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Workers' compensation premiums to potentially decrease

In 2018, the cost of workers' compensation could decrease, which is good news for employers and employees alike. With lower workers' compensation costs, more employers are likely to have the insurance coverage. Even though it is required by law, costs can be prohibitive and lead to employers not taking the steps they need to protect their employees.

An Aug. 29 report states that premiums for workers' compensation in Florida will likely decrease in 2018 after 2017 was a year of unexpected double-digit increases. The National Council on Compensation Insurance has suggested a decrease in premiums of 9.6 percent, which would be effective on Jan. 1. The proposal has not yet been approved, but the state Office of Insurance Regulation has the authority to do so.

The Florida Supreme Court previously stated that there could be no limits on attorneys' fees associated with workers' compensation cases. That made rates climb around 14.5 percent as a response to the growing costs of litigation. The increase was intended to last beyond 2017, but employers are interested in seeing relief from the extreme hike in costs.

For employees, this is good news. With lower premiums, employers could opt for better insurance or decide to go with workers' compensation through the state instead of opting for a private insurance coverage option. Regardless of the kind of insurance your employer has, if you're hurt on the job, you do have a right to compensation. You can pursue a claim against your employer directly if he or she does not have the coverage that is required by law.

Source: WINK News, "Florida workers’ comp rates could decrease in 2018," Aug. 29, 2017

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