Most employers in Palm Bay, FL, are required to carry workers' compensation insurance. Even without the regulations, coverage is still necessary if you want to avoid a financial battle. In order to get the best policy with adequate limits, a professional is needed.
Workers' compensation will pay for the medical expenses and lost wages when an employee becomes injured or ill on the job. An independent insurance agent can help your business stay within state guidelines. Connect with a local expert in minutes.
What Are the Basics of Workers' Compensation Laws in Palm Bay, FL?
Palm Bay, FL, makes it mandatory for every business owner to carry workers' compensation with one or more employees. Even though this is a state requirement, it is still a necessary coverage for all employers. If you want to avoid lawsuits, you'll need the right policy in place.
Why your business needs workers' compensation insurance:
Besides being a regulated policy, workers' compensation could save your business. When an employee becomes injured or ill because of work duties, you'll be responsible. If you have adequate coverage, insurance will foot the bill.
In the state of Florida, when you offer workers' compensation to your employees, they waive the right to sue. This puts your operation in a nice spot financially. If you want to protect your company and your staff, workers' compensation is needed.
What Does Workers' Compensation Cover in Palm Bay, FL?
When an employee needs disability insurance, workers' compensation will help pay the expense. Some work-related losses can last for years. If you don't want your business to cover that cost, you should consider proper insurance.
If the worst should happen, and an employee dies due to a workplace claim, there is coverage. Workers' compensation will pay a death benefit to the surviving family members. The right coverage is needed to avoid financial ruin.
Who Does Workers' Compensation Cover in Palm Bay, FL?
Workers' compensation will protect both business owners and employees. In the state of Florida, you are required to carry coverage with one or more staff members. Your policy will cover all employees and non-exempt partners or officers.
If you are in the habit of hiring contractors, there are some things you need to know. Any 1099 worker who does not have proof of legitimate coverage can file a claim under your business policies. This means general liability, workers' compensation, and even commercial auto insurance.
How Much Does Florida Workers' Comp Cost?
Palm Bay, FL, workers' compensation premiums will vary depending on numerous factors. Each company will be rated according to its risk exposure and loss history. Check out some items the companies consider when deciding your pricing:
- Class codes: These are set by job duty. The riskier the task, the more expensive the class code will be rated, and the more you'll pay for workers' compensation insurance.
- Prior losses: If you have previous claims, you'll be charged accordingly. The more claims your business has filed, the higher your costs.
- Years in operation: The longer you have workers' compensation coverage, the better.
Florida base rate examples:
The National Council of Compensation Insurance (NCCI) sets the base rate per classification code. The price per class code and your business's safety protocols will determine your commercial insurance costs. Take a peek 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 tetail 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
In Palm Bay, FL, slip and fall injuries are the most common losses reported on the job site. A lot of claims can be avoided with proper precautions in place. Similar to professional liability insurance, the more proactive you are, the lower your rates.
To have a safer work environment, consider regular meetings around company guidelines. When you assign a safety officer, insurance companies know you mean business and will reward you with lower pricing. To get the best premiums, take risk-minimizing measures.
Where Can You Purchase Coverage?
The best place to purchase workers' compensation, umbrella insurance, and all lines of coverage is through a trusted adviser. If you're trying to DIY your policies, you could be missing critical items. Consulting with a professional can help.
How experience modification rating affects your premium in Florida:
In Florida, when you have a workers' compensation premium of $10,000 or more two years in a row, you'll have an Experience Modification Factor (X-mod). An X-mod lets the underwriters know how likely you are to file a claim. It gives you a score for the carriers to look at when pricing your policy. The higher your X-mod is, the worse your costs.
How a Palm Bay, FL, Independent Agent Can Help
Workers' compensation insurance in Palm Bay, FL, can be confusing. If you're not a licensed professional, you could be improperly insured. Fortunately, an independent insurance agent can help with policy and premiums.
Since an independent agent has access to several markets, you'll get the best price in town. They'll work on your behalf at no cost to you, saving you time and money. Connect with a local expert on TrustedChoice.com to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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