West Palm Beach Workers' Compensation

Most states require workers' compensation insurance if you have employees. While each state is different on how they handle policies, fines, or how they charge for lack of coverage, West Palm Beach, FL, is no different.

Workers' compensation will pay for the lost wages and medical expenses of an injured employee hurt or ill on the job. An independent insurance agent can ensure your coverage is accurate and sufficient according to the state. Speak with a local professional today.

What Are the Basics of Workers' Compensation Laws in West Palm Beach, FL?

In the state of Florida, workers' compensation insurance is mandatory. When you have one or more employees, you are required to carry coverage. While this may seem like another rule to follow, workers' compensation can benefit your company.

Why your business needs workers' compensation insurance:

This business policy will protect your bottom line from a financial loss when an employee gets injured or ill due to work. Medical bills and lost wages can stack up fast when you're balancing the costs of running a business. Workers' compensation will ensure that you won't get sued for damages. 

What Does Workers' Compensation Cover in West Palm Beach, FL?

West Palm Beach, FL, businesses ruled in favor of mandatory workers' compensation insurance to avoid lawsuits. When you carry workers' compensation for your staff, they waive the right to sue. This can save your business from financial ruin.

If an employee needs disability insurance or even a death benefit to the family due to a loss, workers' compensation will help pay the expense. If you want the right coverage the first time, it's important to know what workers' compensation will protect.

Who Does Workers' Compensation Cover in West Palm Beach, FL?

When you forgo proper protection for your business, you could open yourself up to a considerable expense. On top of penalties for not having coverage, you will have to pay for a claim out of pocket that could last for years. 

Workers' compensation will help cover your employee's loss and keep your business finances safe. Carrier adjusters and agents will help the claim move along and avoid pitfalls that could happen on your own. When you need a policy that knows how to handle losses, a professional is good to have. 

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How Much Does Florida Workers' Comp Cost?

Workers' compensation premiums in West Palm Beach, FL, can vary depending on several items. Carriers look at a variety of risk factors when assessing your business coverage. Check out some things the companies consider when pricing your policy:

• Classification codes: Each task is assigned a classification code. Every code has a base rate that determines your costs. The riskier the duty, the more expensive the premium.
• Prior losses: If you have previous claims, your policy will reflect a higher premium for three to five years.
• Years in operation: The longer you have had workers' compensation coverage with little or no claims, the better your pricing.

Florida base rate examples:

How safe your business is and the practices it has in place will help carriers determine your costs. The National Council of Compensation Insurance (NCCI) sets each job duty with a base rate. The states will take these bases and adjust accordingly. 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 safe work environment is key to lower workers' compensation premiums. Slips and falls are the most common work-related injuries in Florida. By being proactive, you can reduce your costs and keep your employees from danger.

Like professional liability insurance, you can save your company a lot of hassle by taking precautions. One way to ensure your safety practices are being enforced is by assigning a safety officer. Regular meetings with your staff can help.

Where Can You Purchase Coverage?

Your business can purchase workers' compensation, general liability, umbrella insurance, and more through a local agent. An adviser can even help you navigate the Florida Workers' Compensation System if you are new to coverage. If you don't want to leave your business up to chance, consult with a professional.

How experience modification rating affects your premium in Florida:

When you have a workers' compensation premium of $10,000 or more for two consecutive years, Florida assigns an Experience Modification Factor (X-mod). An X-mod will help the carriers determine how frequently you will file a claim. 

The X-mod will consider the number of claims filed and the length of time they are open. A claim that pays out more over a longer period of time will affect your X-mod more than a couple of quick losses. If your annual premiums are under that $10,000 cost, you won't have an X-mod.

How a West Palm Beach, FL, Independent Agent Can Help 

With state-regulated insurance, you'll want to be sure you're getting adequate coverage. An independent insurance agent can help find a policy that follows guidelines and insures your business correctly. Since an agent has access to several markets, you'll have options.

When you're looking for a trusted adviser to save you time and money, consider using an independent agent. You can connect with a local expert on TrustedChoice.com in minutes. Use the find-an-agent tool to begin.