Fort Myers Workers’ Compensation Lawyer
The average cost of three-day stay in a U.S. hospital is $30,000, according to healthcare.gov, which is more than the average new car. Fixing a broken leg can easily run as high as $7,500. When an accident at work puts you in the hospital or causes an injury that keeps you from being able to perform your normal duties, you are owed workers’ compensation to help pay for the bills. This no-fault financial tool is a safety net, built into the fabric of our society and paid for by you and other taxpayers with every paycheck. Workers’ compensation is there for anyone who needs it that was injured because of the work they do, and is financed through payroll tax. Employers often attempt to deny their employees this rightful benefit by claiming that the accident did not happen at work, the employee was negligent, or that the injury is being faked. Some employees go so far as to attempt to cover up the evidence after the fact, all in an attempt to keep their insurance rates down. If you have been injured on the job, contact an experienced Fort Myers workers’ compensation lawyer at once.
Calculating Your Workers’ Compensation Premium in Fort Myers can be Difficult
The first step to find out what your workers’ compensation premium will be is to calculate your manual premium, which is based on the wages of your specific classified code of work and and your company’s payroll (per $100). The specific work you do, based on your classified code, will be a large deciding factor in the final outcome of your compensation rates (rates vary widely based on the danger and risks associated with a given occupation). For example, the 2014 classification rate for a textile fiber manufacturer (a low risk occupation) was $2.05, while the 2014 classification rate for an iron or steel erection worker on frames structures two stories or under was $46.42, according to Florida Workers’ Compensation Insurance. After the manual premium is calculated, based on the code classification, it is then multiplied by the experience modification rate (a figure that is usually 1.00, depending on how many accidents your company has had in the past). After that, there are three premium credits that Florida businesses may use to deduct the premium. The credits are the Safety Credit, Drug Free Credit, and the FCCPAP. Finally, three adjustments are made (the premium discount, expense constant, which is $200 in Florida, and the terrorism fee). The main three factors, however, are as follows:
Company Payroll (per $100), multiplied by the Classification Rate, multiplied by the Experience Modification Rate
Contact our Experienced Fort Myers Workers’ Compensation Lawyers
The number that is left over is called the Total Estimated Annual Premium, which will be audited and adjusted if needed to find the actual premium. It can be a difficult and confusing process, and in order to know that you are truly getting what you deserve, and to recieve this crucial financial tool in a timely fashion, you will need the help of an experienced Fort Myers workers’ compensation lawyer. Call The Pendas Law Firm today at 1-888-573-6327 to speak with a successful lawyer today.