If you own a business in Miramar, FL, insurance is necessary. While some policies are needed, the state mandates others. To know which coverages are regulated, a licensed professional can help.
Workers' compensation is one policy Florida requires every employer to obtain. An independent insurance agent can navigate the world of state websites and policy guidelines on your behalf. Connect with a local expert for quotes.
What Are the Basics of Workers' Compensation Laws in Miramar, FL?
If you have one or more employees in Miramar, FL, you'll need to get workers' compensation insurance. Similar to your car coverage, this policy is mandatory in most states. You'll need to have the right limits to comply with local law.
Why your business needs workers' compensation insurance:
When an employee gets injured or ill as a result of working, you'll be responsible for the loss. If you have workers' compensation insurance, Florida waives a worker's right to sue. Workers' compensation will protect your employees and your bottom line.
What Does Workers' Compensation Cover in Miramar, FL?
When a claim arises from a hurt or ill employee, workers' compensation insurance saves the day. It will provide coverage for lost wages and medical expenses. This policy will even cover some unexpected circumstances.
If an employee becomes injured and needs disability coverage, workers' compensation will cover the loss. When the worst happens, and an employee dies, there will be a death benefit for the surviving family. The right policy is crucial to sustaining a successful business.
Who Does Workers' Compensation Cover in Miramar, FL?
Workers' compensation will provide coverage for all workers and non-exempt owners and officers. Your policy includes insurance for any W-2 employee and others if you're not careful. If you're in the habit of hiring 1099 contractors, there are some things you need to know.
When you don't require proof of insurance for your 1099 workers, you may be liable. If a claim arises and the contractor decides to file a lawsuit, your policies will need to respond. General liability, workers' compensation, and even commercial auto coverage could be involved, depending on the claim.
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How Much Does Florida Workers' Comp Cost?
Your business insurance costs will vary. All premiums depend on several factors that are personalized to your operation. 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 the premium.
Florida base rate examples:
The National Council of Compensation Insurance (NCCI) sets the base rates per job category. The riskier the task, the more expensive the premiums. 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
Workers' compensation insurance is like professional liability coverage. The more proactive you are, the better. The most common accident in Miramar, FL, are slips and falls. Your workers' compensation premium could be lowered by taking some precautionary measures.
For the best rates on coverage, consider regular safety meetings for owners and staff. To keep everyone on the same page, appoint a safety officer. When you minimize the carrier's risk, you'll get a good deal on workers' compensation.
Where Can You Purchase Coverage?
Whether it's umbrella insurance or workers' compensation coverage, you can purchase all your policies from one agent. When you use a local adviser, you'll get the best rates. A licensed professional can help you navigate the state guidelines for workers' compensation, so you don't have to.
How experience modification rating affects your premium in Florida:
When you have a workers' compensation premium of $10,000 in the state of Florida, you'll have an Experience Modification Factor (X-mod). Underwriters use X-mods to determine how frequently you'll report claims. The higher the X-mod, the more premium you'll pay.
How a Miramar, FL, Independent Agent Can Help
Workers' compensation insurance can be confusing if you're not a professional. Fortunately, an independent insurance agent can help you find a policy that fits your coverage and budget needs. Since they work with several carriers, you'll have the best options.
An independent agent does the shopping at no cost to you, saving you time and money. When you're tired of DIYing your insurance, contact an adviser. Connect with a local expert on TrustedChoice.com in minutes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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