In Pompano Beach, FL, the local population is 110,473, with some residents being workers. If you're an employer, you'll need workers' compensation insurance. Among other business policies, workers' compensation is state-mandated.
Fortunately, an independent insurance agent can help you find coverage for an affordable price. They know the ins and outs of state-guided insurance and can do the shopping for you. Connect with a local expert to get started.
What Are the Basics of Workers' Compensation Laws in Pompano Beach, FL?
In Pompano Beach, FL, every business owner must carry workers' compensation if they have one or more employees. Workers' compensation is not only required, it's necessary to avoid financial ruin. One wrong claim could drain your company's cash flow fast.
Why your business needs workers' compensation insurance:
When an employee becomes injured or ill because of work-related duties, you'll be responsible. With the right policy in place, you can transfer that risk. Florida law waives the employee's right to sue when proper workers' compensation is offered.
This can mean the difference in your business staying open or closing for good. If you're unsure how much coverage your policy has, get a professional. Since workers' compensation is mandatory, you'll need the right limits to comply with local law.
What Does Workers' Compensation Cover in Pompano Beach, FL?
Workers' compensation insurance will cover more than you may think. A claim can go in several different directions, and for that, there needs to be adequate protection. Check out what a workers' compensation policy can cover:
- Disability insurance
- The death benefit to a surviving family
- Lost wages
- Medical expenses
When the worst occurs, you'll want your staff member to be covered. In order to avoid shouldering that expense, workers' compensation can help. Make sure your limits are sufficient for your operation and meet state guidelines.
Who Does Workers' Compensation Cover in Pompano Beach, FL?
Workers' compensation will cover a variety of people in your company. You may think that coverage is only subject to specific staff, but it's broader. Take a look at some of the people your workers' compensation policy can insure:
- W-2 employees
- Non-exempt owners, partners, members, and officers
- 1099 contractors
While you may not be in the habit of asking for proof of insurance from your 1099 contractors, you should. If you have a 1099 worker complete a task for your company without proper insurance, they can file a claim against yours. That means your general liability, umbrella insurance, workers' compensation, and more could be up for grabs.
How Much Does Florida Workers' Comp Cost?
Every business policy will vary in scope and price. Carriers use a variety of factors when determining premiums. Check out some items the companies consider when deciding your costs:
- 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 cost per job classification. These base rates will be adjusted at the state level. 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 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
Pompano Beach, FL, has workers' compensation claims like anywhere else. The most common claim in Florida is slip and fall accidents. Your business can avoid most losses by being proactive.
Similar to professional liability insurance, your workers' compensation is rated on how many precautions you take. If you hold regular safety meetings, you'll get a discount. Likewise, when you assign a safety officer to keep staff accountable, you'll qualify for lower premiums.
Where Can You Purchase Coverage?
Instead of trying to DIY your business insurance, you can get all of your policies in the same place. An agent can quote general liability, commercial auto, workers' compensation coverage, and more. If you want the lowest rates and adequate protection, consult with a professional.
How experience modification rating affects your premium in Florida:
In Florida, if your workers' compensation premium of $10,000 in two years, you'll have an Experience Modification Factor (X-mod). An X-mod lets Pompano Beach underwriters know how often you'll file a claim. Carriers use your X-mod to rate your policy. If your premium is under that $10,000 mark, you won't have an X-mod assigned.
How a Pompano Beach, FL, Independent Agent Can Help
Workers' compensation insurance can be tricky if you don't know where to look. An independent insurance agent can help you find a policy that meets state requirements. To navigate coverages properly, use a professional.
An independent agent works on your behalf at zero cost, saving you time and money. Since they have access to several markets, you'll have options. Go to TrustedChoice.com and connect with a local expert in minutes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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