What Factors Affect Your Workers’ Comp Insurance Rate in Florida?

In Florida, workers’ compensation coverage is a must. Many Florida businesses are required to carry coverage in case of an employee injury. While the need for workers’ comp insurance is understandable, you might be wondering why the rate is high for your Florida business.

Generally, three factors determine your workers’ comp insurance rate in Florida. The first is your company’s payroll. The second is the level of risk your industry poses. The third factor is your company’s history of claims. Sometimes, it can be difficult for certain Florida businesses to find affordable coverage or lower their rates. In that case, consulting with an experienced insurance broker can help.

The Florida workers’ compensation insurance brokers at NPN Brokers can pair your business with the right coverage plan. Our team can assess the usual factors that affect rates in Florida and find a provider that offers an affordable solution. To learn more about the Florida workers’ compensation insurance brokers at NPN Brokers, visit us online or call today at (561) 990-3022.

What Factors Increase Your Workers’ Comp Insurance Rate in Florida?

Workers’ compensation insurance is a requirement for many Florida businesses. In Florida, all businesses with four or more employees must carry adequate coverage. There are some exceptions for agricultural companies with seasonal workers, but, largely, workers’ comp is necessary for Florida businesses. For employers, understanding how insurance rates are calculated and how they can increase is important.

In Florida, the workers’ comp insurance rate is calculated based on three main factors.

Payroll Size

The first is the payroll or size of the company. The larger the workforce, the higher the chance that an employee can be injured. Because of this, companies with more employees may have higher workers’ compensation insurance rates.

Industry Risk

The second factor in determining the workers’ comp insurance rate for a Florida business is its industry. Several industries are considered high-risk, like construction. The higher the risk, the higher the rate. Those in the agricultural or manufacturing industry, for example, might be more likely sustain an injury at work. Because there’s a higher chance of employee injuries, the insurance rate may increase. Another indication of risk is how long your company has been in business. Generally speaking, the newer the company, the higher the rate.

Previous Claims

The final factor that will affect your workers’ comp insurance rate in Florida is whether or not your business has previously had claims filed against it. When companies have a history of work-related injuries, it can be difficult to find affordable insurance. That’s why it’s beneficial to seek the help of experienced professionals, like the Florida workers’ compensation insurance brokers at NPN Brokers. If your business ranks high in all three categories that affect your insurance rate, it can be hard to find affordable insurance without help.

Throughout the years, your workers’ compensation insurance rate may fluctuate. In the first few years of a business’ operation, its insurance rates may be higher since it hasn’t yet shown its ability to keep its employees safe. Over time, your rate will reflect the history of your business and the risk of insuring it against the cost of employee injuries.

How to Lower Your Workers’ Comp Insurance Rate in Florida

Workers’ compensation insurance is necessary, especially if yours is one of the Florida businesses required to have it. Ignoring the need for workers’ comp coverage can land your business in financial and legal difficulties if an employee is injured at work. To lower your workers’ comp insurance rate in Florida, you can try a couple of tactics.

Compare Rates

It might seem that there’s little to be done about the price of your workers’ comp insurance rate in Florida. If your current rate is too high, you can always seek out other coverage options. To do so, you’ll need the help of a skilled professional, like the Florida workers’ compensation insurance brokers at NPN Brokers. An experienced broker can find a less expensive plan that works for your business. There is affordable coverage available, even for businesses in high-risk industries – you just might need help finding it. Comparing rates can help you find coverage that isn’t as expensive but will protect your business in the event of an employee injury.

For example, the Florida workers’ compensation insurance brokers at NPN Brokers can match your business with a pay-as-you-go plan that doesn’t require audits or deposits. There are solutions to expensive workers’ compensation rates in Florida, even if your business has had a claim against it in the past. Remember, maintaining proper coverage is very important for Florida businesses. Otherwise, your company may face financial and legal ramifications.

Keep the Workplace Safe

When employees are injured at work, your insurance rate can rise. To maintain the price of your workers’ compensation insurance rate, emphasize safety in the workplace. Regularly checking the quality of equipment or employee work areas can reduce the risk of injuries. Educating employees on safety protocols and practices can help keep them injury-free.

It’s always important to maintain a safe working environment for your employees. Employers can adopt extra safety measures to protect their workers from injury, therefore stabilizing their workers’ compensation insurance rates. The longer you go without an employee injury, the more likely your rate will decrease. Making an effort to keep a safe environment for employees can boost workplace morale and prevent avoidable injuries.

Call NPN Brokers for Affordable Workers’ Comp Insurance Rates in Florida

When you need to find a workers’ comp insurance plan at an affordable rate, our team can help. Reach out to the Florida workers’ compensation insurance brokers at NPN Brokers by calling at (561) 990-3022 or visit our website today.