Tag: Workers’ Compensation

Workers’ Compensation Claims: This mistake can raise costs by 51%

Promptly reporting workers’ compensation claims is a best practice, and now there’s evidence that a delay in reporting injuries can raise claims costs up to 51%. Promptly reporting workers’ compensation claims is a best practice, and now there’s evidence that a delay in reporting injuries can raise claims costs. A new study from the National Council on Compensation Insurance, Inc. (NCCI) reports…

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Proposed 2.5% Statewide Workers’ Comp Decrease

After 3 years of workers compensation rate increases, Florida based companies may see a small decrease come 2015. The National Council on Compensation Insurance Inc. announced in a statement on Friday, August 22 that they are recommending an overall rate decrease for workers compensation in Florida. This has not happened statewide since 2010.

NCCI is the licensed rating and statistical organization that fosters a healthy workers compensation system for Florida. They suggested an average rate decrease of 2.5% with an effective date of January 1, 2015. The decrease is still pending approval from the Office of Insurance Regulation, who makes the final decision.

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Contractor’s Guide to Workers’ Compensation

For the benefit of our clients in the construction industry, we have shared a document from the Florida United Businesses Association (FUBA) that summarizes contractors’ responsibilities under the Florida workers’ compensation law. Topics include: What kinds of businesses are classified as “construction”? What are the workers’ comp requirements for a business in the construction industry What’s an exemption and how…

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Westphal v. St. Petersburg: Will Workers’ Compensation Rates Increase Because of this Court Case?

The economic impact is pretty easy to project. If an insurance company is forced by law to pay over 150% more on high value claims, where do you think they are going to recoup that money? The answer is premium and rate increases, of course. This is exactly what can be expected in light of the February 28, 2013 First District Court of Appeal (DCA) decision regarding a case called Westphal v. St. Petersburg.

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Attention Limited Liability Companies (LLC’s): Workers’ Comp Exemption Update

Effective July 1, 2013, owners of limited liability companies (LLC’s) that are in all industries except construction will be treated for workers’ compensation purposes just like corporate officers. This means non-construction LLC owners will be subject to workers’ compensation coverage unless they file and receive an exemption from the state. The state Division of Workers’ Compensation is offering a free…

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Florida Workers’ Compensation Rates to Increase in 2013

Since Florida is one of only a few workers’ compensation administered pricing states in the nation, rate changes approved by the Office of Insurance Regulation (OIR) have an immediate impact on the majority of businesses operating in the state. Rate changes are effective January 1st of every year, and since the legislative reform in 2003, Florida saw average rate decreases every year through 2010. January 1, 2013 will mark the third consecutive year of workers’ compensation rate increases. …

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