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State issues final order for workers’ comp cost increase

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As expected, state insurance regulators have issued a final order jacking up the price of worker’s compensation insurance by nearly 15 percent. The order was published Thursday. The decision approves the National Council on Compensation Insurance (NCCI) request “for an overall combined statewide average rate increase of 14.5 percent,” the Office of Insurance Regulation said in a press release. The rate hike, which applies to new and renewal policies, is effective Dec. 1. The increase continues to be bitterly opposed by business groups. The…

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NFIB/Florida joins groups opposed to workers’ comp hike

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The National Federation of Independent Business/Florida is adding its voice to the business groups decrying a proposed 17 percent hike in the cost of workers’ compensation insurance to employers. The rate increase “is a $623 million tax on workers in Florida that will go primarily to workers’ compensation attorneys,” NFIB/Florida Executive Director Bill Herrle said in a statement. “For the sake of Florida’s small businesses and the millions they employ, this cannot stand,” he added. “The filing is the tip of the…

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Business lobby blasts workers’ comp rate hike

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The state’s business groups are saying “we told you so” over the cost of workers’ compensation insurance. The National Council on Compensation Insurance (NCCI) has asked the state to consider a 17 percent rate hike in the cost of workers’ comp to employers. Workers’ comp is mandated by states to pay workers who get hurt on the job. The council submitted its filing to the Office of Insurance Regulation on Friday. If approved, it would take effect Aug. 1. That would collectively cost Florida businesses roughly $623 million and make the Sunshine…

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