A proposed statewide average 6.1 percent increase in Florida’s workers’ compensation rates could spur the first major legislative changes in the state’s system since 2003.
The National Council on Compensation Insurance filed for the 6.1 percent increase in August, marking the third consecutive rate increase after seven consecutive decreases following a 2003 rewrite of the state’s workers’ compensation law. Even if regulators approve the current rate filing as submitted, those reforms have seen Florida’s rates drop by 56 percent.
This article on the Insurance Journal's website explains more about the proposed 6.1% increase and more impending increases if the legislature fails to act to curb some of the costs.
Boca Insurance Group handles all forms of insurance including workers compensation. Call us today to discuss your options 954-596-0691 or e-mail us at pat@bocainsgroup.com.
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