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…
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.
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…
Heat illness can be deadly. Every year, thousands of workers become sick from exposure to heat, and some even die. These illnesses and deaths are preventable. OSHA’s nationwide Heat Illness Prevention Campaign aims to raise awareness and teach workers and employers about the dangers of working in hot weather and provide valuable resources to address these concerns. Begun in 2011,…
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.
The Occupational Safety and Health Administration (OSHA) announced Jan. 8, 2013, that at least 1,260 randomly selected workplaces will be inspected as part of the agency’s 2012 site-specific targeting (SST) program. The inspections will be conducted throughout 2013 and will focus on workplaces that have more than 20 workers and higher-than-average injury and illness rates.
Insurance analysts predict modest rate increases for property and casualty risks will extend into 2013, as the overall economic environment is not expected to change dramatically in the coming year.
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…
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. …
So your Association doesn’t have any employees. Should you still maintain a Workers Compensation policy? Absolutely! Here’s why…