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Workers' Compensation Insurance

Class Code 5703

Building Raising or Moving

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Martin Summers

Insurance Agent

Class code 5703 is used for employees that provide building raising or moving services. Typically, work done by those in this classification will include preparing the building to be moved by digging under the foundation or placing holes in the base, shoring functions that are incidental, inserting cross beams for raising, using cribbing, hydraulic jacks, and wheel dollies to lift the structure onto transport devices (such as telescopic trailers), transporting and dropping structures at their new locations, removing beams, and filling holes. In addition, class code 5703 is also used to classify workers who are responsible for boarding up or removing boards from windows of structures, those who remove and replace chimney portions, and anyone that performs carpentry work within the building to repair damage that was caused by moving procedures. 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 5703

2014 Rate: $17.16
2013 Rate: $20.78

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 5703, this rate change resulted in a 21.1% decrease from 2013 to 2014. The 2014 rate for this classification is 17.16 dollars for every 100 dollars of remuneration. With the decrease in rates this year, the 2014 rate is 65.8% below the 2003 rate of 60.76 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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