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Workers' Compensation Insurance

Class Code 8047

Store: Drug-Wholesale

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Martin Summers

Insurance Agent

Class code 8047 is used for employees that work within a wholesale drug store or mail order fulfillment facility. These operations will sell prepared drugs, medicines, and miscellaneous pharmaceutical ingredients to retail stores, hospitals, or home health care facilities and not to the general public. Duties commonly associated with class code 8047 include receiving goods compounded or manufactured by others, packaging or repackaging of these drugs, and fulfilling mail orders as required. Merchandise included within this classification will be things such as vitamins and supplements, cosmetics and hair preparations, combs and brushes, toothpaste and mouthwashes, soaps and shampoos, deodorants and perfumes, bandages and dressings, disinfectants and sterilizers, heating pads and vaporizers, fever thermometers and rubber water bottles, abdominal supports, splints, baby products, and prescription drugs.

Exclusions to this class code in similar industries would be retail pharmacies or drug stores, operations that engage in compounding, blending, or mixing of drugs, and manufacturing facility. In addition, aerosol packaging operations would not be included and should be separately classified.

Florida Rates for Class Code 8047

2014 Rate: $1.27
2013 Rate: $1.23

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 8047, this rate change resulted in a 3.3% increase from 2013 to 2014. The 2014 rate for this classification is 1.27 dollars for every 100 dollars of remuneration. Even with the increase in rates this year, the 2014 rate is still 64% below the 2003 rate of 3.42 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

  • 8045 for retail drug stores
  • 4611 for drug, medicine, or pharmaceutical preparations manufacturing
  • 8018 for wholesale stores, NOC
  • 2111 for aerosol packaging operations

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