As a business owner, you know that workers compensation insurance is an essential part of running a successful business. Not only does it protect your employees if they suffer an injury on the job, but it also provides you with protection from lawsuits that could arise from workplace accidents. But what do you need to know about workers comp insurance cost in Florida? Let’s take a closer look so you can make the best decisions for your business.
Understanding Workers Comp Insurance Cost in Florida
Before we get into it, it’s important to understand that workers’ compensation insurance costs vary between companies. Premiums are determined by a variety of factors, so there is no standard price for this type of insurance. Among them are:
Payroll, Industry and History.
Workers Compensation Class Codes, are 4 digit numbers that represent the description of operations of a business. The class code is assigned a rate (percentage) by the state. This rate is updated annually which could both increase and decrease. For example a painting company in 2022 would be classified in Florida under class code 5474 with a rate of 7.14%.
The Workers Comp formula consists of the following: Class Code (Rate) X Gross Payroll = Premium
How Workers Comp Coverage Affects Your Business
When it comes to workers comp insurance cost in Florida, there are some additional benefits beyond just covering medical costs for injured employees. For example, employers who carry this type of coverage are protected from certain lawsuits that might be filed due to workplace injuries or illnesses.
In addition, having access to affordable coverage may help attract qualified new hires and keep existing employees safe and healthy on the job—both important components for long-term success!
Business owners must consider many factors when evaluating their options for workers comp insurance cost in Florida—from understanding industry class codes to taking advantage of safety programs that can help lower premiums. With so much at stake, it’s important to make sure you have all the information needed before making a decision about which policy is right for your business needs and budget.
Thankfully, there are plenty of resources available online that can provide helpful advice and tips for navigating this complex process!
We would love to help you with your Florida workers compensation insurance rate—go ahead and click on the button below to get your quote today!