GAINESVILLE, Fla., Oct. 30, 2012 /PRNewswire/ -- For the third straight year, rates for workers' compensation insurance are set to increase after Florida Insurance Commissioner Kevin McCarty said he plans to approve a 6.1 percent rate increase effective Jan. 1, 2013.
The increase follows information from the National Council on Compensation Insurance (NCC I) that cites a rise in claims during the past two years along with rising medical costs.
Reforms in 2003 brought seven consecutive years of declining rates. Although this premium increase follows an 8.9 percent increase last year and a 7.8 percent increase in 2010, rates in Florida are still 56 percent lower than what businesses paid a decade ago, according to the state.
Though the rate increase will affect certain industries differently, the NCCI's proposal will have another significant change for business owners. According to Florida business insurance provider The Campbell Agency/Work Comp Specialists, the proposal will also increase your split point for claims, raising the primary portion of the claim from $5,000 to $10,000 in one year, then $15,000 the following year.
While many businesses may not be affected by the changes, up to 25 percent of businesses may see drastically increased rates in the coming years. Workers' compensation insurance agencies can help calculate your yearly rates and help you conform to new increases.
About The Campbell Agency/Work Comp Specialists: The Campbell Agency/Work Comp Specialists is the largest insurance agency in the state solely dedicated to providing workers compensation in Florida. Work Comp Specialists is an independent agency that has spent twenty years to find discounts and credits to ensure business owners have the lowest possible insurance premiums.
Media contact: Viki Caneva, 1-877-352-6334, firstname.lastname@example.org
SOURCE The Campbell Agency/Work Comp Specialists