Florida Workers’ Compensation Codes and Rates
As a Florida business owner, it’s important to understand your Workers’ Compensation insurance requirements. In order to comply with Florida mandates, you should stay up-to-date on
The National Council on Compensation Insurance (NCCI) determines Workers’ Compensation codes and rates in Florida. Codes are assigned based on work type, and their corresponding rates are determined by risk. You can learn the Workers’ Compensation code and rate for your Florida business by asking an experienced broker. Although the NCCI’s assigned rates can somewhat inform the cost of coverage for your business, that’s not all that goes into the equation. Contact a broker if you recently learned your business’s Workers’ Compensation code and rate and are fearful of expensive premiums. You may still be able to find affordable coverage, despite a high NCCI Workers’ Compensation rate.
Our experienced professionals are here to help Florida businesses stay protected from workplace injuries. For a quote, call the Florida Workers’ Compensation insurance brokers at NPN Brokers today at (561) 990-3022.
What Are Workers’ Compensation Codes and Rates in Florida?
Industries are classified differently based on their risk levels and other factors. Divvying broad industries into specific classes allows Workers’ Compensation insurance companies in Florida to more accurately determine the risk of insuring a certain type of business.
Workers’ Compensation codes are exactly what they sound like. They’re numerical codes, usually three to four numbers long, that identify certain types of work. Instead of generally covering entire industries, Workers’ Compensation codes get specific. For example, there’s a unique Workers’ Compensation code for various types of plumbing businesses in Florida. There are even different codes for certain types of retail work.
The National Council on Compensation Insurance sets the Workers’ Compensation codes and rates used in Florida. The code for your business will be tied to a specific rate, which can help inform the cost of your Workers’ Compensation premiums in Florida. The NCCI classifies work types and sets rates based on assessed risk and chance of a workplace industry.
Workers’ Compensation rates can change for a variety of reasons. Your business’s code can also change if it has moved in a different direction. To stay up to date on changes to the NCCI’s business classification ratings, enlist help from an experienced Florida Workers’ Compensation insurance broker. If your business’s rate changes, you should be one of the first to learn about it.
How Can I Learn My Florida Business’s Workers’ Compensation Code and Rate?
It is essential to know the right NCCI Workers’ Compensation code and its corresponding rate for your Florida business. Without this information, you may have difficulty determining whether or not you’re required to purchase Workers’ Compensation insurance in Florida.
Florida recognizes the Workers’ Compensation codes and rates set by the National Council on Compensation Insurance. In order to determine the Workers’ Compensation code for your business, you must refer to the NCCI’s listings. An experienced Florida Workers’ Compensation insurance broker can navigate the NCCI’s website to determine the code that best aligns with your business and its activity. Once you identify which code corresponds with your Florida business, you can assess the current rate attributed to that specific code. Generally speaking, the higher risk a specific business presents to a Workers’ Compensation insurance company, the higher its rate will be.
Business owners who thought they might have been exempt from Workers’ Compensation coverage may learn otherwise once they determine their NCCI code. The NCCI might classify your business as part of the construction industry, even though if don’t. In order to comply with Florida’s Workers’ Compensation requirements, it is necessary for business owners to learn their NCCI code and its corresponding rate.
Do NCCI Rates Determine the Cost of Workers’ Compensation Insurance in Florida?
The rate that corresponds with your NCCI Workers’ Compensation code can help inform the cost of coverage for your business. However, a higher rate does not necessarily mean your company will be forced to purchase expensive coverage to comply with Florida’s Workers’ Compensation insurance requirements. Calculating the cost of coverage can be difficult, so it’s important to consult an experienced Florida Workers’ Compensation insurance broker to learn how the rate assigned by the NCCI might impact the cost of insurance.
The rate assigned to your Florida business’s Workers’ Compensation code can impact the cost of insurance. In order to determine the cost of your monthly premiums, a Workers’ Compensation insurance company will complete a complicated calculation. This calculation includes concrete numbers, like your business’s annual payroll, NCCI rate, and history of workplace injuries. Then there are more subjective factors, like age and risk. So, while a company’s NCCI Workers’ Compensation rate is part of the equation for calculating the cost of insurance, it is not the only thing considered by Workers’ Compensation insurance companies. Because of that, Florida businesses can find reasonable coverage despite being high-risk. Of course, you still need to know where to look.
An experienced Florida Workers’ Compensation insurance broker can help your business find affordable coverage even if your NCCI rate is high. Our brokers have relationships with flexible insurance companies that don’t require audits, contracts, or deposits.
So, don’t be shocked or concerned when you learn the rate attached to your NCCI Workers’ Compensation code. Although it might seem high initially, there are still ways to find affordable coverage that protects your business and its employees.
Call Our Florida Brokers for a Workers’ Compensation Insurance Quote
If your Florida business needs Workers’ Compensation insurance, our brokers can help. For a quote, call the Florida Workers’ Compensation insurance brokers at NPN Brokers today at (561) 990-3022.
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