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Worker's Compensation (Workers Comp)
Florida Workers Compensation is required for companies that have over 4 people that are employees of the Corporation, LLC, Sole Proprietor, et al... If the company is a Contracting-Type Business or Corporation, then more than 1 employee and Worker's Compensation (Workers Comp). If you think your company might be a "Contracting Company", but are not sure, please call us and we will look it up for you at 1-800-763-6118. Florida Worker's Compensation (Workers Comp) is the same price anywhere that you purchase it in the State of Florida. In the State of Florida, Workers Compensation is charged by the amount of payroll, or remuneration, that the client company spends times a rate that is based on the scope of their type of work (Worker's Compensation Class Code). The State of Florida has elected to be administered by the Nation Council of Compensation Insurance or NCCI. There are many States that have their Worker's Compensation (Workers Comp) programs administered by the NCCI. The NCCI's website is a great resource for more complete information for Workers Comp. There are only some types of discounts that are available:
1.Experience Discount - This is based on your company's experience. Your workers comp insurance premium must exceed $10,000 for any one year, or $5,000 for 3 consecutive years. At those points, the NCCI will rate your company and apply a "Experience Modifier" or "Modification Factor. When issued, this rate will start on the current policies inception.
2. Safety Discount - If your company as a "Written Formal Safety Program" and holds regular "Safety Meetings", it might qualify for a 2% discount. If you do not have a safety program, we can make arrangements to create a safety program that meets the NCCI's qualifications.
3. Drug Free Workplace Program - This program has a 5% workers comp premium discount. It requires that ALL new employees go to have a pre-employment screening. At the time of any accident under this program, the injured employee must submit to a screening. If the employee fails, then the costs of the injury or sickness then is not covered and the employer is not responsible for the cost, nor rated higher because of the loss. The cost per screening is normally about $35. If your company has a high turnover of employees, this program might not be a savings. If you do not have this program and would like to implement a "Drug Free Workplace Program", we can help establish one for your company.
4. Premium Discount - If your company's premium exceeds $10,000, then you receive a 9.1% discount. There are more discounts if your premium exceeds $95,000 and $400,000.
5. Contractor's Credit - This is a program that your company must qualify for through the NCCI (please review this program at their website). The Contractor's Credit for Florida Worker's Compensation only allows for the insurance company to charge on the first $9.99 per hour that the company pays to their employee. Given that Workers Comp is charged by the amount of payroll that is spent by the employer, this can amount to large difference in the amount of premiums.
6. Stock Insurance Company Dividends - Stock Insurance Companies that issue Workers Comp policies may have a dividend program. These programs are loss sensitive and ARE NOT GUARANTEED!!! If available, they are based on certain provisions that need to be maintained and are directly tied, by levels, to the amount of losses that your company may have. Please ask us more about this when you are receiving you Worker's Compensation Quote from us.
Florida Direct Insurance Agency, Inc. works with several of the largest Payroll Providers and does offer "Pay As You Go" payment plans. Please be sure to inquire if your payroll platform is supported. It helps keep your money in your pocket and not the insurance companies. If you are not having your payroll processed by a payroll provider, we will be more than happy to refer you to a payroll provider that supports your industry.
Please complete the following information in its entirety. If you have any questions during this process, please call us at 800-763-6118 m-f; 9am-5pm est and we will answer your questions immediately. Please tell he operator that you are currently online and they will get you to someone who can answer your questions. thank you for giving us the opportunity to service you and your needs!