Look Out for a Workers’ Comp Rate Increase in Florida
Bad news for Florida business owners. Earlier this year, the Florida Supreme Court made two rulings that will soon result in the skyrocket of Florida workers’ compensation claims and insurance rates.
By October 4, the NCCI (National Council on Compensation Insurance) and the State of Florida are expected to finalize a 14.5% rate increase, effective on December 1 for any new or renewal policy. Any policy that is already in effect will remain unchanged until its renewal date.
This likely won’t be the last hike, either. Many speculate there may be another increase as soon as January 1. Of course, as expenses continue to rise, so does the negative impact on a business’s bottom line.
Is there a way to avoid or help offset these new costs? Yes.
Now more than ever, many businesses owners are considering outsourcing their workers’ compensation into a PEO (Professional Employer Organization). And for good reason. A PEO can often help businesses by offering deeper discounts on workers’ compensation premiums and with modification management.
If your business is trying to navigate this upcoming change and would like help to analyze your current workers’ compensation policy, give us a call for a free, no-obligation consultation: 866.928.7450.