Increase in Florida Workers' Comp Insurance Doesn't Need to Cripple Florida Businesses

GAINESVILLE, Fla., Nov. 11, 2011 /PRNewswire/ -- Beginning in January, businesses in Florida will have one more thing affecting their bottom lines: an increase in workers' comp rates.

In October, Florida Insurance Commissioner Kevin McCarty approved an 8.9 percent workers' comp rate increase request from the National Council on Compensation Insurance.

"The rate increase … would still give Florida the lowest workers' compensation insurance rates among the large states, the lowest workers' compensation insurance rates in the southeast, and most importantly, a 58.6 percent cumulative decrease from the highs prior to the legislative reforms in 2003," McCarty said.

Physician-dispensed repackaged drug costs, which many claim are more expensive than pharmacy prices because of the repackaging codes, are troublesome to many workers' comp insurers in the state.

McCarty said that "it is imperative that the Florida legislature address this issue during the upcoming legislative session."

Kian Ostovar, a Florida workers' comp insurance agent with Work Comp Specialists Agency, doesn't believe the increase in workers' comp insurance rates means businesses will need to feel painful side effects.

"Florida business owners need to realize that even though their workers' comp insurance rates are increasing in 2012, their hands are not tied when it comes to controlling the overall cost of their workers' comp coverage. There are multiple cost drivers that affect the bottom line premium that a business pays for its insurance. We identify and target these cost drivers for each client to ensure that they are not wasting valuable profits by over paying for their coverage."

The new rates will become effective Jan. 1, 2012 for Florida workers' comp insurance rates. For more information about how Work Comp Specialists Agency can help with your Florida workers' comp insurance rates, contact them for a consultation.

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CONTACT: Amy Moczynski, +1-877-352-6334, [email protected]

SOURCE Work Comp Specialists Agency