Workers' Compensation Rates Could Decrease in 2018
Florida businesses could see workers' compensation insurance premiums decrease in 2018, after a tumultuous period that included a double-digit rate hike late last year and a lobbying battle about whether to revamp workers' compensation laws.
August 31, 2017 at 11:00 PM
4 minute read
Florida businesses could see workers' compensation insurance premiums decrease in 2018, after a tumultuous period that included a double-digit rate hike late last year and a lobbying battle about whether to revamp workers' compensation laws.
The National Council on Compensation Insurance, which proposes rates for workers' compensation insurers, said Monday it was recommending an average premium decrease of 9.6 percent effective Jan. 1. The proposal will be reviewed by the state Office of Insurance Regulation, which can approve the decrease or direct changes.
While the proposal would trim costs for businesses in 2018, it would come after a 14.5 rate increase that began to take effect in December 2016. That rate hike was fueled primarily by two Florida Supreme Court rulings in 2016 that struck down portions of workers' compensation laws, including a law that strictly limited fees paid to injured workers' attorneys.
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