How Small Businesses Can Cope With Florida Workers' Comp Insurance Hikes

PANAMA CITY BEACH, Fla., Dec. 22. 2011 /PRNewswire/ -- In just a few days, workers' compensation insurance rates are set to increase in Florida by 8.9 percent. The insurance hike, which Florida Insurance Commissioner Kevin McCarty approved in October, represents the second year in a row Florida has seen increases in workers' compensation insurance rates. While McCarty said the rate increase in Florida is necessary, this workers' comp insurance hike, coupled with a double digit unemployment rate in the state, could prove especially trying for small businesses in Florida.

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

Florida currently has a 10.0 percent unemployment rate, ranking in the top 10 for states with the highest levels of unemployment. While the workers' compensation insurance rates will be much lower than the levels they were in 2003 when Florida had the highest rates in the nation, Herrle claims the workers' comp insurance increase will have a hard-hitting impact on businesses trying to survive in the down economy.

"This increase might be justifiable in actuarial terms, but there's no doubt that it's going to dampen the demand for labor in a state where the labor market is already badly depressed," Herrle said.

With all of the changes coming up in the next year, small businesses don't have to suffer because of the rise in workers' comp insurance rates. Work Comp Specialists Agency, a Florida workers' comp insurance agency, can offer assistance to businesses that are looking for ways to save on their bottom lines.

The insurance specialists working at Work Comp Specialists offer more than 70 years of combined experience, specializing only in workers' compensation for Florida. Led by Kevin Campbell, whose family has an 80 year history in sales, management, and insurance agency ownership, Work Comp Specialists offers locations in Panama City Beach, Tampa, and Gainesville, Florida. If you need to buy Florida work comp insurance but aren't sure of what kind of policy is right for your business, contact Work Comp Specialists for a quote today.

Work Comp Specialists Agency's digital marketing campaign is managed by 352 Media Group, a Web development and digital marketing firm offering small business Web design.

Contact: Amy Moczynski, PH: 1-877-352-6334, Email: [email protected]

SOURCE Work Comp Specialists Agency