How Much Does Workers Comp Cost in Florida? 2024 Rates & Calculator
Workers' compensation insurance is required for most Florida businesses, but costs vary dramatically by industry. Here's everything you need to know about workers' comp pricing in 2024.
Average Workers' Comp Costs in Florida
Workers' comp is calculated per $100 of payroll. Here are 2024 average rates by industry:
Low-Risk Industries
- Office/Clerical: $0.50 - $1.00 per $100 of payroll
- Retail Stores: $0.75 - $1.50 per $100 of payroll
- Restaurants (non-cooking staff): $1.00 - $2.00 per $100 of payroll
- Professional Services: $0.60 - $1.20 per $100 of payroll
Medium-Risk Industries
- Restaurants (cooking staff): $2.50 - $4.00 per $100 of payroll
- Landscaping: $3.00 - $6.00 per $100 of payroll
- Plumbing: $4.00 - $8.00 per $100 of payroll
- HVAC: $4.50 - $9.00 per $100 of payroll
High-Risk Industries
- Roofing: $15.00 - $30.00 per $100 of payroll
- Tree Services: $20.00 - $40.00 per $100 of payroll
- Construction (framing): $10.00 - $20.00 per $100 of payroll
- Demolition: $25.00 - $50.00 per $100 of payroll
Real-World Cost Examples
Example 1: Small Office (5 employees)
- Total annual payroll: $250,000
- Rate: $0.75 per $100
- Annual cost: $1,875
Example 2: Restaurant (10 employees)
- Total annual payroll: $300,000
- Rate: $3.00 per $100
- Annual cost: $9,000
Example 3: Roofing Company (8 employees)
- Total annual payroll: $400,000
- Rate: $20.00 per $100
- Annual cost: $80,000
Example 4: Retail Store (6 employees)
- Total annual payroll: $180,000
- Rate: $1.25 per $100
- Annual cost: $2,250
Factors That Affect Your Workers' Comp Rate
1. Industry Classification Code
Your NAIC code determines base rates. Roofers pay more than accountants due to injury risk.
2. Claims History (Experience Modification Rate)
- Clean history = lower rates
- Multiple claims = higher rates
- EMR of 1.0 is average
- EMR below 1.0 = discount
- EMR above 1.0 = surcharge
3. Payroll Amount
Higher payroll = higher premium (but rate per $100 stays the same).
4. Employee Job Duties
Office workers cost less than field workers, even in the same company.
5. Safety Programs
Documented safety training can reduce rates by 5-15%.
6. Company Size
Larger companies often get better rates due to volume discounts.
Who Needs Workers' Comp in Florida?
Required Coverage:
- Construction: 1 or more employees (including owners)
- Non-construction: 4 or more employees (including owners)
- Agriculture: 6 or more regular employees OR 12+ seasonal employees
Exemptions Available:
- Corporate officers can exempt themselves (with proper documentation)
- Sole proprietors without employees
- Partners in a partnership
- LLC members (with exemption form)
Important: Even if exempt, you may need coverage to work with certain clients or on specific job sites.
How to Lower Your Workers' Comp Costs
1. Accurate Job Classifications
Ensure employees are classified correctly. Office staff shouldn't be rated as field workers.
2. Implement Safety Programs
- Regular safety training
- Documented safety meetings
- Proper equipment and PPE
- Written safety policies
3. Return-to-Work Programs
Getting injured employees back to light duty reduces claim costs.
4. Prompt Claim Reporting
Report injuries immediately to prevent small issues from becoming expensive claims.
5. Shop Multiple Carriers
Rates vary significantly between insurers. Compare at least 3-5 quotes.
6. Pay-As-You-Go Options
Some carriers offer pay-as-you-go based on actual payroll, avoiding large upfront premiums.
7. Bundle Policies
Combining workers' comp with general liability can save 10-20%.
8. Annual Policy Audits
Ensure your audit is accurate. Overpaying on estimated payroll costs you money.
Common Workers' Comp Mistakes
1. Misclassifying Employees
Problem: Classifying roofers as "general labor" to get lower rates. Result: Claims denied, policy canceled, potential fraud charges.
2. Not Reporting Payroll Changes
Problem: Your payroll increased but you didn't update your policy. Result: Large surprise bill at annual audit.
3. Delaying Injury Reports
Problem: Waiting days or weeks to report an injury. Result: Higher claim costs, potential claim denial.
4. No Safety Documentation
Problem: No written safety program or training records. Result: Higher rates, difficulty defending claims.
5. Ignoring Experience Mod
Problem: Not understanding how claims affect your EMR. Result: Paying higher rates for years after a claim.
Workers' Comp vs. General Liability
Many business owners confuse these coverages:
Workers' Compensation
- Covers YOUR employees
- Injuries at work
- Medical bills, lost wages
- Required by law
General Liability
- Covers OTHER PEOPLE (customers, vendors)
- Injuries on your property
- Property damage you cause
- Not required (but highly recommended)
You need BOTH for complete protection.
What Workers' Comp Covers
Medical Expenses
- Doctor visits
- Hospital stays
- Surgery
- Medications
- Physical therapy
- Medical equipment
Lost Wages
- Typically 66.67% of average weekly wage
- Starts after 7-day waiting period
- Retroactive if disability exceeds 21 days
Disability Benefits
- Temporary Total Disability
- Temporary Partial Disability
- Permanent Total Disability
- Permanent Partial Disability
Death Benefits
- Funeral expenses (up to $7,500)
- Weekly benefits to dependents
- Lump sum payments in some cases
What Workers' Comp Doesn't Cover
- Injuries from horseplay or fighting
- Self-inflicted injuries
- Injuries while intoxicated
- Injuries during commute (with exceptions)
- Injuries from violating company policy
How to Get Workers' Comp Insurance
Step 1: Determine Your Classification Codes
Identify the correct NAIC codes for your employees' job duties.
Step 2: Calculate Your Payroll
Estimate annual payroll by employee classification.
Step 3: Get Multiple Quotes
Compare rates from at least 3-5 carriers.
Step 4: Review Coverage Details
- Policy limits
- Exclusions
- Payment options
- Audit procedures
Step 5: Purchase and Maintain Coverage
Keep coverage active and report payroll changes promptly.
Why Choose PlanLife for Workers' Comp?
- Competitive Rates: We compare 50+ carriers
- Fast Quotes: Get covered in 24-48 hours
- Expert Classification: Ensure accurate job codes
- Pay-As-You-Go Options: Available with select carriers
- Claims Support: We help navigate the claims process
Get Your Free Workers' Comp Quote
Stop overpaying for workers' compensation. Our licensed agents will:
- Review your payroll and classifications
- Compare quotes from multiple carriers
- Find the best rate for your business
- Explain coverage options clearly
Call (407) 557-3100 or get a free quote online.
Rates current as of February 2024. Actual costs vary by specific business factors. Consult with a licensed agent for accurate quotes.