Workers compensation insurance rates in Florida are manually determined according to work codes, units of pay measured in $100 increments and the average group losses. The actual work accomplished by each employee determines the rate. This is because some jobs have specific dangers involved. Workers in some positions will be more likely than workers in others to suffer serious injury. The more dangerous the work is, the higher the rate. To ensure that rates are fairly determined and applied, the National Council on Compensation Insurance (NCCI) has established 600 codes that can be applied to every sort of job in the state. Analyzing data from field reports and claims, the NCCI recommends rates, but the final say falls with the Florida Office of Insurance Regulation (FOIC).
With such a carefully wrought system of regulation in place, employers can rest assured that their rates to cover individual employees are fair. While rates are as standardized as possible according to this system, it is important to understand that not all policies are the same. To ensure that your employee will be adequately covered in case of various losses, including injuries and lost work, you should consult with reputable experts who understand workers compensation insurance rates in Florida and the various packages available to insure workers at every level in their field. Essentially these packages are safety nets for both employees and the companies for which they work.