Workers' Compensation Insurance

Class Code 5040

Iron or Steel: Erection – Frame Structures

Author Information

Martin Summers

Insurance Agent

Class code 5040 is used for employees that erect iron or steel frame structures, including assembly and fabrication at the job site as well as incidental welding operations. Job duties will vary from job to job but may include such things as the raising of structural members or prefabricated sections into place using a crane or boom, securing these members or sections with bolts, welding or riveting the frame of buildings, erecting concrete structural beams or girders, erecting staircases, replacing old iron or steel on exterior buildings, erecting of iron or steel bridges, trusses, columns, I-beams, and decking, erecting iron or steel radio, television, or water towers, and erecting spherical steel tanks mounted on steel supporting structures. Additionally, the erection of items like fire escapes, fireproof shutters, and steel balconies are also included in the scope of class code 5040.

Exclusions to this class code would include the placing of reinforcing steel bars in connection with any reinforced concrete bridge constructions and the erection of water towers that are made of materials other than iron or steel. When classifying workers to this class code, it is also important to follow the extra-territorial classification guidelines for each worker to ensure that they are properly classified.

Florida Rates for Class Code 5040

2014 Rate: $15.39
2013 Rate: $16.44

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 5040, this rate change resulted in a 6.8% decrease from 2013 to 2014. The 2014 rate for this classification is 15.39 dollars for every 100 dollars of remuneration. With the decrease in rates this year, the 2014 rate is 75.6% below the 2003 rate of 67.47 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.

Other Related Class Codes

  • 3724 for machinery or equipment erection or repair, NOC

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