Workers Compensation Insurance – We Have You Covered.
FLORIDA WORKERS’ COMP RATES WILL INCREASE 14.5% ON DECEMBER 1, 2016
The rates Florida businesses pay for workers’ compensation insurance coverage will increase an average of +14.5% starting December 1, 2016. Current workers’ compensation policies that renew on or after December 1st will have the new rates apply at policy renewal. New policies issued on or after this date will also be at the higher rate. If you have an existing workers’ compensation policy, the increased rates will be applied to your policy when it renews.
This rate increase is a result of the Florida Supreme Court making changes to state workers’ compensation law earlier this year, in particular, increasing the amount of allowable fees for attorneys representing injured workers.
Your company’s workers’ compensation premium is determined by multiplying the total payroll for your business by the specific rate for the classification(s) for your business. Please note that the specific rate for your particular business may increase more or less than the statewide average of 14.5%. If you have any questions about the new rates and how they apply to your workers’ comp policy, please contact Bellwether Insurance Group (BIG) at (954)800-6400 or email us at info@BIGRiskManagement.com.
WORKERS’ COMP COVERAGE REQUIREMENTS AND EXEMPTION INFORMATION AVAILABLE FROM BIG
It can be challenging to keep up with the Florida requirements on which businesses are required to have workers’ compensation insurance coverage and which business owners are eligible to exempt out of these requirements.
As a service to our members, BIG has published “Key Coverage Requirements and Exemption Information At-A-Glance.” This handy reference guide explains:
- Which businesses are required to have workers’ compensation insurance under Florida law
- Which business owners are automatically excluded from workers’ compensation
- How business owners in the construction industry can get an exemption from workers’ compensation requirements
- Which businesses are considered “construction” by the State of Florida
- How a construction company can be held liable for paying workers’ compensation on its subcontractors
- How non-construction business owners can get an exemption from workers’ compensation requirements
- This guide is a general summary of Florida law and is not intended to give legal advice.
CLICK HERE to download the “Key Coverage Requirements and Exemption Information At-A-Glance” reference guide.