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Florida Workers Comp Rates Could Be Trimmed
August 26, 2014
Florida employers could see the first overall reduction in workers-compensation insurance rates in four years.
An overall 2.5 percent decrease has been proposed by the National Council on Compensation Insurance, the state announced. The decrease is expected to be discussed during a public hearing in October.
Manufacturers could see the biggest drop, 3.2 percent, under the proposal. The contracting industry is lined up for a 2.9 percent decrease, and office and clerical services would get a 1.3 percent drop, according to a statement from NCCI.
The proposal, if approved by the state Office of Insurance Regulation, would take effect in January. Last year, the overall rate grew 0.7 percent, which was slightly lower than a proposed 1 percent increase. The approval followed annual increases of 6.1 percent, 8.9 percent and 7.8 percent in the three previous years.
by The News Service of Florida
Comments
One Response to “Florida Workers Comp Rates Could Be Trimmed”
According to Jeb Bush when he and the Insurance Companies changed Work Comp Laws in 2003, the changes were supposed to be reviewed around 2007 and 2008. That review never happened.
If Insurers can reduce rates, it also means they could make choices to improve Work Comp Benefits to injured workers.