Sunrise, FL, has a resident population of over 94,323. With part of the people working for employers, you'll want coverage for your business. To protect your finances and your employees, you'll want to have adequate coverage.
Workers' compensation will help pay for the lost wages and medical expenses of an employee injured or ill on the job. An independent insurance agent can navigate the state websites for a policy that meets guidelines. Connect with a local expert for quotes.
What Are the Basics of Workers' Compensation Laws in Sunrise, FL?
If you have as little as one employee in Sunrise, FL, you're required to carry workers' compensation insurance. Similar to your car insurance policy, workers' compensation is state-mandated. Your workers' compensation limits need to be sufficient to meet state law.
Why your business needs workers' compensation insurance:
Workers' compensation will help your company stay in business. When an employee gets injured or ill on the job, your operation is responsible for the loss. If you have adequate coverage, you won't be liable, and workers' compensation will pick up the cost.
What Does Workers' Compensation Cover in Sunrise, FL?
Workers' compensation will help protect your business's bottom line. Like your car insurance, you'll be required to carry coverage in Sunrise, FL. Insurance will provide a barrier between your company's finances and a claim.
If an employee needs disability insurance because of a work-related incident, you won't be on the hook if you have the right insurance. By the same token, if a staff member dies because of a work injury or illness, their family will be awarded a death benefit from workers' compensation. The right policy is essential, and coverage limits need to fit your business.
Who Does Workers' Compensation Cover in Sunrise, FL?
Workers' compensation will pay for medical expenses and lost wages of an employee injured on the job. While insurance is mandated, you'll still need it and want to know who's covered. Most employers are not aware that their workers' compensation policy extends to contractors.
Workers' compensation will apply to the W-2 worker and any 1099 contractor who you don't require proof of insurance from. To protect your business insurance from unnecessary claims, you'll want to regulate the contractors used with coverage standards. If they do not have separate policies that match your criteria, you could be responsible for their loss.
How Much Does Florida Workers' Comp Cost?
Your workers' compensation expense in Florida will vary on many factors. Like any business policy, some items will impact your costs. Check out the things 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 task. The premiums that are assigned will then be adjusted at the state level. 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
A proactive workplace is key to avoiding claims. Comparable to professional liability insurance, workers' compensation premiums are less when you take the proper precautions. The most common reported loss in Florida is slip and fall accidents. When your work environment takes the appropriate measures to risk minimization, you'll get lower rates.
Carriers will reward your efforts when you strive to be a safe operation. By holding weekly safety meetings and assigning an officer to oversee protocols, you'll be on your way. Check with an agent on more carrier discounts.
Where Can You Purchase Coverage?
Your business policies may consist of workers' compensation, umbrella, general liability insurance, and more. To get the best pricing and everything all in one place, consider using an independent agent. You can purchase coverage on your own, or you can get a professional for free.
How experience modification rating affects your premium in Florida:
If your workers' compensation premium is $10,000 or more for two years in a row, you'll have an Experience Modification Factor (X-mod). An X-mod assists the underwriters when rating your policy. This allows them to see how many claims you've filed and the likelihood of future losses. If you have less than $10,000 in annual premium, you won't have an X-mod assigned.
How a Sunrise, FL, Independent Agent Can Help
Workers' compensation coverage can be tricky to do on your own. When you have a business to run, the last thing you need to worry about is insurance. Fortunately, an independent insurance agent works on your behalf at no cost to you.
An independent agent does the shopping for you so you can save time and money. When you're tired of going at it alone, find a professional to help. Connect with a local adviser on TrustedChoice.com today.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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