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Workers' Compensation Insurance

Class Code 8723

Insurance Co. - Including Clerical & Sales

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Martin Summers

Insurance Agent

Class code 8723 is used for employees that work for an insurance company, including salespeople and clerical workers. Covered businesses are those that deal in insurance, both carriers and providers. This includes companies that sell policies, bind and place coverage’s, process claims, develop rates, and collect data. This classification is inclusive to a variety of job duties and positions such as customer service representatives, actuaries, sales agents, brokers, analysts, underwriters, premium auditors, inside claim adjusters, accountants, managers, computer programmers and troubleshooters, lawyers, and other professional support positions.

Operations that are similar, but not covered by class code 8723 would include contracted services, such as real estate investigations or appraisals, anyone working for a title insurance company, and outside employees of insurance operations (such as outside claim adjusters, inspectors, appraisers, etc.).

Florida Rates for Class Code 8723

2014 Rate: $0.20
2013 Rate: $0.25

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 8723, this rate change resulted in a 25% decrease from 2013 to 2014. The 2014 rate for this classification is 0.20 dollars for every 100 dollars of remuneration.

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

  • 8720 for inspection of risks for insurance or valuation purposes, NOC

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