Workers' Compensation Insurance

Overview

Workers' compensation insurance is coverage purchased by the employer/business that provides benefits for job-related employee injuries, with a few exceptions. Florida law requires most employers to purchase workers' compensation coverage. Under a workers' compensation policy, employees are compensated for occupationally incurred injuries, regardless of fault. This coverage makes employers immune from some injury lawsuits by employees.

OIR provides important oversight for those writing workers’ compensation coverage in Florida. OIR regulates the rates, forms and financial solvency for workers’ compensation insurers as part of its mission to maintain a robust and competitive market and maintain protections for the insurance-buying public.

In Florida, the Division of Workers' Compensation within the Department of Financial Services is the primary regulator for ensuring employees receive the proper benefits under this coverage, which includes benefits for medical expenses, disability, or death.

There are more than 250 insurers offering workers’ compensation insurance in the state of Florida. In Florida, the largest workers’ compensation insurer is a private market insurer rather than a state-created residual market entity.