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Workers’ compensation insurance provides financial and medical benefits to employees who suffer job-related injuries or illnesses. It can protect both businesses and employees. For business owners, having workers’ compensation insurance is a legal requirement depending on the state. It can also help companies to avoid lawsuits related to injuries. Employees benefit from workers’ compensation insurance in the form of money for medical fees and income replacement. Overall, it’s a vital safety net for businesses and employees.

Factors That Determine the Cost of Workers’ Compensation Insurance

The cost of workers’ compensation insurance can vary depending on several critical factors. Here are some of those factors:


Where your business is located can impact the cost of your workers’ compensation insurance policy. States that have a higher risk of catastrophic events and natural disasters will likely have to pay higher premiums. Other contributing factors include variations in healthcare costs, legal climates, and state-specific rules.

Type of Work

Businesses use the National Council on Compensation Insurance (NCCI) class codes to determine their workers’ compensation insurance premiums. Class codes correspond to the type of work that your employees perform. Insurers use this system to determine your level of risk.


Your premium will be based on your company’s average weekly employee wage. Companies that have a higher payroll will usually pay more than businesses with a lower payroll.

Claims History

Insurers will look at a business’s past workers’ compensation claims history when determining a premium price. Businesses that have a history of frequent and costly claims could face higher premiums.

Experience Modification Factor

An Experience Modification Factor is a company’s safety score as it relates to workers’ compensation insurance coverage. A good safety record can lower the EMF, which can result in lower premiums. A poor safety rating can increase it.

Safety Practices

When a company shows a commitment to safety and displays efforts to reduce workplace accidents, it can result in lower premiums for that company. Some insurers offer discounts for implementing effective and comprehensive safety programs.

Helping You Navigate an Important Safety Net

Our team at Biscayne Risk & Insurance can help you with workers’ compensation insurance. We understand the specific requirements of your industry and can assist you with navigating workers’ compensation insurance. Some of the benefits of our workers’ compensation policy are medical expenses, lost wages, ongoing care costs, funeral costs, disability benefits, and death benefits. Our policies can help to relieve the financial burden for employees.


If you want to calculate your workers’ compensation premium, visit our Florida Workers’ Compensation Premium Estimator.

We prioritize safety, managing risks and effectively controlling your workers’ compensation costs. Please contact us to find out more about your options with Biscayne Risk & Insurance.

Contact Us Today!

Fill out the contact form below or call 561.571.1001 to speak to a member of our team.
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