In Largo, FL, workers' compensation insurance is mandatory for every employer. Whether you have one employee or many, you'll want this policy to meet state guidelines. This coverage is not just another rule to follow but a form of protection for your company.
Workers' compensation insurance will help pay for the medical expenses and lost wages of employees injured or ill on the job. An independent insurance agent can help find coverage that meets Florida's requirements. Connect with a local expert for quotes.
What Are the Basics of Workers' Compensation Laws in FL?
When you are an employer in Largo, FL, you are required by law to carry workers' compensation insurance. Like your car insurance, workers' compensation is regulated by each state. When you have one or more employees, you'll need this policy.
Why your business needs workers' compensation insurance:
Workers' compensation insurance will not only protect your employees but your business as well. When you're trying to get the right policy in place, be sure to review coverage options with a licensed professional. Without adequate limits, you could be penalized or worse, so it's crucial to have the right insurance.
What Does Workers' Compensation Cover in Largo, FL?
Workers' compensation in Largo, FL, will provide coverage for injured, ill, or deceased employees. When an accident occurs on company time, your business can take the hit, or insurance can. Apart from coverage being state mandated, it's a necessary policy to have for any employer.
Workers' compensation will also provide insurance for employees who become disabled. Disability insurance is a considerable expense to pay on your own, and it could go on for years. When you have proper workers' compensation coverage, you won't have to bear that cost independently.
Who Does Workers' Compensation Cover in Largo, FL?
In Largo, FL, workers' compensation will provide coverage for any worker and included employers. When you hire a 1099 subcontractor for a job, you'd better make sure that they have proof of insurance. If they don't have proper workers' compensation coverage, they can file a claim on your policy.
Any W-2 employee will automatically be covered under your workers' compensation policy as long as you include their job duty and payroll. When you're trying to decipher what coverage does and how much is needed for your business policy, it's good to have an expert's opinion.
How Much Does Florida Workers' Comp Cost?
Workers' compensation costs in Largo, FL, will vary depending on a few items. You won't have a ton of control over your premium amounts, but there are some things you can do. Check out factors the carriers consider when rating your policy:
- Classification codes: Every operation and task is assigned a code that underwriters use to rate policies.
- Prior losses: If you have previous claims, carriers take that into account when determining cost.
- Years in operation: The longer you've been in business, carriers will give a better premium for your experience.
Florida base rate examples:
The National Council of Compensation Insurance (NCCI) sets the base for all job duties across the board. Rates are assigned according to how risky a task is considered. Your business insurance costs will be set at the state level. Take a look at some examples of base rate ranges per $100 of employer payroll:
- 8721 Real estate appraisal company - outside: $0.27
- 8723 Insurance co. - including clerical and sales: $0.17
- 8742 Salespersons - outside: $0.35
- 8745 News agent - not retail dealer: $4.63
- 8748 Automobile salespersons: $0.61
- 8800 Mailing company and clerical: $1.66
- 8803 Auditors, accountant or factory cost: $0.07
- 8810 Clerical office employees. NOC: $0.17
- 8820 Attorney offices: $0.14
- 8831 Hospital - veterinary: $1.82
- 8832 Physician and clerical: $0.34
- 8855 Banks and trust co. - all employees: $0.18
- 8868 College - professional employees and clerical: $0.44
- 8869 Child care center - all employees: $1.45
Most Common Workers' Compensation Claims in FL
The most common workers' compensation claims in Florida are slips and falls. When an employee gets injured, insurance companies will want to know how it could have been avoided. There are a lot of claims that don't have to be filed if a company is proactive.
When you have regular safety meetings, carriers like to give you the best rates. Even better, if you appoint a safety officer to handle day-to-day monitoring. It all comes down to how safe your workplace is and how much risk you're transferring.
Where Can You Purchase Coverage?
In addition to workers' compensation insurance, you can purchase general liability, umbrella insurance, and more from a licensed agent. You'll need someone with experience and knowledge in the industry if you want your business to be protected. An adviser can find affordable premiums, so you're not in the dark.
How experience modification rating affects your premium in Florida:
When your workers' compensation premium is $10,000 or more for two years, Florida will give you an Experience Modification Factor (X-mod). An X-mod will help Largo underwriters determine how often you've filed claims and statistically how many are to come. Insurance companies use actuaries to pinpoint the risk your operation invokes accurately. The more losses you've had, the higher your X-mod is.
How a Largo, FL, Independent Agent Can Help
Your business insurance needs to be accurate the first time. Fortunately, an independent insurance agent can help you find a policy for an affordable price. Since they use a variety of carriers, you'll have the best options in town.
An independent agent works on your behalf, doing the shopping at no cost to you. You'll save time and money when you use a professional. Connect with a local expert on TrustedChoice.com to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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