Increases in Florida Workers' Comp Claims Don't Have to Injure Businesses' Bottom Lines

PANAMA CITY BEACH, Fla., Jan. 18, 2012 /PRNewswire/ -- Now Florida businesses have to worry about something other than just workers' comp rate increases affecting their bottom line: an increase in the cost of workers' comp claims.

According to a new study from the Workers Compensation Research Institute, the costs of claims for workers' compensation in Florida increased from 2005 to 2009, the last year for which data was available. The study from WCRI discovered the average cost per workers' comp claim increased by 3 percent each year during the five-year time period, driven by wage growth, an increase in lump-sum payment frequency, and an increase in the average lump-sum payment per claim. This, coupled with a recent 8.9 percent increase in workers' comp rates, could mean big price increases for businesses when employees have accidents on the job.

While both of these potentially increase the amount your business has to spend on your workers' comp premiums, especially if your employees have suffered a workplace injury in the past, there are ways you can lower workers' comp premiums. One way to lower workers' comp payments each month is to implement a safety program aimed at preventing workplace injury and illness. The Occupation Safety and Health Administration believes employing simple, proactive measures like the ones outlined in this program can lead to a decrease in workers' comp premiums, less money spent managing workers' comp cases, and fewer resources allocated to training new employees to replace injured workers who are missing work. 

Another way businesses can reduce the amount they spend on workers' comp-related expenses is to enforce a drug-free workplace. In Florida, businesses with certified drug-free policies can receive a 5 percent workers' comp premium credit. In addition, they can also have the added benefit of denied workers' comp claims based on positive drug test results.

A third way businesses can adjust to the rising costs of workers' comp is to speak with a knowledgeable insurance agent for customized ways to save money on worker's comp coverage. Florida workers' comp agency Work Comp Specialists, locally known as The Campbell Agency, also offers on its website tips for ways to lower your business's workers' comp rates. If you have questions regarding your current workers' comp policy and ways you can save money on your insurance premium, you can contact them online.

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

Media contact: Amy Moczynski, 1 (877) 352-6334, [email protected]

SOURCE Work Comp Specialists Agency