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Workers' Compensation Insurance

Class Code 3270

Eyelet Manufacturing

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Martin Summers

Insurance Agent

Class code 3270 is used for employees that work in an eyelet manufacturing facility. While eyelets are the primary product covered in this classification, other similar things may be produced as well. Examples include grommets, snap fasteners, hooks and eyes, staples, straight pins, safety pins, tacks, and nails. Work will likely be done using automatic clips and wire forming machines, but may also include press work for some employees. The raw materials used in this industry will usually be light gauge sheet strip or reels of drawn wire that will be received in from others and then fed into machinery, through an automatic process. Once the materials have been through this step, they will then move on to new machinery for any piercing, trimming, plating, annealing, and deburring that needs to be done.

In addition to the above mentioned products and processes, this class code also may include those that manufacture safety razors by metal stamping, plating, and finishing and the accompanying safety razor blades. In this case, rolls of ribbon steel, received from others, will be run through a self-fed punch press to be blanked out, snapped to length in a breaking machine, then heat-treated, blued, ground, cleaned, stripped, and packed. Nearly all work of this sort will be done by automatic machines.

Florida Rates for Class Code 3270

2014 Rate: $2.81
2013 Rate: $3.12

Each workers' compensation class code in Florida has a unique rate assigned to it based on the likelihood of workplace injuries for the group of employees throughout the state that are assigned to that class code. Click this link for more information about the ratemaking process. The rates used in Florida workers comp insurance were increased in 2014 by an average of 6.1% by the Florida Office of Insurance Regulation.

For class code 3270, this rate change resulted in a 11% decrease from 2013 to 2014. The 2014 rate for this classification is 2.81 dollars for every 100 dollars of remuneration. With the decrease in rates this year, the 2014 rate is 33.2% below the 2003 rate of 4.67 dollars.

Despite the manual rates being set by the Florida government for workers comp class codes, there are still ways that employers can lower their overall workers compensation costs and total premium. Our insurance agents would like the opportunity to discuss these premium discounts and other cost savings measures with your business. Contact us today to receive competitive quotes for your business.

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