What You Need to Know about the Florida Workers’ Comp Rate Decrease

The rules and regulations surrounding workers’ compensation in Florida are always evolving, including a recent approval of a 1.8 percent rate decrease for the state’s workers’ compensation insurance. According to the National Council on COmpensation Insurance (NCCI), the decrease was filed as a direct result of the Federal Tax Cuts and Jobs Act implemented by President Trump.

New and renewal workers’ compensation insurance policies will see this change implemented on June 1, 2018. As explained by Florida Insurance Commissioner David Altmaier, “NCCI has demonstrated through its rate filing that this decrease is an actuarially-sound response to the savings workers’ compensation insurers have realized as a result of recent federal legislation. The data indicates that passive the savings along to businesses through a rate decrease is an appropriate response at this time.”

This rate decrease marks the second in six months and means that business owners are now enjoying a 9.5 percent rate decrease overall. If you are a member of Florida’s business community, this news is especially welcome to ease the burden of other financial responsibilities. As stated by Florida Chief Financial Officer Jimmy Patronis, “Businesses in Florida support our local communities, create jobs, and help our state’s economy. This rate reduction is a much needed insurance cost savings for Florida businesses.”

If you are an employee, you may not feel direct changes from this workers’ compensation rate reduction, but it will help your employer afford the insurance that is so critical to you in times of true need. After all, workers’ compensation is intended to provide a low-conflict means for an employee who is injured on the job to recover for his or her losses, protect the employee-employer relationship, and eliminate the need for messy lawsuits.   

However, whether the insurance rate is affordable or not, some businesses fail to adequately provide employees with the workers’ compensation coverage they deserve after an accident, injury, or disease. You may need to be represented by an experience Tampa workers’ compensation attorney like Catania & Catania in order to secure the compensation you need and move your case forward through any obstacles. Call 1-800-253-5523 today to schedule a free consultation and learn more about your workers’ compensation rights.

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