3108 Adora Teal Way, Unit 200,
This is the most valuable policy a Trucking Operation can purchase to protect the employees from injury and the employer from lawsuit. Most people think that general liability is the most important, and it is to prevent an external loss, but it does nothing to prevent the employer from a lawsuit involving an employee.
Florida has the minimum requirements of $100,000 per occurrence, $500,000 aggregate, and $100,000 per occurrence by disease. What do these limits mean? For any one incident (or claim) the maximum payout is $100,000. The maximum payout for any one policy term, regardless of the number or type of claims, is $500,000. Most policy terms are one year. Finally, the max payout for any one incident caused by disease is $100,000. In many cases these limits are not enough and higher limits of $500,000 and $1,000,000 can be purchased.
Truckers Workers’ Compensation can be a challenge to obtain. Whether it is because the business doesn’t have enough years of prior coverage, enough payroll, or a problem with the claims history, finding coverage may be troublesome. That is where the expert agents at Barbee Jackson Insurance can help. Not only do we have access to more private Workers’ Compensation carriers than most agents, we also have the ability to write through the Florida Workers’ Compensation Joint Underwriters Association. This is the market of last resort, and although it may take some extra work on your part, our knowledgeable agents will help you through the entire process. Finally, if this option doesn’t sound appealing to you, there is always the option of employee leasing. This allows a payroll company to pool the risk and make Trucking Workers’ Compensation more attainable. Barbee Jackson Insurance can also help with placing coverage through this option.
This topic needs to be discussed in greater detail and is very specific to the type of business you operate. In many cases, the owner of the business may opt to be included and covered for injury on the job. If an employer chooses to be excluded (exempt) from coverage they will not receive coverage in the event of an injury. It will also allow an employer to save premiums as well. A greater discussion is needed to determine if this is an option and a good fit for you.
In the state of Florida, Workers’ Comp Rates for Truck Drivers (as of October 2017) are the same for everyone at $8.44 per hundred. That means for every $100 of payroll you have, it will cost you $8.44. The way a company can save money on their workers’ compensation is to have a low experience modification. The experience modification is determined by a third party (NCCI) based on years in business and claims history. For example, a company in business for 10 years with no (or a few very small claims) may have an experience modification of 0.73. This modification modifies the premium to be 73% of the state rate. However, if you have a loss history you may see the experience modification go up over 1.0. Anything over 1.0 would pay more than the state rate. For example 1.25 would pay 25% above the rate set by the state of Florida.
This is the easiest part, call Barbee Jackson Insurance! We have the ability to quote and bind coverage over the phone. If you are not able to call, inquire through our website and we can communicate through email. (850) 389-2001
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We offer a 100% FREE insurance evaluation. No risk or obligation! Our experienced staff is happy to review your current coverage and advise you on money savings ideas and coverage gaps that you may be missing. Call (850) 389-2001 to get started today!