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Workers' Compensation Insurance

Class Code 5705

Salvage Operation – No Wrecking

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Martin Summers

Insurance Agent

Class code 5705 is used for employees that work for a salvage operation, not requiring wrecking or structural operations. Workers under this classification will perform a variety of jobs that are related to the salvage of buildings and structures, including removing, sorting, reconditioning, and distributing of merchandise and contents, as well as working with insurance companies. Work may be done as a result of things like fire or flooding, and some work may be heavy, requiring frequent rigging operations to be performed.

Florida Rates for Class Code 5705

2014 Rate: $21.01
2013 Rate: $19.52

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 5705, this rate change resulted in a 7.6% increase from 2013 to 2014. The 2014 rate for this classification is 21.01 dollars for every 100 dollars of remuneration. Even with the increase in rates this year, the 2014 rate is still 4.2% below the 2003 rate of 20.38 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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