This past year has seen growing inflation concerns, impacting individuals and industries across the board. The commercial insurance market is no exception to these concerns. Similar to other goods and services, inflation can also elevate the cost of insurance. In the scope of workers’ compensation coverage, inflation issues have become increasingly evident through various sector trends—including labor shifts, rising wages,…
Unlike other forms of coverage, the workers’ compensation insurance market has stayed resilient in recent years. According to the National Council on Compensation Insurance (NCCI), the segment’s private carrier combined ratio in 2021 was 87, matching 2020’s results and marking the eighth consecutive year of underwriting profit. Additionally, industry data confirmed workers’ compensation coverage was the only major commercial line…
Florida workers’ compensation rates are set to decline again as the National Council on Compensation Insurance (NCCI) has proposed a statewide rate decrease of 4.9% in the voluntary market. The rates would take effect Jan. 1, 2022 if approved by the Florida Office of Insurance Regulation (OIR). NCCI is a licensed rating organization authorized to make recommended rate filings…
The National Council on Compensation Insurance (NCCI) recently delivered its annual workers’ compensation insurance rate filing to the Florida Office of Insurance Regulation. Based upon its review of the most recent data available, NCCI has proposed an overall average rate level decrease of 5.7 percent, effective January 1, 2021 in Florida. To view NCCI’s Overview of the proposed rate filing,…
Yes. Please contact your Gulfshore Insurance Advisor to request an endorsement be added to your policy.
Workers’ Compensation premiums are based on payroll dollars. The unit of exposure for which Workers’ Compensation rates are established is $100 of remuneration or “payroll” to employees. It is important that an audit is completed to ensure that your business neither overpaid nor underpaid the premiums.
The insurance company agrees to insure your business as it is listed on the application. Each business has individual loss history which follows it accordingly. Incorporating someone else or another entity will require approval for coverage from the insurance company by way of completing an ERM-14 form. Change in ownership includes sales, purchases, other transfers, mergers, consolidations, dissolutions, formations of…
It is always a good idea to carry Workers’ Compensation insurance when you have employees. While you may not be statutorily required to provide it, you are financially responsible for any employee that is injured during the course of the job.
Any non-construction employer that employs four or more part or full time employees is required to provide Workers’ Compensation insurance. Any construction employer that employs one or more part or full time employee is required to provide Workers’ Compensation insurance. This includes corporate officers.
Your employee should report the claim as soon as possible to you (the employer), but no longer than 30 days. You (the employer) should report the injury to the insurance company as soon as possible, but not later than seven days after gaining knowledge of the injury
