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Workers' Compensation Insurance

Class Code 5473

Asbestos Contractor NOC

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Martin Summers

Insurance Agent

Class code 5473 is used for employees that work for an operation that is contracted to remove, repair, enclose, or encapsulate asbestos materials, including drivers, which are not otherwise classified. Examples of asbestos locations that are common to this classification include ceilings, walls, partitions, floors, and heating and air conditioning ducts. More specifically, asbestos containing products such as thermal insulation, floor coverings, ceiling tiles, cement sheets, corrugated or granular wraps, and decorative and acoustical treatments are also commonly handled.

Work may be done in a variety of buildings or structures, so long as they are not considered to be boiler or pipe related. Any employee or operation that performs asbestos work exclusively involving pipes or boilers should be separately classified. 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 5473

2014 Rate: $15.94
2013 Rate: $18.11

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 5473, this rate change resulted in a 13.6% decrease from 2013 to 2014. The 2014 rate for this classification is 15.94 dollars for every 100 dollars of remuneration. With the decrease in rates this year, the 2014 rate is -14.8% below the 2003 rate of 15.78 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

  • 5472 for pipe or boiler asbestos related work

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