured employee’s lost salary or wages. If the employee dies, his or her family receives payments from the insurance company. Claims not reported within 30 days are at risk.

What Types of Companies Are Required to Offer Workers’ Compensation Insurance?
The requirements for Workers’ Comp Insurance coverage in St Lucie Florida and Fort Pierce Florida depends on a number of factors, including the type of industry, number of employees and the kind of organization. In construction industries, companies with one or more employees must provide Workers’ Compensation Insurance. Non-construction industries have a four-employee threshold. In agriculture, the requirements begin with six regular or 12 seasonal employees who work more than 30 days in a season.

For out-of-state employers, contractors and sole proprietors, other guidelines apply.
What Are the Costs of Workers’ Comp Insurance?
A range of factors determine the cost of Workers’ Compensation Insurance in St Lucie Florida and Fort Pierce Florida. The employer is responsible for the full cost of premiums. Among the cost-determining factors are:

* Work Type Insurance rates vary based on the job function of the employees. Premiums for clerical and accounting staff are less expensive than for heavy-equipment operators or mechanics.


* Number of Employees The premium cost is based on how large the employer’s payroll is. A larger employee base means a larger premium.
Employers can reduce the costs associated with workers’ compensation by completing regular inspections of the physical plant, store and equipment. Remedying any hazards quickly reduces the likelihood of a workplace accident. In addition, proper worker training, including retraining more seasoned employees, helps ensure that safety is prioritized.
The Ft. Pierce, Florida-based Browning Insurance and Financial Services has been helping businesses with insurance needs since 1982. Our agents work closely with Fort Pierce, Florida, and St. Lucie, Florida, businesses to provide Workers’ Comp Insurance, group health insurance, and a range of employee.

Finding an Affordable Group Health Insurance Plan for Employees

Browning Insurance Provides Affordable Group Health Insurance in Ft Pierce FL

Are you looking for affordable group health insurance for your Fort Pierce, Florida, or St. Lucie, Florida, employees? If so, sorting through the complexities of health insurance plans can seem daunting. However, with some basic understanding of how group insurance works, you will be able to make informed decisions allowing for affordable and effective coverage. If you are looking to educate yourself about different options for affordable group health insurance and you are not sure where to start, contact Browning Insurance in Ft. Pierce Fl.

What Is Group Health Insurance?
Group health insurance is purchased by an employer and is offered to employees, providing coverage for the employees and their dependents. Employees can choose options within the plan or plans offered. Typically, the premium cost is split between the employer and employee.
Under the Affordable Care Act (ACA), businesses with fewer than 50 full-time employees do not need to offer health insurance to employees.

The ACA requires plans to meet specific benchmarks, categorized as bronze, silver, gold and platinum tiers, intended to standardize care coverage across plans. The tiers are based on the expected out-of-pocket medical expenses for those using a particular tier, from 40 percent for a bronze tier down to 10 percent for a platinum tier.

Pricing and Costs
Plan pricing varies according to the tiers selected and specific plan features. Some plans may have higher coinsurance for employees but lower deductibles or copays, while those with less expensive coinsurance may pay higher out-of-pocket costs.

The ACA changed the way insurance plans are priced. No longer can medical histories and preexisting conditions be used to determine pricing. However, the community rate for the plan may consider certain factors, including geography, age and smoker status.

Plan Options
Businesses considering offering group health insurance need to determine the number and type of plans made available to employees. There are two basic plan options:
* Health Maintenance Organization (HMO) plans: HMO managed care plans usually provide services through specific hospitals, clinics or health systems that contract with the insurer. Under an HMO, enrolled employees must see primary care providers and specialists covered within the network.

While HMOs often contain a number of rules and restrictions, the rates are generally cheaper.
* Preferred Provider Organization (PPO) plans: A PPO provides more choices to employee members. Employees can see any physician within a (usually large) network at negotiated reduced rates. Employees can also see out-of-network physicians but will pay higher rates usually. These plans offer much greater choice and flexibility for patients, but usually come at ahigher price.
Benefits to Providing Group Health Insurance.

There are financial and intangible benefits to offering group health insurance for your employees. For one, there are financial advantages; the employer-paid portion of employee premiums paid is tax deductible.

There are also the longer term benefits. Providing insurance may be a competitive advantage in attracting employees to work at your company over that of a rival. Employees with affordable health coverage are more likely to remain healthy and seek medical attention when they are sick. Finally, providing employee benefits such as insurance is one way to strengthen employee retention.

At Browning Insurance and Financial Services, our experienced agents work closely with companies to find the right group health insurance. Based in Ft. Pierce, Florida, Browning Insurance and Financial Services has been serving small businesses in St. Lucie Florida and Fort Pierce Florida since 1982.