Plantation, FL, requires worker's compensation insurance if you want to have employees. While this coverage may seem like just another guideline to follow, it benefits both workers and business owners alike. When it comes to state-mandated insurance, it's best to get an expert.
Worker's compensation will pay for the lost wages and medical expenses of an employee who get injured or becomes ill on the job. An independent insurance agent can help find a policy for an affordable price. Connect with a local professional for quotes.
What Are the Basics of Worker's Compensation Laws in FL?
If you have one or more employees in Plantation, FL, you must carry worker's compensation insurance. Similar to car insurance, worker's compensation coverage is state-regulated. You'll need to have adequate limits to comply with local law.
Why your business needs worker's compensation insurance:
This insurance is not only required by Florida law, but it can also help protect your company from financial ruin. When an employee gets injured or becomes ill when working for your business, you're on the hook. With worker's compensation coverage, you won't be liable, and instead, insurance will pick up the cost.
What Does Worker's Compensation Cover in Plantation, FL?
Business owners in Plantation, FL, lobbied for mandatory worker's compensation insurance. This protects your finances as an employer. Once you offer worker's compensation insurance to your staff, they have to waive the right to sue in FL.
When an employee needs disability insurance due to a workplace injury, worker's compensation will cover the bill. If death occurs, then a benefit will be paid to the employee's family. This policy will help your employees and your bottom line.
Who Does Worker's Compensation Cover in Plantation, FL?
Worker's compensation will pay expenses for medical treatment and lost wages of an injured employee. It covers all employees in Florida, with the exception of exempt owners. Apart from coverage being a mandated policy, it will protect your bottom line most of all.
Worker's compensation will apply to W-2 worker and any 1099s that you don't require to have insurance. To protect your business, you'll want to have adequate proof of insurance from any subcontractors you are using. This will ensure that your worker's compensation policy is used for your regular staff only.
How Much Does Florida Worker's Comp Cost?
Plantation worker's compensation costs vary depending on a few key items. Insurance companies will look at several factors when pricing your business insurance. 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 premium carriers will give you.
Florida base rate examples:
The National Council of Compensation Insurance (NCCI) sets the base rates for each job duty. These starting points will be adjusted at the state level and used for worker's compensation premiums. Take a look at some examples of base rates per $100 of employer payroll:
- 8721 Real Estate Appraisal Company - Outside: $0.27
- 8723 Insurance Co. - Including Clerical & Sales: $0.17
- 8742 Salespersons - Outside: $0.35
- 8745 News Agent - Not Retail Dealer: $4.63
- 8748 Automobile Salespersons: $0.61
- 8800 Mailing Company & 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 & Clerical: $0.34
- 8855 Banks & Trust Co. - All Employees: $0.18
- 8868 College - Professional Employees & Clerical: $0.44
- 8869 Child Care Center - All Employees: $1.45
Most Common Worker's Compensation Claims in FL
Like professional liability insurance, the more proactive you are when it comes to worker's compensation coverage, the better. A safe workplace can mean lower insurance rates across the board. Carriers look at how you run your company to determine the price of your policies.
To get the best rates available, consider holding regular meetings. With the most common claims in Florida being slips and falls, you'll want to keep the work environment safe. If you appoint a safety officer, you can get a discount on coverage and help company guidelines stay in focus.
Where Can You Purchase Coverage?
Your business needs multiple policies to stay compliant and be protected. Worker's compensation coverage can get tricky if you're not sure where to look. A local expert can help review your worker's compensation, general liability, umbrella insurance, and more for free.
How experience modification rating affects your premium in Florida:
If your worker's compensation premium is $10,000 or more for two consecutive years, you'll get an experience modification factor (X-mod). An X-mod will help Plantation carriers determine how often you are likely to file a claim. This will allow them to set your rates according to your loss history and potential future losses. Contact a professional to get started.
How a Plantation, FL Independent Agent Can Help
Worker's compensation insurance can be hard to maintain if you're not sure where to begin. Fortunately, an independent insurance agent has the answers. They work with several carriers, finding you the best coverage at a low price.
An independent agent will do the shopping at no cost to your business, saving you money. When you're tired of doing everything yourself, get a professional. Go to TrustedChoice to connect with a local expert in minutes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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