In Miami Beach, FL, your business needs proper protection. Some policies are mandated, while others are just smart to have. Workers' compensation insurance is a required coverage in Florida.
To get the best policy options for an affordable price, consult with a professional. An independent insurance agent works on your behalf for free. Connect with a local expert for a quote.
What Are the Basics of Workers' Compensation Laws in Miami Beach, FL?
When you are an employer in Miami Beach, FL, you must carry workers' compensation insurance. Like your car policy, workers' compensation insurance is mandated per state. You'll need to have proper coverage to comply with local guidelines.
Why your business needs workers' compensation insurance:
If an employee is injured or ill due to work, your company is on the hook. With workers' compensation insurance, your business is not legally responsible for a loss any longer. When you offer coverage, an employee waives the right to sue when a claim occurs.
What Does Workers' Compensation Cover in Miami Beach, FL?
Employers in Miami Beach, FL, lobbied for regulated workers' compensation coverage to avoid multiple lawsuits. Business owners found that companies were wrapped up in legal battles due to injuries or illnesses in the workplace. To transfer the risk of financial ruin, they had coverage mandated in Florida.
If an employee needs disability insurance because of a work-related injury, workers' compensation will foot the bill. When the worst occurs and death happens, a benefit will be paid to the surviving family. Workers' compensation, though required, is still a necessary coverage to have for any employer.
Who Does Workers' Compensation Cover in Miami Beach, FL?
Workers' compensation pays for the medical expenses and lost wages of an injured or ill employee. When a team member gets hurt or sick because of their duties, this policy will cover the loss. It applies to all workers and non-exempt employers and officers.
If your company uses 1099 contractors, there are some things you need to know. To avoid a lawsuit on any of your business policies, you should require proof of insurance from any 1099 worker. This will ensure you don't have a claim filed on your own insurance.
How Much Does Florida Workers' Comp Cost?
Workers' compensation costs vary across the board. No matter where you live, premiums will fluctuate depending on your operation and base numbers set. Whether you need multiple business policies or just one, you should be familiar with what impacts your pricing. Check out some things the carriers consider when rating your policy:
- Classification codes: Every job duty is assigned a code that underwriters use to rate policies.
- Prior losses: If you have previous claims, carriers take that into account when rating your policy.
- Years in operation: The longer you've been in business, the better your premium will be.
Florida base rate examples:
To have unison, the National Council of Compensation Insurance (NCCI) sets the base rates for each industry's job function. Premiums are then adjusted per state and carrier. 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 loss in Florida is slip and fall accidents in the workplace. The majority of injuries and illnesses that occur can be avoided by being proactive. Carriers look for businesses that think ahead of the curve.
Like professional liability insurance, when you show you are taking the proper precautions, companies reward you with favorable rates. If you hold regular safety meetings, you'll get a discount. Likewise, appointing a safety officer can go a long way when trying to get premiums lowered on your policy.
Where Can You Purchase Coverage?
If you're looking to stay compliant and completely protected, you'll need a variety of policies. General liability, workers' compensation, umbrella insurance, and more can be purchased through a professional. A local agent can help you navigate the state websites and find a workers' compensation policy that fits.
How experience modification rating affects your premium in Florida:
When your workers' compensation premium is $10,000 or more for two consecutive years, Florida will assign an Experience Modification Factor (X-mod). An X-mod will help Miami Beach insurance companies determine how frequently you'll file a claim. They will look at your history to get a feel for future losses.
How a Miami Beach, FL, Independent Agent Can Help
Your business insurance is important. When you're dealing with state-mandated coverage, you'll need to get a professional. An independent insurance agent can help follow local guidelines while protecting your company.
An independent agent works on your behalf to find a policy that fits at no cost to you. Since they have access to several carriers, you'll have options on coverage and price. Go to TrustedChoice.com and connect with a local expert for free.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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