Worker’s Comp Insurance Rate Could Decrease, Again
October 7th, 2008 by flanewsFlorida employers could soon get a discount on workers compensation insurance. The National Council on Compensation Insurance is asking the Florida Office of Insurance Regulation for a 14 percent rate reduction. The NCCI has lowered rates every year since 2003. OIR spokesman Ed Domansky doesn’t expect this to be the last reduction request from the council.
“There is a possibility the rate could go even lower and by that I’m referring to the current trend factor. Specifically the frequency and severity of claims has continued to decrease to the point that it’s not unrealistic to think that this rate could go even lower,” said Domansky.
If approved the rate reduction would save Florida business owners a total of 465 million dollars a year.
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