How Much Does Workers’ Compensation Insurance Cost?

The National Council on Compensation Insurance (NCCI) sets the rates for Florida Workers’ Compensation insurance, based on the likelihood of injury and resultant medical costs. The cost of Florida Workers’ Compensation Insurance is based on three primary factors:

  • The type of work the employees do;
  • The gross payroll for all employees, including salaries, wages, bonuses, commissions and draws against commissions, plus holiday, vacation and sick pay;
  • The state where the business is located;

Premiums for Florida workers’ compensation insurance are calculated by the following formula:
Payroll (per $100) X Classification Rate X Experience Modifier = Premium

Sole proprietors are excluded from Florida Workers’ Compensation Insurance coverage unless they request to be included. Corporate officers are automatically covered by the Florida Workers’ Compensation policy unless they request to be excluded.

The simplest way to calculate the annual premium for Florida Workers’ Compensation is to multiply the annual payroll by the rate classification.

The 2017 Florida Workers Compensation Classification Rate for a physician, oral surgeon or dentist in Florida is $.48 per $100 of payroll.

As an aside, Florida Workers’ Compensation Insurance rates increased by 14.5% in December 2016, in response to the overturning of two court rulings:

The Florida Supreme Court ruling on April 28, 2016 stated that the attorney fee schedule that was passed in 2009 was unconstitutional as a violation of due process in the case of Marvin Castellanos v. Next Door Company, et. al.

Also, on June 9, 2016, The Florida Supreme Court issued an opinion in the case of Bradley Westphal vs. City of St. Petersburg, etc, et al declaring the 104-week limitation on temporary total disability benefits unconstitutional.

Because Gracey-Backer, Inc. insures over 2,000 physicians, surgeons, oral surgeons, and dentists in Florida, we were able to use that leverage as bargaining power and we created an exclusive workers’ compensation insurance dividend program. Our exclusive workers compensation insurance dividend program for Florida healthcare providers offers a guaranteed 10% dividend and up to a potential 30% dividend on your Workers’ Compensation Insurance, based on your individual loss experience. You are not grouped with other practices, and therefore are not hurt by their claims. That’s 30% that goes right to your bottom line.

Call us today to learn more about Workers’ Compensation Insurance for Florida physicians, surgeons, oral surgeons and dentists.

Barbara Gracey Backer
Barbara Gracey Backer

Barbara Gracey Backer is the Vice-President of Gracey-Backer, Inc., an Insurance Agency in Delray Beach, Florida specializing in All Lines of Professional and Personal Insurance. She may be contacted at (561) 404-5746 or at

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