Florida Workers Compensation Insurance

Information may not be reliable

Florida businesses face strict Workers Compensation insurance standards imposed by the state. Before 2003 businesses in Florida faced some of the highest rates in the Country. Rates have significantly decreased since 2003 however in 2011 and 2012 employers have faced two rate increases including an 8 percent and 8.9 percent increase.

In 2003 businesses faced a major reform for state laws regarding Florida Workers Compensation Insurance. The state needed to regulate prices in order to help business be affordable. The state also began enacting a series of programs focused on increasing safety and decreasing workplace accidents. Since the reform Florida has gained significant ground in affordable rates, coverage and benefits. In 2011 and now in 2012, employers have seen the first increases in almost a decade. The rate increases come from reassessment of the cost to insure businesses from a national insurance council.

Rate increases affect business owners as the cost to do business in Florida increases. With tough economic times it is difficult to impose more cost on employers because it can affect the creation of new jobs.

"We had a roughly 8 percent increase last year and now our members are being asked to absorb another 8.9 percent increase," said NFIB/Florida Director Bill Herrle. "That's a very substantial increase in the cost of labor over the course of two very difficult years for small employers."
NFIB/Florida's Executive Director Bill Herrle

The Director of New Business Development of E-WorkersComp.net, an Independent Insurance Agency in Tampa, FL stated, "This year, Florida businesses will face a tough economy and a higher expense to employ due to higher Workers Compensation premiums mandated by the state. Our efforts to educate businesses help the consumer become better informed and better equipped to pay for insurance at a lower cost. Businesses that have access to more information about what they are paying for can make the best use of their dollar."
 
* The above terms and opinions are to be used for descriptive and reference purposes only. Please review your individual policy for full definitions, exclusions and endorsements. Should you have any questions, please contact your Broker or Agent.

E-WorkersComp.net is an independent insurance agency in Tampa, FL. Visit the site for resources, definitions and to request a Free Workers Comp Quote.